unctional expenses recorded in the general ledger of ABC, a non-governmental not-for-profit organization, are as fo
Q: A government makes a contribution to its pension plan in the amount of $10,000 for year 1. The…
A: Under a pension plan employer commits to make regular contributions to a pool of money as a part of…
Q: The net income reported on the income statement for the current year was $310,000. Depreciation…
A: CASH FLOW STATEMENT: It is a financial statement that shows the total cash inflows and cash…
Q: ue and gross book age rounded to 2 de k Value
A: The gross book value is the acquisition cost or historical cost of assets shown on the financial…
Q: III. The following changes in the statement of financial position accounts of BC were gathered for…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: tory product 12.70 13.22 anufacturing cycle efficiency. bund intermediate calculations. Round you
A: Manufacturing cycle efficiency = Manufacturing product in hours / (Inspecting product in hours +…
Q: Division Operating income $ 12,350,000 $ 10,640,000 Investment $ 95,000,000 $ 56,000,000
A: Return on investment is a term that represents the amount of profit generated on the investment from…
Q: PART 3: Prepare the Unadjusted Trial Balance Prepare the Unadjusted Trial Balance for Smart Touch…
A: Trial Balance :— It is the statement that shows list of debit and credit balances of all assets,…
Q: ABC Corporation manufactures tennis gear and uses budgeted machine-hours to allocate variable…
A: The variance is the difference between the actual and standard cost of production. The variance can…
Q: Eckan Word Processing Service uses the straight-line method of depreciation. The company's fiscal…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: ABC Corporation processes unprocessed milk to produce two products, Butter Cream and Condensed Milk.…
A: Gross margin% = (sales - Total cost)/Sales
Q: On January 1, 2019, ET Mags Inc. signed a 6-year non-cancelable lease for an alloy wheel molding…
A: Explanation of Concept In the present case we shall records the lease liability in the books of…
Q: Cash Budget for October Beginning cash balance Add: Cash receipts Cash available Less: Payments For…
A: Budget is an estimation of the future income and Expenses of a firm. Cash Budget is an estimation of…
Q: Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on…
A: Based on accrual basis of accounting income and expenses are recognised during the period in which…
Q: Arctica manufactures snowmobiles and ATVs. These products are made in different departments, and…
A: Controllable costs :— These are the cost that are modified and changes in short term period. These…
Q: Bluff County's schedule of changes in net pension liability and related ratios is shown below.…
A:
Q: Rory City traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old…
A: Gain or loss is the amount earned or incurred by the entity on sale of the non-current assets or…
Q: Compute Rundle's return on investment for Year 2. Recompute Rundle's ROI under each of the following…
A: According to the question given, we are required to compute the return on investment (ROI) of each…
Q: Lease A does not contain a bargain purchase option, but the lease term is equal to 90 percent of the…
A: From the Lessee's point of view, a lease is classified as a capital lease or a finance lease. If an…
Q: How should a nongovernmental, not-for-profit organization report contributions without donor‘s…
A: Contributions without donor's restriction are unrestricted funds that the organization can use for…
Q: Simplicity Investors, Inc. is a Wellington-based consulting company. The company is currently…
A: A company may replace an asset if the net present value from such replaced asset is positive. The…
Q: Cosmo contributed land with a fair market value of $365,000 and a tax basis of $99,000 to the Y…
A: A partnership is an agreement between two or more persons to manage a business and share earnings…
Q: A nongovernmental not-for-profit organization borrowed $5,000, which it used to purchase a truck.…
A: In this question, there are two transactions: borrowed $5,000, and Purchased a truck using the…
Q: On January 2, 2021, Marzelle Corp. purchased 30% of the voting common stock of Hoffman Co., paying…
A: Amortization represents the reduction in the value of an asset over a period of time. It is…
Q: You have just been hired as a new management trainee by Earrings Unlimited, a distributor of…
A: Budgeted Sales = Budgeted sales units * selling price per unit Budgeted merchandise purchase units =…
Q: Prepare the journal entry to record the shipment of goods to Bridgeport. The goods cost Ivanhoe…
A: Deferred revenue means that we have received the amount for good and serviced but goods or services…
Q: On December 31, 2022, QUIAMBAO CORP. issued serial bonds with face value of P4,000,000 and a stated…
A: We know that interest is payable on face value of the bond. present value/carrying value at…
Q: Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in…
A: Ending inventory is the amount of inventory that an entity has in hand, at the end of the period.…
Q: Brighton Stationary is a small firm processing and selling office supplies. The firm has also…
A: Income statement is the financial statement that records all the income and expenses of the business…
Q: ❖ Problem 1 Using Microsoft Excel, create an investment cash-flow diagram that will have a present…
A: The present worth, also known as present value or NPV, is a financial metric that represents the…
Q: Sunland has determined the unit cost of Chocolate Chip to be $2.57 and the unit cost of Oatmeal…
A: The total expenditure incurred to produce a product is considered to calculate the unit cost and…
Q: Company D had accounts receivable of $50,000 at the beginning of the year, made credit sales of…
A: Ending balance in accounts receivable :— It is the difference between total accounts receivable and…
