In 2019, a non-stock and non-profit organization provided a 3-day trip in Bicol to its President. Total expenses incurred by the organization in the 3-day trip was 50,000. What are the total expenses of the organization?
Q: On Jan 1, 2020 Charity Co., a not-for-profit organization, had an anonymous donor donate land with a…
A: Concept of Restricted Fund Method:- In restricted fund method, Non Profit Organization presents a…
Q: Carleton Agency, a VHWO, conducts two programs: Medical Services and Community Information Services.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by…
A: The statement of operations…
Q: During 2021, Ellen Evans, made cash contributions, as listed below. Cash contribution to her church…
A: 1) cash donation of $250 or more can be allowed as a deduction if the receipt is taken from the…
Q: In 2021, a company is considering alternative organizational forms. The gross business earnings are…
A: Adjusted gross income is gross income minus deductions. AGI concept is used to find the amount of…
Q: In the current year, the not-for-profit organization Save the Butterflies Foundation received cash…
A:
Q: Joseph Thompson is president and sole shareholder of Jay Corporation (a cash method, calendar year C…
A:
Q: An employee was provided with a company car for all of 2023. The car originally cost $50,000 and has…
A: An auto deduction is a tax deduction that can be claimed by a taxpayer for expenses related to the…
Q: At the beginning of the year, Omni Direction Health Services, a Health and welfare not-for-profit…
A: Prepare a schedule showing the effect of the transaction on the total net asset as follows: The…
Q: Lisa Anderson, M.D., maintains the accounting records of Anderson Clinic on a cash basis. During…
A: A major accounting approach that considers revenues and expenses at the time cash is collected or…
Q: On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these…
A: When we purchase supplies, we must make journal entry at their full cost.
Q: Mary T. Lincoln works for the City of Columbus. She volunteered to work over the 2013 Christmas…
A: INFORMATION:- This question involves accounting for vacation time and compensation for an employee…
Q: (FUND) Know-free College, a private not-for-profit college received P240,000 from Ms. Charity on May…
A: Restricted revenue is funds received with specific conditions set by donors, limiting their use to…
Q: Every Day Gym, uses the accrual method of accounting. The corporation sells memberships that entitle…
A: Lets understand the basics. Therefore two method followed for recording any tranaction which are,…
Q: The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare…
A: In an income statement, expenses are categorised according to their type or purpose. By definition,…
Q: On January 1, 2024, a foundation made a pledge to pay $47,000 per year at the end of each of the…
A: Journal entry:The monetary transaction of the business is recorded in the books of accounts called…
Q: Etling Center for State Government Policy, a nonprofit organization, receives a cash contribution…
A: Date Particulars Debit Credit 31 December, 2021 Restricted Cash Contribution - with Donor…
Q: Safe Haven, a voluntary welfare organization funded by contributions from the general public,…
A: Definition: Statement of cash flows: This statement reports all the cash transactions which are…
Q: the beginning of the year, the Baker Fund, a nongovernmental not-for-profit corporation, received
A: The computation involves comparing the earnings derived from the restricted funds with the costs…
Q: And a Financial Statement using the information below: Organize the activities in the Financial…
A: Definition: Change in Net Assets: Excess of total support , revenues over expenses is called change…
Q: Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in the…
A: A non-profit organization is a business that has been granted tax-exempt status by the Internal…
Q: White Valley Presbyterian Hospital is a nonprofit initial care facility. For the hospital’s calendar…
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: In December 2019, the HAmilton County Board of Commissioners establised the Hamilton County OPEB…
A: It is given that, In December 2019, the County made a one-time contribution to the fund of…
Q: On January 1, 2021, Robin Cormpany received a grant of P1,500,000 from the government to subsidize…
A: Government Grant: Instead than acting as an incentive to carry out specified expenditures, a…
Q: unctional expenses recorded in the general ledger of ABC, a non-governmental not-for-profit…
A: A not-for-profit organization should report its expenses by both its functional classification…
Q: The EPBO for Branch Industries at the end of 2018 was determined by the actuary to be $20,000 as it…
A: Accumulated Post-retirement Benefit Obligation (ABPO): It is that part of Expected Post-retirement…
Q: In 2019, a non-stock and non-profit organization provided a 3-day trip in Batanes to its President.…
A: As per Financial Accounting Standard Board any Expenditure which is incurred by the Non-profit…
Q: How much is to be the allocated for General Reserved fund
A: A reserve fund is maintained by the company in order to have sufficient funds to meet the costs and…
Q: During 2021, Robert has the following cash receipts: Wages: $50,000 Interest from City of Jackson…
A: As per Internal Revenue Services [IRS] definition , Gross Income includes…
Q: Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the…
A: Revenue is to be recognised as and when all performance obligations satisfied and there is…
Q: In July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP…
A: The NFP stands for the non for profit organizations. It means NFP’s main objective is to serve the…
Q: The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare…
A: Given, Contributions—Without Donor Restrictions 348,820 Contributions—With Donor…
Q: The Municipal Golf Course located in the Town of Darlene had the following during its 2019 fiscal…
A: Total net costs are subtracted from all specific earnings, which include sales, use, as well as…
Q: The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare…
A: Given, Cash = $126,500 , Inventory = $2,800, Investments = $178,000 Accounts Payable = $20,520.
