The League, a non-profit organization, received the following pledges: Unrestricted P200,000 Restricted for Capital Additions 150,000 All pledges are legally enforceable. However, the League’s experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account?

The League, a non-profit organization, received the following pledges: Unrestricted P200,000 Restricted for Capital Additions 150,000 All pledges are legally enforceable. However, the League’s experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 8DQ

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Community Enhancers, a nongovernmental not-for-profit organization, received the following pledges: Unrestricted $400,000; Restricted for capital additions $300,000; All pledges are legally enforceable. However, Community's experience indicates that 15% of all pledges prove to be uncollectible. What amount should Community report as pledges receivable, net of any required allowance account? A.) $700,000 B.) $665,000 C.) $595,000 D.) None of above
Which of the following journal entry is appropriate to recognize that a not-for-profit organization collected P200,000 of amounts pledged and wrote off P10,000 of amounts pledged as amounts uncollectible? a.Debit Pledges Receivable P200,000; Credit Cash P200,000. b.Debit Cash P200,000; Debit Allowance for uncollectible pledges P10,000; Credit Pledges Receivable P210,000. c.Debit Pledges Receivable P200,000; Credit Allowance for uncollectible pledges P10,000, Credit Cash P210,000. d.Debit Cash P200,000; Credit Pledges Receivable P200,000. e.Debit Cash P200,000; Debit Allowance for uncollectible pledges P10,000; Credit Unrestricted net assets-contributions P210,000.
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75. During current year, a voluntary health and wel- fare organization receives $300,000 in unrestricted pledges. Of this amount, $100,000 has been desig- nated by donors for use next year to support opera- tions. If 15% of the unrestricted pledges are expected to be uncollectible, what amount of unrestricted sup- port should the organization recognize in its current- year financial statements? a. $300,000 b. $270,000 c. $200,000 d. $170,000 76. Which of the following assets of a nongovern- mental not-for-profit charitable organization must be depreciated? a. A freezer costing $150,000 for storing food for the soup kitchen. b. Building costs of $500,000 for construction in progress for senior citizen home. c. Land valued at $1 million being used as the site of the new senior citizen home. d. A bulk purchase of $20,000 of linens for its nurs- ing home. 77. A nongovernmental not-for-profit organization borrowed $5,000, which it used to purchase a truck. In which section of the…
75. During current year, a voluntary health and wel- fare organization receives $300,000 in unrestricted pledges. Of this amount, $100,000 has been desig- nated by donors for use next year to support opera- tions. If 15% of the unrestricted pledges are expected to be uncollectible, what amount of unrestricted sup- port should the organization recognize in its current- year financial statements? a. $300,000 b. $270,000 c. $200,000 d. $170,000
a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
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