Not for profit part 1 new beckers f6 m1

Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?

Required information [The following information applies to the questions displayed below.] For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be permanently held. Total…

Prepare the journal entries of the following independent transactions. 1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540. 2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000. 3. The agency received the following allotment for the year 2022: Capital Outlay 40,000,000 Maintenance and other operating expenses 42,000,000 Personal Services 90,000,000 Financial Expenses 6,000,000 4. The officer of the agency was granted a cash advance of P50,000 for his official travel to Manila. The cash was subject for liquidation to release him from the accountability and avoid disallowance. 5. Agency ZXC had an unused NCA of P145,050 which was considered as lapsed NCA for the year 2021. The agency could not use all funds due to time constraint and returned documents due to some lacking attachments. 6. Record the liquidation of schools that was granted to accountable officer for payment…

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Please prepare dummy journal entries. Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of accounting for contributions and has chosen to have a general, capital and endowment fund to account for its activities.   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 useful life of 10 years. This was all used to purchase $100,000 of equipment and furniture on July 1, 2020 and the operation opened in a rented facility on July 2, 2020. e)    Costs of $72,000 were incurred…

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Which of the following types of information would be included in total net assets in the statement of financial position for a not-for-profit organization?a. total current assets.b. long-term liabilities.c. types of individual funds the entity has.d. unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.

Required information Skip to question   [The following information applies to the questions displayed below.]   For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be…

Required information Skip to question   [The following information applies to the questions displayed below.]   For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be…

The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation. Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments-no restrictions Noncurrent pledges receivable Program service revenue-no restrictions Debits $47,700 16,700 117,300 80,800 1,538,100 124,300 4,550, 100 5,614,700 2,743,500 408,600 390, 200 Credits $25,100 267,400 215,600…

The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Debits Credits $25,500 $48,100 16,700 3,522,200 119,400 27,200 2,492,000 82,300 1,550,100 126,600 4,586,400 802,000 2,114,100 94,200 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,659,500 2,765,400 409,600 496,400 2,048,000 Net gains on endowments-no restrictions Noncurrent pledges…

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…

The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. 1. Computed interest of…

An unqualified opinion on the financial statements of a local government means that all statements in the comprehensive annual financial report (CAFR) have been audited and conform with GAAP." Do you agree or disagree? Why?   Describe the difficulty in comparing the financial performance of a not-for-profit organization to other similar organizations. What benchmarks are available to assist in this task?   Describe the treatment of a not-for-profit, nongovernmental foundation that is related to a public university under GASB standards.   What are the benefits to a state or local government of establishing an audit committee?

A private not-for-profit entity receives numerous pledges of financial support to be conveyed at various times over the next few years. Under what condition should these pledges be recognized as receivables and contributed support? At what amount should these pledges be reported?

The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1.2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.

**Objective Type Question:** Which of the following is a key requirement for compliance with IRS regulations for tax - exempt status? a) Filing quarterly financial reports with the IRS. b) Limiting the organization's charitable activities to a single geographic region. c) Using tax - exempt funds for personal expenses of the organization's directors. d) Meeting the IRS's criteria for operating exclusively for charitable, educational, or other exempt purposes.

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…

The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question.a. What is the difference between revenue and public support?b. What is the significance of the statement of functional expenses?c. What accounting process does a private charity use in connection with donated materials?                                    d. What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization?e. Under what conditions should the entity record donated services?f. What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials?g. A not-for-profit receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the entity affected?

SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal position and which of the following financial statements? Statement of activities. II. Statement of changes in fund balances. III. Statement of cash flows. a. I, II, and III b. III only c. II and III d. I and III. I.

Identify the types of financial statements issued annually by federal agencies. Compare and contrast them against the financial statements issued by a state government and a for-profit business. Discuss why there is a difference between the three.

Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.

Choose a not-for-profit organization of interest to you, and locate its annual report or financial statements. Annual reports can usually be found on the organization's website. Note: If you have difficulty finding some organizations or the annual reports or financials, contact your instructor for assistance. Find the line item totals for the following in the financial statements/annual report: Total revenue, Program service expenses, and Total expenses. Calculate the ratio of the program service expenses to the total expenses. Post your findings on the discussion board along with your evaluation of the organization's effectiveness--based on the calculated ratio, do you believe they are managing their expenses well? In responding to your peers, would you feel comfortable donating to the organization (based on their ratio, not necessarily other aspects of their work). Why or why not?

All of the listed features or obligations differentiate a registered charity from a private corporation except one. Which one? Ability to issue donors official tax receipts Required to file Form T3010 Charity can incorporate like a private company Requirement to meet annual spending quota

US GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present their _____ accurately. A. Financial performance results  B. Taxes  C. Government records  D. Audit res

For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). At year end, additional general obligation bonds were issued at 102 with a face value of $1,000,000. J/E under Modified Accrual Account Debited [Select) Worksheet Entries Account Debited [Select] [Select] Account Credited [Select] [Select] Account Credited [Select [Select] Amount Debited [Select] Amount Debited 1.000.000 [Select) Amount Credited 1,000,000 [Select] Amount Credited 1.000.000 [Select]

The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. 1. Computed interest of…

For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [ Select] [Select] > > Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000

187. Which of the following funds should be reported as part of local government's governmental activities column in its government-wide statements? a. Debt service b. Agency c. Private-purpose trust. d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is similar to which of the fol- lowing for-profit financial statements? a. Balance sheet. b. Statement of cash flows. c. Statement of retained earnings. d. Income statement.

Answer both i and ii. please answer asap Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of accounting for contributions and has chosen to have a general, capital and endowment fund to account for its activities.   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 useful life of 10 years. This was all used to purchase $100,000 of equipment and furniture on July 1, 2020 and the operation opened in a rented facility on July 2, 2020. e)    Costs of $72,000 were incurred…