Donated $250 to the local amateur hockey club for their end-of-season banquet. What would be the correct entry into the General Journal?
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Donated $250 to the local amateur hockey club for their end-of-season banquet. What would be the correct entry into the General Journal?
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- Taylor Woodley spent 50 hours building a pavilion behind the office of a private not-for-profit entity. Woodley normally charges $30 per hour but did this work for free. How should the private not-for-profit entity record this?a. Increase the fund balance by $1,500b. Increase assets and contribution revenue by $1,500.c. Increase expenses and contribution revenue by $1,500.d. Nothing should be recorded because the entity did not pay Weatherly.Please answer without imageThe Fox Point Humane Society, a VHWO caring for lost animals, had the following financial inflows and outflows for the year ended December 31, 2018:Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000Cash received that is designated for 2019 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Contributions pledged for 2018, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Contributions pledged for 2019, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Sales of pet supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Pet adoption fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Outflows:Kennel operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- Please help me. Thankyou.Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund. Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. Entities Mentioned Vicky Hill Recovery Fu Karen White Effect On Cash for cash contributions, $21,000 for payment of advertising, $1,000 payment for hospital bills, $12,000 for donation to National Cyclist Fund, $8,000 by contribution, $1,000In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…
- Assume you wrote up a proposal requesting $5000 for charity. The money would be used to buy food that volunteers (employees from the company) would distribute to the homeless on Saturday. The proposal is approved and you receive the money. However, the CEO comes to you and asks, "What will be the return on the investment?" How would you reply?Please help meA college plans to build a new dormitory building. A group of alumni volunteered to donate enough funds to cover all the maintenance cost of the dormitory. As an analyst working for the college, you are asked to determine the amount of the donation. You are told that the maintenance cost of the dormitory will be $35,000 per year for the first 20 years. Then it will increase to $45,000 per year for years 21 through 30, and to $60,000 per year after that. The dormitory is assumed to have an indenite service life. The college will place the funds on an account that will pay 12% interest compounded annually. How large should the donation be? A) $500,000 B) $304,478 C) $347,231 D) Answers A, B and C are not correct
- Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 500 tickets was sold.2. A local manufacturing company gave $1,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.3. Bradley Corporation gave a contribution of $550,000 to Private University. Bradley specifies that the gift is to be invested in perpetuity and that the income may be used by Private University to pay operating costs.4. Local Corporation donated a building to Private College for use as new office space. The cost to Local was $750,000. The building was…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.…KA. Luna is a member of the Sidewalk Players, a band that performs on sidewalks around New York. The band regularly practices at a local community center. Luna, who plays the trumpet in the band, recently bought a new trumpet, and is interested in selling her old one. She posts the following notice at the community center: Offering the following trumpet for sale for $500 (picture of trumpet inserted) to members of the Sidewalk Players. If you are interested, please email Luna at lunasidewalkplayers a. Jared is not a member of the Sidewalk Players but sees the notice and emails Luna. May he accept the offer? b. Kayla is a member of the Sidewalk Players. She emails the following to Luna, “I am interested in buying the trumpet but will not pay more than $400. Are you interested in selling it for $400?” When Kayla does not here back from Luna after a week, she proceeds to send her a second letter that states, “I accept your offer to sell the trumpet pictured in your notice for $500.”…