How much is the contributions receivable to be presented in the statement of financial position of the council?
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5
![ABC Council provides financial support to a number of independent fine-
art projects in the city. Data concerning several events in 2022 are as
follows:
o A fund-raising drive yielded P250,000 in cash and P50,000 in
pledges. Based on past experience, it was estimated that 10% of the
pledges are estimated to be uncollectible.
o Art fair yielded P500,000 in gross revenue. The cost of the fair
amounted to P80,000,
o P40,000 of the pledges received were collected during the year.
o The following expenses were paid: salaries of trustees - P100,000:
rent expense - P30,000: other expenses – P10,000
How much is the contributions receivable to be presented in the
statement of financial position of the council?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87f28b1f-a92a-4528-bda8-021f61326b26%2Fbc9712ee-b00c-41e7-a4f1-1732bc92bab5%2Fgtga19l_processed.jpeg&w=3840&q=75)
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- The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs. The following transactions for the city take place during 2017. Assume that the city’s fiscal year ends on December 31. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority. Borrows $110,000 cash…The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs.The following transactions for the city take place during 2017. Assume that the city’s fiscal year ends on December 31.a. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority.b. Borrows $110,000 cash…The City of Meringen operates a central garage through an internal service fund to provide garage space and repairs for all city-owned and operated vehicles. The central garage fund was established by a contribution of $200,000 from the general fund, when the building was acquired several years ago. The postclosing trail balance at June 30, 2014, was as follows: Debit Credit Cash $ 150,000 Due from general fund $ 20,000 Inventory of materials and supplies $ 80,000 Land $ 60,000 Building $ 200,000 Accumulated depreciation-building $ 10,000 Machinery and equipment $ 56,000 Accumulated depreciation-machinery $ 12,000 and equipment $ 38,000 Vouchers payable $ 200,000 Contribution from general fund $ 306,000 Net position $…
- As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred: A permanent contribution of $600,000 was received from the general fund. b.Revenue bonds were sold at par in the amount of $1,200,000. c.Several items were purchased for cash, with a cost breakdown as follows: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; and supplies, $150,000. d.Charges for services amounted to $600,000, all received in cash. Cash expenses included salaries of $200,000; utilities of $100,000; and interest of $72,000. f.Supplies were consumed in the amount of $120,000. Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000. The books were closed. Close all accounts to net position. Required: Prepare a Statement of Revenues, Expenses, and Changes in Fund Net…This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,000,000 bond issue, a $500,000 grant, and a $500,000 General Fund transfer. The following transactions occurred during the current year: The General Fund transferred $500,000 to the Senior Center Capital Projects Fund. A plot of land was purchased for $400,000 in cash. (This cost had not been encumbered.) Preliminary planning and engineering costs of $95,000 were vouchered. (This cost had not been encumbered.) A contract was signed with Sunset Construction Company for the major part of the project on a bid of $4,950,000. The $5,000,000 bonds were issued at par. Temporary investments were purchased at a cost of $3,500,000. A payable was recorded for a $49,500 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) An invoice in the amount of $1,500,000 was…This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,000,000 bond issue, a $500,000 grant, and a $500,000 General Fund transfer. The following transactions occurred during the current year: The General Fund transferred $500,000 to the Senior Center Capital Projects Fund. A plot of land was purchased for $400,000 in cash. (This cost had not been encumbered.) Preliminary planning and engineering costs of $95,000 were vouchered. (This cost had not been encumbered.) A contract was signed with Sunset Construction Company for the major part of the project on a bid of $4,950,000. The $5,000,000 bonds were issued at par. Temporary investments were purchased at a cost of $3,500,000. A payable was recorded for a $49,500 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) An invoice in the amount of $1,500,000 was…
- This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $6,800,000 bond issue, a $680,000 grant, and a $680,000 General Fund transfer. The following transactions occurred during the current year: 1. The General Fund transferred $680,000 to the Senior Center Capital Projects Fund. 2. A plot of land was purchased for $490,000 in cash. (This cost had not been encumbered) 3. Preliminary planning and engineering costs of $113,000 were vouchered. (This cost had not been encumbered.) 4. A contract was signed with Sunset Construction Company for the major part of the project on a bid of $6,750,000. 5. The $6,800,000 bonds were issued at par. 6. Temporary investments were purchased at a cost of $3,680,000. 7. A payable was recorded for a $69,300 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) 8. An invoice in the…Johnson City purchased a fleet of snow removal trucks on April 1, 2021. The trucks had a cost of $20,000 with an estimated useful life of five years, and they were purchased by the general fund using cash. Address the following two questions in your written response : 1. What amount of expenditures would the governmental funds report for this transaction in fiscal year ended December 31, 2021? 2. If these trucks had been purchased by an enterprise fund instead of the general fund, what amount of expense would be associated with the trucks for fiscal year ended December 31, 2021?In January 2022, a private foundation agrees to match all private cash contributions up to $20 million received by a city-owned museum during its 2022 fund drive. During 2022, the city receives $14 million in private cash contributions for the museum. Therefore, the foundation pays the following to the city: • $8 million in 2022. • $3 million in January, 2023. • $2 million in February, 2023. • $1 million in March, 2023.
- The following events relate to Habitat for Humanity International's activities. If appropriate, assume a discount rate of 3 percent per annum. Expenditures for house building activities are categorized as program expense. Need Part b. answer. 6. A donor contributes $15,000 in cash and signs an agreement to contribute $15,000 at the beginning of each of the next four years, to support specific Habitat for Humanity projects. a. Contribution received now Amount $ 15,000✔ Classification: Net assets without donor restrictions Amount $ x Classification: Net assets with donor restrictions Recorded? Yes b. Contributions received the next four years Recorded? Yes ◆The Open Museum is an exempt organization that operates a gift shop. The museum’s annual operations budget is $3,200,000. Gift shop sales generate a profit of $900,000. Another $600,000 of investment income is generated by the museum’s endowment fund. Both the gift shop and the endowment income are used to support the exempt purpose of the museum. The balance of $1,700,000 required for annual operations is provided through admission fees. Wayne Hsu, a new board member, does not understand why the museum is subject to tax at all, particularly because all of the entity’s profits are used in carrying out the mission of the museum. The museum’s address is 250 Oak Avenue, Peoria, IL 61625. Calculate the amount of unrelated business income. Assume instead that the investment income is reinvested in the endowment fund, rather than used to support annual operations. Calculate the amount of unrelated business income. As the museum treasurer, explain the reason for the tax consequences.The City of Jamestown want to improve hikind trails and bike paths for park improvement. The city applies for a grant from state government. On April 1 the city receives a notes that they will be awarded a grant of $420,000 for the program and to be received in two installments on July 1,2015 and July 1,2016. The grant stipulates that $210,000 is for use in each of the city’s fiscal years ending June 30, 2016, and June 30, 2017. During FY 2015, the city expended $90,000 for park improvements from grant resources. Required: For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following: 1. April 1, 2015, notification of grant approval. 2. July 1, 2015, receipt of first installment of the grant. 3. During FY 2015 to record expenditures under the grant. 4. July 1, 2016.