Which of the following best describes a non-profit organization?
Q: Problem #2 The following information was taken from the accounts and records of the Helping Hands…
A: Calculate changes in Unrestricted net assets:
Q: Jackson County Senior Services is a nonprofit organization devoted to providing essential services…
A: In the case where the management decides to discontinue a particular segment of program. They need…
Q: Prepare general journal form for the following transactions of Bothwell Regional Hospital, a…
A:
Q: Donor D advises a university that he has established an irrevocable charitable remainder trust,…
A: Journal Entry: It is the entry which is used to record the financial transactions(either economic…
Q: A local Non for Profit had the following activity in October 2022: Cash Donations $200,000…
A: Not-for-profit refers to an organization that is dealing with not earning profits for its owners…
Q: Problem 3 - The American Cancer Society, a not for profit entity, had the following transactions;…
A: Journal entry: It implies to the recording of company's financial transactions in its primary book,…
Q: identifying four of the financial statements a for-profit organization will compile. Define them,…
A:
Q: The Open Museum is an exempt organization that operates a gift shop. The museum’s annual operations…
A: Unrelated business income: It is the income that is generated from the regular carried activities of…
Q: INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year…
A: Let's break down each transaction and journal entry in detail to explain how they are recorded:1.…
Q: In the current year, the not-for-profit organization Save the Butterflies Foundation received cash…
A:
Q: A private not-for-profit health care entity has the following account balances: What is reported as…
A: Step 1: Net patient service revenue means the gross revenue earned by providing the services to the…
Q: Prepare Helping Hands' Statement of Activities for the fiscal year ended June 30, 2014.
A: Calculate changes in Unrestricted net assets:
Q: You are the senior accountant for Terrier Company and the Board of Directors is discussing the…
A: Part 1: MemoTo: Board of DirectorsFrom: [Your Name], Senior AccountantDate: [Date]Subject: Analysis…
Q: A Charity put on a hall party to raise funds. It estimated the following costs: Appetizers (per…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Preparation of financial statements for a not-for-profit organization Following is financial data…
A: calculation of above requirement are as follows
Q: Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private…
A: Merger: Under merger ,two separate businesses are combined into a single new legal entity and…
Q: The University of Cincinnati Center for Business Analytics is an outreach center that collaborates…
A: The above question has three sub-parts. Let's start with part(a). (a)The following information is…
Q: The director of a nonprofit ballet company in a medium-sized city in a certain country is planning…
A: The sum of money given by a individual, for any charitable purpose is called a donation. The total…
Q: epare journal entrie
A: A journal entry is a record of a transaction or event in a company's accounting system. It is a way…
Q: Here is financial statement information on four not-for-profit clinics: Pittman Rose Beckman Jaffe…
A: A balance sheet is a financial statement that contains details of a company's assets or liabilities…
Q: A nongovernmental, not-for-profit organization received the following donations of corporate stock…
A: Adjusted basis refers to the original cost or value of an asset, adjusted for certain events or…
Q: In the statement of activities for the year ended December 31, what amount should be reported as…
A: Donor-restricted support or Restricted funds is the donation or gift amount received by the donee on…
Q: You have been invited by a church in your neighborhood to do presentation as part of their financial…
A: Following are the micro finance services are available in Ghana to their clients: 1. Rural banks: It…
Q: The board of directors of Earth Rock's!, a nonprofit organization focused on environmental…
A: Earth rocks can calculate % of Program expenditure to total cost.
Q: Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private…
A: Following are the balances that will appear on the statement of financial position immediately after…
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: lannon University, a private, nonprofit university, receives a letter from an alumnus who pledges…
A: A not-for-profit organization is an enterprise established with a service motive. The main purpose…
Q: Assume that the club treasurer of one such organization is in charge of all financial matters,…
A: Internal control structure in an organization is referred to as the policies and procedures…
Q: Cancer Educators, a not-for-profit organization, incurred costs of $20,000 when it combined program…
A: Solution: The correct answer is : Option (c) Program $16,000,Fund raising $2000, and General $2000 .…
Q: For each of the following events or transactions, prepare the necessacry journal entries and…
A: A journal entry records any transaction, whether or not this is an economic one. Transaction…
Q: Mother to Child Connection is a non-profit organizaton that employs abused and battered women…
A: a. Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: You are provided with a summarized version of the cash account of Lakeside Hospital, a…
A: Statement of cash (CFS) flow using direct method determines various types of cash inflows and…
Q: ackson County Senior Services is a nonprofit organization devoted to providing essential services to…
A: The segmented income statement format records the revenue and direct expenses related to a segment…
Q: A nonprofit decides to provide free food for the homeless in Thanksgiving holidays. The manager…
A: Non profit organization does not work for the profit purpose but they provide things to needy person…
Q: A person pledges a new additional long-term multi-year donation. They do trust the staff of the…
A: The objective of the question is to understand how a donor can designate their grant to a specific…
Q: Show the treatment of the following items by a not-for-profit organisation:(i) Annual…
A: Introduction From the name itself it is clear that, Non-Profit organisations are not profit motive…
Q: A nongovernmental not-for-profit animal shelter receives contributed services from the following…
A: The following provisions required to understand as follows:- Contributions of services are…
Q: 7. Determine the amount of the donation deduction for each of the following situations: (Assume all…
A: Donation can be defined as the sum of money given by an individual or group of individuals for the…
Q: not-for-profit organization receives $250 from a donor. The donor receives two tickets to a theater…