Q: Pardo Company produces a single product and has capacity to produce 190,000 units per month. Costs…
A: VARIABLE COSTING INCOME STATEMENT Variable Costing Income Statement is One of the Important Cost…
Q: The Outdoor Sports Company produces a wide variety of sports equipment. Its newest division, Golf…
A: ROI =Operating Income Investment×100 Operating Income - Capital Charge = RI
Q: Krall Company recently had a computer malfunction and lost a portion of its accounting records. The…
A: ROI means return on investments. It is the percentage return earned by the entity on the invested…
Q: The Oklahoma State Company produces 9-volt batteries and AAA batteries. The company uses a…
A: The overhead is said to be over applied when actual overhead cost is more than the applied overhead…
Q: applies to the questions displayed below. The following information is available for Fairmount…
A: The income statement is prepared to record the revenue and expense of the current period. The cash…
Q: Colorado Nursery plans to sell 380 plants during April and 240 units in May. Coronado keeps 25% of…
A: Budgeting is a process of estimation of future income and expenditure for a particular period of…
Q: Sunland Delites had the following projected and incurred the following production and cost data…
A: The difference between the actual fixed overhead expense and the budgeted fixed overhead expense is…
Q: The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: The Millard Division's operating data for the past two years are provided below. Return on…
A: Margin is expressed in percentage and is calculated by dividing the net operating income with the…
Q: Required Information [The following information applies to the questions displayed below.] Project A…
A: Payback period is a financial metric used to determine the length of time required for an investment…
Q: Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired…
A: "When the parent company and the subsidiary company merge their financial statement, then the…
Q: For each of the following cases, fill in the blank with the appropriate dollar amount. Sara's Coffee…
A: Gross Profit is the difference between the sales and cost of goods sold. Whereas net operating…
Q: Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2021, that pay interest semiannually…
A: Issuance of Bond One way for businesses to raise capital is through the issuance of bonds. A…
Q: Mervon Company has two operating departments: mixing and bottling. Mixing occupies 26,640 square…
A: The indirect factory overhead is the company's expenses and is not included in the manufacturing…
Q: Veneer Company has two service departments and two producing departments. The number of employees in…
A: Allocation rate benefit contributes to improved cost control, better decision-making, performance…
Q: Sheridan Corporation began the month of May with $74000 of obligations and $186000 of economic…
A: Economic resources means assets Obligations means Liabilities
Q: Accounting A company received $2,000 in advance from a customer for services to be provided in the…
A: A company's cash account, liability account, and revenue account are all impacted when a customer…
Q: Accounting 1 - SLO 2 John Doe started his business, Copy Specialties, Inc., on January 5, 2021. The…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: The evidence that is gathered by an auditor plays a crucial role in the results of the audit and the…
A: Audit evidence means all the information that is used by the auditor to arrive at the conclusion on…
Functional expenses recorded in the general ledger of ABC, a non-governmental not-for-profit organization, are as follows:
Soliciting prospective members $45,000
Printing membership benefits brochures 30,000
Soliciting membership dues 25,000
Maintaining donor list 10,000
What amount should ABC report as fund-raising expenses?
A.) $10,000
B.) $35,000
C.) $70,000
D.) $110,000
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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…A Charity institution capital fund of the non profit organization has OMR 900,000. The income earning @ OMR 250,000 and OMR60,000 expenses. What is the excess value of income statement?Select one:a. OMR 160,000b. OMR 650,000c. OMR 190,000d. OMR 590,000A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Choose the correct.a. Revenues of $33,500.b. Public support of $33,500.c. Public support of $32,000 and a $1,500 increase in the fund balance.d. Public support of $32,000 and revenue of $1,500.
- 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.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) $35,000Edwards 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
- A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Revenues of $33,500. Public support of $33,500. Public support of $32,000 and a $1,500 increase in the fund balance. Public support of $32,000 and revenue of $1,500.Answer all the both the questions 1 and 2 along with the subparts i,ii,iii Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions and uses only one fund to account for all activities. Required: Prepare all related journal entries for the following transactions for Good Charity for 2020: Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a…A voluntary health and welfare entity has the following expenditures: How should the charity report these items? a. Program service expenses of $100,000 and supporting service expenses of $160,000. b. Program service expenses of $160,000 and supporting service expenses of $100,000. c. Program service expenses of $170,000 and supporting service expenses of $90,000. d. Program service expenses of $190,000 and supporting service expenses of $70,000.
- 4. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.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.) $400,000Ishak 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