Mabuhay food corporation donates 500,000 pesos to the charity institutions at the ratio 1:1:2:2:4.How much did each charity institutions receive
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- Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions and events of its General Fund for October 20X1: • Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted to P4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts of P8,000. Contributed services approximating P10,000 at going salary rates were received from volunteer nurses. Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospital cafeteria. New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors. Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month was P800. The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment, as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.Zahid donated P500,000 to a religious institution. During the year, the total receipts from donations of the religious institution was P1,000,000. Its total administrative expenses amounted to P400,000. How much was the total exempt gift?. Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions andevents of its General Fund for October 20X1:• Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted toP4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts ofP8,000.• Contributed services approximating P10,000 at going salary rates were received from volunteer nurses.Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospitalcafeteria.• New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors.Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month wasP800.• The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment,as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.
- 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 recordedLGI Pte Ltd is a company incorporated in Singapore. During the year ended 31 December 2023, the company made the following donations: – Cash to Singapore Red Cross Society re: China earthquake $3,000 – Cheque to Handicaps Welfare Association $1,000 for the purchase of wheelchairs – Cash to Home Nursing Foundation $500 – Christmas gifts for the patients at Assisi Hospice $500 All the above are approved institutions of a public character. What is the amount of approved donations that can be deducted against the statutory income for the year of assessment 2024? A. $3,750 B. $4,500 C. $13,500 D. $15,000For a charity event, one minute of game time is added for every $2 donated. How many minutes of game time would there be for a $1000 donation?
- Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?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 $100,000In July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP can raise the same amount ($100,000) from other donors by December 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer) In July 2022, a donor promises to donate $100,000 in cash to an NFP organization on December 1, 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer)
- In the current year, the not-for-profit organization Save the Butterflies Foundation received cash of $500 to be used as the Foundation wishes and $1,000 to be used for butterfly research. Save the Butterflies also received pledges of $700 that it can use as it wishes and $600 for its building fund. All pledges are expected to be received next year. How much would Save the Butterflies report as contributions with donor restrictions in the current year? 4 O $1,600. O $1,000. O $2,300. O $1,300.Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the yearto 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 tosubscribers of P1,000.• P10,000 to be used only upon completing a new playroom that was only 50% complete onDecember 31, 20X1.What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities?Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the yearto 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 tosubscribers of P1,000.• P10,000 to be used only upon completing a new playroom that was only 50% complete onDecember 31, 20X1.What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities? PROVIDE JOURNAL ENTRIES