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Community Enhancers, a nongovernmental not-for-profit organization, received the following pledges: Unrestricted $400,000; Restricted for capital additions $300,000; All pledges are legally enforceable. However, Community's experience indicates that 15% of all pledges prove to be uncollectible. What amount should Community report as pledges receivable, net of any required allowance account?
A.) $700,000
B.) $665,000
C.) $595,000
D.) None of above
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- Prepare journal entries for the following selected transactions of the Marvel Cares Foundation, which uses the restricted fund method and has an operating fund, a capital fund and an endowment fund: - Pledges totalling $325,000 were received of which $65,000 applies to the operations of the following year. It is estimated that 3% of the pledges will be uncollectible - The foundation purchased office equipment at a cost of $5,100 - Pledges of $285,000 were collected and pledges totalling $3,750 were written off as uncollectible - Air time with a value of $7,200 was donated by a local radio station - Interest and dividends received were $13,700 on endowment fund investments. Endowment fund earnings are unrestricted - Depreciation for the year amounted to $35,600require more [The following information applies to the questions displayed below] The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2019. At the date of the creation of the pool, February 15, 2020, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/19 $892,000 4,204,000 3,930,000 $9,026,000 2/15/20 $910,000 4,277,000 3,913,000 $9,100,000 d. On June 15, Richwood Township decided to withdraw $3.030,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $32,000. Assume that the trust fund was able to redeem the CDs necessary to complete the withdrawal without a penalty but did not receive…In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…
- E13.1 Reporting Various Contributions The Castile County Rescue Mission receives the following donations: 1. A donor contributes cash, with no restrictions or conditions. 2. An accountant provides services in completing and filing Form 990. 3. Volunteers provide services in staffing the local soup kitchen. 4. A donor signs an agreement promising to contribute cash in two years. 5. A donor contributes land with no restrictions as to use. 6. A donor contributes cash, specifying that it be used to support a program to teach life skills to battered women. Required Identify how each contribution is reported on the Mission’s statement of activities. The contribution either (a) increases or decreases net assets without donor restrictions, (b) increases or decreases net assets with donor restrictions, or (c) is not reported as a change in net assets. Transaction Affects on net assets 1 2 3 4 5 6please assist need answer for all with full working please answer in text not image answer in detail with explanation , computation , formulation very thanks3.) Required: On January 1, 2024, a foundation made a pledge to pay $20,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $20,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.3295. Record the increase in the present value as of December 31. Record the receipt of the first $20,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.
- A private not-for-profit entity receives numerous pledges of financial support to be conveyed at various times over the next few years. Under what condition should these pledges be recognized as receivables and contributed support? At what amount should these pledges be reported?A private not-for-profit entity receives three large cash donations:One gift of $70,000 is unrestricted.One gift of $90,000 is restricted to pay the salary of the organization’s workers.One gift of $120,000 is restricted forever with the income to be used to provide food for needy families.Which of the following statements is not true? Choose the correct.a. Temporarily restricted net assets have increased by $90,000.b. Permanently restricted net assets have increased by $210,000.c. When the donated money is spent for salaries, unrestricted net assets will increase and decrease by the same amount.d. When the donated money is spent for salaries, temporarily restricted net assets will decrease.A not-for-profit organization receives $250 from a donor. The donor receives two tickets to a theater show and an acknowledgment in the theater program. The tickets have a fair market value of $50. What amount is recorded as contribution revenue? A.) 250 B.) 200 C.) 50 D.) 0
- During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements? A.) $800,000 B.) $700,000 C.) $500,000 D.) $400,000The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Debits Credits $25,500 $48,100 16,700 3,522,200 119,400 27,200 2,492,000 82,300 1,550,100 126,600 4,586,400 802,000 2,114,100 94,200 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,659,500 2,765,400 409,600 496,400 2,048,000 Net gains on endowments-no restrictions Noncurrent pledges…The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation. Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments-no restrictions Noncurrent pledges receivable Program service revenue-no restrictions Debits $47,700 16,700 117,300 80,800 1,538,100 124,300 4,550, 100 5,614,700 2,743,500 408,600 390, 200 Credits $25,100 267,400 215,600…