Answered: all pledg

Business

Accounting

all pledg

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4 A non profit organization has two programs (A and B), each of which has its own fund. The organization has a debt service fund and a general operating fund (which handles the unrestricted transactions). For the following events show the effect on the fundamental equation of accounting for each of the affected funds: 1.a) The organization charges out its Operation Department to each program equally, at $1,000 each, for services performed to maintain property, plan, and equipment. The programs pay with cash. ( 1.b) The organization transfers $20,000 to the debt service fund.
The Senior League, a not-for-profit welfare agency, redeemed a $100,000 bond that it had held as an investment of resources without donor restrictions. It also received an interest payment of $6,000. In its statement of cash flows, the league should report： A.) $106,000 as a cash flow from investing activities B.) $106,000 as a cash flow from operating activities C.) $100,000 as a cash flow from investing activities and $6,000 as a cash flow from financing activities D.) $100,000 as a cash flow from investing activities and $6,000 as a cash flow from operating activities
The government makes appropriations of RO 200,000 to Sohar School for the month of January 2019. During the month the following transactions occurred: Salary paid RO 50,000 Purchase orders were placed for office supplies RO 72,000 Office supplies were received with a voucher for RO 60,000 An amount of RO 25,000 was transferred to Debt service fund. The unreserved fund balance at the end of the period is: a. 90,000 b. 150,000 c. 78,000 d. 65,000
Check my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .
s The Village of Hawksbill issued $5,900,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $59,000) to the debt service fund. 2. On December 31, 2019, funds in the amount of $147,500 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June 30, 2020, funds in the amount of $383,500 were received from the General Fund, and the second interest payment ($147,500) was made along with the first principal payment ($295,000). 5. On December 31, 2020, funds in the amount of $140,125 were received from the General Fund and the third interest payment was made (also in…
Statement of activities for a nonprofit The following information was excerpted from the records of a nonprofit. All account balances are as of the fiscal year ended June 30, 2019, except for the net asset balances at the beginning of the year. Prepare a statement of activities for the nonprofit. Contribution revenue (without donor restrictions) $ 86,000 Contribution revenue (with donor restrictions) 80,000 Investment return, net (without donor restrictions) 5,000 Investment return, net (with donor restrictions) 15,000 Expenses-Program A 23,000 Expenses-Program B 26,000 Expenses-Management and general 4,000 Expenses-Fundraising 2,000 Net assets with donor restrictions-Reclassifications out- Satisfaction of program restrictions 17,000 Net assets without donor restrictions-Reclassifications in- Satisfaction of program restrictions 17,000 Net assets at beginning of year-without donor restrictions 80,000 Net assets at beginning of year-with donor restrictions 180,000 Use a negative sign…
10-15. Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account balances: [See attached image] The following took place during 2020: 1. Additional supplies were purchased on account in the amount of $16,050.2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 4 percent is expected to be uncollectible. The remainder is expected to be collected in the current year.3. Supplies used for animal care amounted to $17,200.4. Payments made on accounts payable amounted to $17,100.5. Cash collected from pledges totaled $90,500.6. Salaries were paid in the amount $47,500. Included in this amount is the accrued wages payable at the end of 2019. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.)7.…
The following selected transactions occurred for a nongovernmental, not-for-profit organization. 1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250. 2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year. For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased. A cash gift of $200 was received restricted for the purchase of equipment. Equipment of $80 was purchased from the gift restricted for this purpose. Depreciation expense for the year on the equipment purchased is $10. Required: Prepare the journal entries for the above…
The Village of Hawksville issued $4,000,000 in 5 percent general obligations, tax supported bonds on July 1, 2019, at 102. A fiscal agent is not used.Resources for principal and interest payments are to come from the General Fun. Interest pyments dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calander fiscal year. 1. A capital projects fund transferred the premium ( in the amountof $40,000) to the debt service fund. 2. On December 31, 2019 funds in the amount of $100,000 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June30,2020 funds in the amount of $220,000 were received from the General Fund, and the second interest payment ($100,00) was madealong with the first pricipal payment ($200,000) 5. On December 31,2020 funds inthe amount of $95,000 were received from the General Fund and the third interest payment was made (also in the amount of…
10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 20x1, the fund balance is P2,800,000. In its December 31, 20x0 and December 31, 20x1 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 20x1 totaled P750,000. How much is the retirement benefits expense in 20x1? a. 250,000 b. 700,000 c. 750,000 d. 800,000
The following expenditures were among those a not-for-profit society incurred during 2021: Printing of annual report Unsolicited merchandise sent to encourage contributions $35,000 $15,000 What amount should be classified as fund-raising costs in the society's activity statement? A) $50,000 B) $15,000 C) $20,000 D) $35,000
The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. Computed interest of…