3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year to support its daycare centers. The following amounts were received during 20X1: P2,000 is restricted by the donor to be used for meals for the children. • P1,500 received for subscription to a monthly child care magazine with a fair market value to subscribers of P1,000. P10,000 to be used only upon completing a new playroom that was only 50% complete on December 31, 20X1. What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities? 4. Wilson Hospital, a non-profit hospital affililated with Wilson College, had the following cash receipts for the year ended December 31, 20X1: Collection of health care receivables Contribution from donor to establish a term endowment Tuition from nursing school Dividends received from investment in permanent endowment P750,000 150,000 500,000 20,000 The dividends received are restricted by the donor for hospital building improvements. No improvements were made during 20X1. On the hospital's statement of cash flows for the year ended December 31, 20X1, what amount of the above receipts would be included in the amount reported for net cash provided (used) by operating activities.
3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year to support its daycare centers. The following amounts were received during 20X1: P2,000 is restricted by the donor to be used for meals for the children. • P1,500 received for subscription to a monthly child care magazine with a fair market value to subscribers of P1,000. P10,000 to be used only upon completing a new playroom that was only 50% complete on December 31, 20X1. What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities? 4. Wilson Hospital, a non-profit hospital affililated with Wilson College, had the following cash receipts for the year ended December 31, 20X1: Collection of health care receivables Contribution from donor to establish a term endowment Tuition from nursing school Dividends received from investment in permanent endowment P750,000 150,000 500,000 20,000 The dividends received are restricted by the donor for hospital building improvements. No improvements were made during 20X1. On the hospital's statement of cash flows for the year ended December 31, 20X1, what amount of the above receipts would be included in the amount reported for net cash provided (used) by operating activities.
Chapter23: Exempt Entities
Section: Chapter Questions
Problem 27P
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Transcribed Image Text:3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year
to support its daycare centers. The following amounts were received during 20X1:
P2,000 is restricted by the donor to be used for meals for the children.
• P1,500 received for subscription to a monthly child care magazine with a fair market value to
subscribers of P1,000.
P10,000 to be used only upon completing a new playroom that was only 50% complete on
December 31, 20X1.
What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities?
4. Wilson Hospital, a non-profit hospital affiliated with Wilson College, had the following cash receipts for the
year ended December 31, 20X1:
Collection of health care receivables
Contribution from donor to establish a term endowment
P750,000
150,000
500,000
20,000
Tuition from nursing school
Dividends received from investment in permanent endowment
The dividends received are restricted by the donor for hospital building improvements. No improvements
were made during 20X1. On the hospital's statement of cash flows for the year ended December 31, 20X1,
what amount of the above receipts would be included in the amount reported for net cash provided (used)
by operating activities.
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