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 arecategorized 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 nowAmount $ 15,000✔ Classification: Net assets without donor restrictionsAmount $x Classification: Net assets with donor restrictionsRecorded? Yesb. Contributions received the next four years Recorded? Yes◆

Yes the item should be recorded as contribution

Answered: The following events relate to Habitat…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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.) 0
During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements? A.) $800,000 B.) $700,000 C.) $500,000 D.) $400,000
A donor gives the oroganization cash and specifies that the money is to be usedin 4 years. Is this change in net assets with or without donor restrictions?
Only typed solution
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…
2 Southeastern College began the year with endowment investments of $1,450,000 and $860,000 of restricted cash designated by a donor for capital additions. During the year, an additional $524,000 ddonation was received for capital additions. These funds, together with those contributed in the prior year, were used to purchase 150 acres of land adjacent to the university. An alum contributed $360,000 to the permanent endowment and pledged to provide an additional $580,000 early next year. The cash was immediately invested. By terms of the endowment agreement, interest and dividends received on the investments are restricted for scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year, $66,000 of interest and dividends were received on endowment investments. At year-end, the fair value of the investments had increased by $9,300. Required: Prepare journal entries to record the above…
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
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

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