Care Foundation is a voluntary health and welfare organization funded by contributions from the general public. Care sold equipment for $25,000 which cost $40,000 and had a book value of $30,000 at the time of sale. In recording the sale, Care should:

Care Foundation is a voluntary health and welfare organization funded by contributions from the general public. Care sold equipment for $25,000 which cost $40,000 and had a book value of $30,000 at the time of sale. In recording the sale, Care should:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A local museum has its historical collections on display for the museum visitors. The majority of these items were donated and were worth several million dollars when they were donated. After visiting the museum you decide to look at the Statement of Financial Position to see the amount that has been recognized for these collections. The amount listed in the Statement of Financial Position is $1. How/why would the not for profit only show this amount for these collections?
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
please help me to solve this question
Only typed solution
Community Assist for Refugees (CAR) is a not-for-profit organization that assistsrefugees with various services including language and cultural training, transportation,a food bank, and translation services. Some selected transactions for CAR arepresented below.a.CAR received a $20,000 cheque from a local radio station. The letter that came withthe donation says that it can be used by CAR on whatever needs are most urgent.b.CAR received a $25,000 donation from the Literacy Fund for a new homeworkambiance piglet the project serpested o star /in a ew moning,.(C.CAR received a $55,000 endowment contribution from Dr. Koe for a scholarshipd. CAR received a donation of 50 student desks for its homework assistance projectfrom City Office Supplies Ltd. The student desks are valued at $40,000 and areexpected to last 10 years. e. The city donated a tract of land,valued at $50,000 to CAR which plans to raise funds to constract a new center on the land. f.Assume that the homework as istance…
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.…
Integrity Reconstructive is a private, not-for-profit hospital. The following information is available about the operations. Gross patient services charges totaled P4,500,000. Included in the above revenues are: charity services, P165,000; contractual adjustments, P400,000; and courtesy allowances, P14,000. Received marketable securities valued at P115,000 for the purchase of new diagnostic equipment. The marketable securities were sold for P124,000 and diagnostic equipment was purchased at a cost of P138,000. Revenue from the hospital gift shop was P31,000 and from the cafeteria revenues were P160,000. Incurred and paid nursing service costs of P1,000,000 and general service costs of P500,000. How much is the net patient service revenue?
The Let's Read organization is a public charity under Internal Revenue Code IRS section 501(c)(3). It had a total support of the following. 1. United way support $10,000 2.Grant from state. $25,000 3. Grant from city $10,000 4. Contribution from individuals $261,000 5. Investment income. $1,000 6. Revenue from sales of books $12,000 Total =$319,000 Of the $261,000 received from contributors, $240,000 came from four contributors, each giving $60,000, the other $21,000 came from small individual contributions. Respond to the following. 1. Calculate the total amount of support that qualifies as public support in meeting the public test to escape private foundation status. 2. Is the organization considered a public charity ?why? 3. If the organization had received $200,000 from one individual and the remaining $61,000 from many small individual contribution, would the not-for-profit…
a local social worker earning 14 per hour working for the state government contributed 550 hours of time at no charge to the Sunrise homeless shelter, a voluntary health and welfare entity. if not for these donated services. an additional staff person would have been hired by the entity. how should the Sunrise Homeless Shelter record the contributed services?
Fruits & Veggies, a nonprofit, conducts two types of programs: education and research. It does not use fund accounting. During the fiscal year, the following transactions and events took place. Prepare journal entries for these transactions, identifying increases and decreases by net asset classification as appropriate. 1. Pledges amounting to amount pledged. $180,000 were received, to be used for any purpose designated by the trustees. Fruits & Veggies normally collects 90 percent of the amount pledged.2. Fruits & Veggies collected $171,000 in cash on the amount pledged in the previous transaction. It wrote off the balance as uncollectible.
Please do not give solution in image format ?