Prepare the Balance Sheet of Ocean Blue club based on following information: Furniture (before depreciation) Depreciation on furniture Building fund Income from building fund Fixed deposits Opening General fund Excess of income over expenditure Opening balance of capital fund Cost of swimming pool Equipments Investment of general fund Subscription outstanding 8,000 Outstanding consultancy 800 Allowances outstanding 30,000 Capital Grants 2,000 Entrance fees (50% be funded) 20,000 Legacies received (funded) 10,000 Prize fund 20,000 Income of prize fund 60,000 Expenses of prize fund 40,000 Investment of prize fund 20,000 Balance in current A/c 36,000 Cash in hand 10,000 $ 1,000 800 10,000 4,000 8,000 10,000 1,000 800 10,000 10,000 800

Prepare the Balance Sheet of Ocean Blue club based on following information: Furniture (before depreciation) Depreciation on furniture Building fund Income from building fund Fixed deposits Opening General fund Excess of income over expenditure Opening balance of capital fund Cost of swimming pool Equipments Investment of general fund Subscription outstanding 8,000 Outstanding consultancy 800 Allowances outstanding 30,000 Capital Grants 2,000 Entrance fees (50% be funded) 20,000 Legacies received (funded) 10,000 Prize fund 20,000 Income of prize fund 60,000 Expenses of prize fund 40,000 Investment of prize fund 20,000 Balance in current A/c 36,000 Cash in hand 10,000 $ 1,000 800 10,000 4,000 8,000 10,000 1,000 800 10,000 10,000 800

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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Northwest Carburetor Company established a fund in 2016 to accumulate money for a new plant scheduled for construction in 2018. How should this special purpose fund be reported in Northwest’s December 31, 2016 balance sheet?
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ART LEAGUE Post-closing Trial Balance - June 30, 2022 Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation-Equipment Long-Term Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Totals Debits $ 2,560 13,411 5,900 1,255 9,995 5,897 $39,018 Credits $ 2,556 2,779 9,141 18,645 5,897 $39,018 Following is Information summarizing the transactions of the Art League for the year ended June 30, 2023. 1. During the year, cash was received from the following sources: grants that had been reported as a receivable on June 30, 2022, $5,900; annual contributions without donor restrictions from fund drives and other unrestricted gifts, $21,381; membership dues, $16,935; tuition and fees for educational workshops, $7.104; and sales of members' art. $12,140, of which 20 percent represents commissions…
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Topic: Accounting For Non-Profit Organization
Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000
As of December 31, 2023 the Vale Maritime Museum had unrestricted cash of $52,000, building and land with a net book value of $145,000, and donor restricted permanent collections totaling $140,000. There were no liabilities. The Museum has two programs: Operation of a Maritime Museum and Educational Programs. During the year ended December 31, 2024 the Museum incurred the following transactions: (1) Cash contributions to the Museum included (a) unrestricted $421,000, (b) restricted for educational programs $45,000 and (c) restricted by the donor for endowment purposes $105,000. (2) Additional unrestricted cash receipts included $61,000 in fees from individuals and organizations using the Museum building as a meeting facility. Included in this is $9,000 for a meeting to be held in January 2023. (3) Incurred cash expenses: Item Total Amount Portion for Museum Operations Portion for Education Programs Admin. Utilities programs $ 54,000 $ 26,000 $ 28,000 Utilities administration 20,700 $…
Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recorded
2
Prepare journal entries to record the transactions.1. Donor A gave a nonprofit a $55,000 cash gift in June, stipulating that the nonprofit could not use the gift until the next fiscal year.2. Donor B gave a nonprofit a $27,500 cash gift in July, telling the nonprofit the gift could be used only for research on a specific project.3. In response to a special fundraising campaign, whereby contributions could be used only for construction of a new warehouse, a large number of individualspromised to make cash contributions totaling $2,200,000 during the current fiscal year. The nonprofit believes it will actually collect 80 percent of the promised cash.4. Donor C gave a nonprofit several investments having a fair value of $3,300,000 in March. Donor C stipulated that the nonprofit must hold the gift in perpetuity,but it could use the income from the gift for any purpose the trustees considered appropriate. Between March and December, the investments produced income of $110,0005. Using the…