Q: In March of 2019, Thom as makes a $5,000 cash contribution to a public university. In that month,he…
A: A charitable contribution maybe a donation or gift to, or for the utilization of, a professional or…
Q: Sub- Total REQUIRED total Prepare the appropriation section of the Statement of profit or loss and…
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: In what year and on what tax form would Jose Santez, a cash-basis farmer, report the $3,890 expenses…
A: The following basic information as follows under:- Jose Santez, a cash-basis farmer report the…
Q: The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare…
A: Cash Flow Statement The purpose of preparing the cash flow statement is to know the actual movement…
Q: During 2022, Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight…
A: Introduction:- For eight professional football games, Stork Associates spent $60,000 for a 20-seat…
Q: During 2023, Jacob (a self-employed Legal consultant) went from Milwaukee to Hawaii on business.…
A: As per the relevant provisions, any cost related to vacation is not to be entertain for deductible…
Q: Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of…
A: Income tax is levied on the income earned by an individual or business and is the chief source of…
Q: ! Required Information [The following information applies to the questions displayed below.] INVOLVE…
A: Journal entries refer to the method of processing all the transactions done by a company in order to…
Q: 2. Five entries required Required: On January 1, 2024, a foundation made a pledge to pay $47,000…
A: Journal entriesThe process of recording the day-to-day transactions of the company in the books is…
In 2019, a non-stock and non-profit organization provided a 3-day trip in Bicol to its President. Total expenses incurred by the organization in the 3-day trip was 50,000. What are the total expenses of the organization?
Step by step
Solved in 2 steps
- ABC LLC is a calendar year LLC that was organized on April 1, 2020, and started business on May 1, 2020. During 2020 ABC incurred $8,000 in legal fees for writing the agreement between the members of the LLC. ABC also incurred $4,400 in fees for consultation during the formation of the organization. In April 2020 ABC also incurred $40,000 of advertising expenses and $30,000 for salaries and training costs for a total of $70,000. Question: How much of the expenses incurred by ABC that it can deduct in 2020? Be sure to show your computation?Catherine College, a private not-for-profit college, received the following contributions during 2017: I. P5,000,000 from alumni for construction of a new wing on the science building to be constructed in 2018. II. P 1,000,000 from a donor who stipulated that the contribution be invested indefinitely and that the earnings be used for scholarships. As of December 31, 2017, earnings from Investments amounted to P50,000. Page 13 For the year ended December 31, 2017, what amount of these contributions should be reported as temporarily restricted revenues on the statement of activities? P 50,000 b. P 5,050,000 c. P5,000,000 d. P6,050,000 a.The board of directors of Orange Corporation, a calendar year taxpayer, is holding its year-end meeting on December 28, 2022. One topic on the board’s agenda is the approval of a $25,000 gift to a qualified charitable organization. Orange has a $20,000 charitable contribution carryover to 2022 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
- At the beginning of 2021, an entity purchased a fire insurance policy covering a property for a period of two years. The P56,000 cost of the policy was paid in cash. At the end of 2021, by how much will the Prepaid Insurance for this policy be reduced? Your answer5. Dennis, the owner of Dennis Company, incurs the following expenses while away from home on a 3-week business trip during 2019: Airfare from Chicago to Boston $800 Hotel charges 1,800 Meal charges 740 Dry cleaning and laundry 100 Local transportation 40 Business entertainment 150 Business gift to Boston customer 45 In addition to the above expenses, Dennis incurred the following expenses for a weekend sightseeing trip to Washington D.C.: Transportation to Washington D.C. $200 Hotel charges 125 Meal charges 95 Calculate the amount Dennis may deduct for 2019 as travel expenses for the trip. Calculate the amount Dennis may deduct for 2019 as entertainment. Calculate the amount Dennis may deduct for 2019 as business gifts.4. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.
- The 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…Aukey Smith contributed $1,000,000 to the local homeless shelter on November 1, 2025, stipulating that the contribution be used to purchase a building to provide additional beds for the homeless. The building was purchased at à cost of $1,200,000 on March 31, 2026, with $200,000 coming from surpluses in the general fund. The building has an estimated useful life of 15 years, with no residual value. The shelter capitalizes its capital assets and uses the straight line method to amortize its capital assets, pro-rating for the number of months owned in the years of acquisition and disposal. The shelter has a December 31 year end and uses the deferral method. What journal entry correctly accounts for the building and contribution revenue in the financial statements for the year ending December 31, 2026? 50,000 O Dr. Deferred contribution liability Cr. Contribution revenue Dr. Amortization expense Cr. Capital asset-accumulated amortization Dr. Deferred revenue Dr. Amortization expense Cr.…The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as of June 30, 2023, follows. Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions-With Donor Restrictions Programs Investment Income-Without Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense Unrealized Gain on Investments Depreciation Expense Totals Required a. Prepare a statement of financial position as…
- Barrett Historical Society, a nonprofit organization, charges a $100 annual membership. Of this amount, $25 is designed to cover quarterly newsletters, and the remainder is considered to be a contribution. What standard(s) should Barret consider in recording membership revenue for these two components? ASU 2018-08 (nonexchange transactions) would be used to report both components - $25 for newsletter and $75 contribution. Topic 606 (exchange transactions) would be used to report both components - $25 for newsletter and $75 contribution. ASU 2018-08 (nonexchange transactions) would be used to report $25 for newsletter and Topic 606 (exchange transactions) would be used to report $75 contribution. Topic 606 (exchange transactions) would be used to report $25 for newsletter and ASU 2018-08 (nonexchange transactions) would be used to report $75 contribution.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.) 0Mr. Fara, a representative of a domestic firm, disclosed the following information for 2019:The total revenue from the business is P 800,000.The maximum amount of business costs that can be deducted is P 600,000. (excluding contributions)Contributions to charity: P50,000 to the government for key activitiesP 60,000 to the government for public use (non-priority).15,000 pesos to the church What is the net income that is taxable?