A: Contribution revenue for a non profit organisation includes donation, contribution etc. Contribution…
Q: During the current year, a voluntary health and welfare organization receives $800,000 in…
A: Unrestricted pledges are donations made to a nonprofit organisation that have no restrictions or…
Q: Assume you wrote up a proposal requesting $5000 for charity. The money would be used to buy food…
A: A company/ corporation cannot work in vaccum, rather it has to work within the society and thus…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each of the corporate members of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event: Rental cost for the auditorium: Registration Processing: Speaker Costs: 3@$800 Continental Breakfast: Lunch: Parking: $150 $8.50 per person $2,400 $4.00 per person $7.00 per person $5.00 per person (a) The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but for nonmembers…Statement of activities for a nonprofit The following information was excerpted from the records of a nonprofit. All account balances are as of the fiscal year ended June 30, 2019, except for the net asset balances at the beginning of the year. Prepare a statement of activities for the nonprofit. Contribution revenue (without donor restrictions) $ 86,000 Contribution revenue (with donor restrictions) 80,000 Investment return, net (without donor restrictions) 5,000 Investment return, net (with donor restrictions) 15,000 Expenses-Program A 23,000 Expenses-Program B 26,000 Expenses-Management and general 4,000 Expenses-Fundraising 2,000 Net assets with donor restrictions-Reclassifications out- Satisfaction of program restrictions 17,000 Net assets without donor restrictions-Reclassifications in- Satisfaction of program restrictions 17,000 Net assets at beginning of year-without donor restrictions 80,000 Net assets at beginning of year-with donor restrictions 180,000 Use a negative sign…Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors-home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: Home Meals On House- keeping $ 924,000 $ 267,000 $ 405,000 $ 252,000 157,000 95,000 Total Nursing Wheels Revenues Variable expenses 477,000 447,000 115,000 152,000 205,000 200,000 Contribution margin Fixed expenses: Depreciation Liability insurance Program administrators' salaries General administrative overhead* 69,200 42,500 115,300 184,800 411,800 8,400 20,200 40,200 40,200 7,200 38,800 20,600 15,100 36,300 53,400 122,200 81,000 167,200 50,400 122,400 Total fixed expenses Net operating income (loss) $ 35,200 $ 29,800 $ 32,800 $ ( 27,400) *Allocated on the basis of program revenues.
- Assume you wrote up a proposal requesting $5000 for charity. The money would be used to buy food that volunteers (employees from the company) would distribute to the homeless on Saturday. The proposal is approved and you receive the money. However, the CEO comes to you and asks, "What will be the return on the investment?" How would you reply?Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 500 tickets was sold.2. A local manufacturing company gave $1,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.3. Bradley Corporation gave a contribution of $550,000 to Private University. Bradley specifies that the gift is to be invested in perpetuity and that the income may be used by Private University to pay operating costs.4. Local Corporation donated a building to Private College for use as new office space. The cost to Local was $750,000. The building was…P. 12-6 The distinction between contributed services that warrant financial statement recognition and those that do not is not always clear. For each of the following situations, indicate whether the organization should recognize the described contributed services as revenue (offset by a corresponding expense). Briefly justify your response or identify key issues. Nellie Wilson, the noted country-and-western singer, performs a benefit concert for the Save Our Farms Association, a political advocacy group. Wilson, who would normally charge $60,000 per concert, did not accept a fee. Camp Chi-Wan-Da, a summer camp for disadvantaged youth, benefits from the services of four physicians, each of whom spends two weeks at the camp providing medical services to the campers. The doctors receive free room and board but no salary. Camp association standards require that a camp of Chi-Wan-Da’s size either have a physician on premises or have a physician on call. The Taconic Music Festival, a…
- Accounting for Contribution Revenue Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $4,400,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit To record the pledge from an alumnus. 0 0 0 Credit Revenue would have been recorded for the full pledge amount. The pledge would not have been recorded. The revenue would not have been recorded as restricted. 0 0 0 2. How would the pledge have been recorded if Hannon University were a public university? →The following expenditures were among those a not-for-profit society incurred during 2021: Printing of annual report Unsolicited merchandise sent to encourage contributions $35,000 $15,000 What amount should be classified as fund-raising costs in the society's activity statement? A) $50,000 B) $15,000 C) $20,000 D) $35,000The Let's Read organization is a public charity under Internal Revenue Code IRS section 501(c)(3). It had a total support of the following. 1. United way support $10,000 2.Grant from state. $25,000 3. Grant from city $10,000 4. Contribution from individuals $261,000 5. Investment income. $1,000 6. Revenue from sales of books $12,000 Total =$319,000 Of the $261,000 received from contributors, $240,000 came from four contributors, each giving $60,000, the other $21,000 came from small individual contributions. Respond to the following. 1. Calculate the total amount of support that qualifies as public support in meeting the public test to escape private foundation status. 2. Is the organization considered a public charity ?why? 3. If the organization had received $200,000 from one individual and the remaining $61,000 from many small individual contribution, would the not-for-profit…
- Assume the financial statements of a non-profit organization had the following financial data at 12-31-22: Change in net assets yr/yr $550,000 Revenue & Gains $10,550,000 Beginning year net assets $4,830,000 1)How much were the expenses for the year? 2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under: a. Unrestricted b. Temporarily restricted c. Permanently restrictedThe University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event: Rental cost for the auditorium: Registration Processing: Speaker Costs: Continental Breakfast: Lunch: Parking: (a) The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Build a spreadsheet model that calculates a…