Required:Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)1. Hope recelved $40.000 in cash from pledges made In the prevlous year that were unrestricted as to purpose but Intended to berecelved and expended in 2020.2. Hope received $98,000 in pledges that indicated the money would be recelved in 2021. The donors Imposed no restrictions otherthan it could be used for any purpose destred by the board.3. Hope expended $49,000 for nursing training, using $42,000 of donor restricted resources recelved in 2019 for that purpose.Hope had qualified expenses under the grant totaling $40.000. This Is cost reimbursement, grant5. Hope received $277,000 in cash. The board decided to Invest the funds for future plant expansion.Vlew transaction llatJournal entry worksheet311Hope received $98,000 in pledges that indicated the money would be receivedin 2021. The donors imposed no restrictions other than it could be used forany purpose desired by the board.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit02Pledges Receivable98,000Revenues-With Donor Restrictions-Contributions98,000Record entryClear entryVlew general journal

S. NO. General Journal Debit ($) Credit ($) 1 Cash 40000 Income from Pledge 40000…

equired: ecord the following transactions on the books of Hope Hospital, wih 020. (If no entry is required for a transaction/event, select "No Jo 1 Hope recelved $40.000 in cash from pledges made in the previou recelved and expended in 2020. 2 Hope recelved $98,000 in pledges that Indicated the money wou than it could be used for any purpose desired by the board. . Hope expended $49,000 for nursing training. using $42,000 of de LOn June 15. 2020, Hope was awarded a $59.000 grant for cancer Hope had qualified expenses under the grant totaling $40,000. TI . Hope recelved $277,000 in cash. The board decided to Invest the

equired: ecord the following transactions on the books of Hope Hospital, wih 020. (If no entry is required for a transaction/event, select "No Jo 1 Hope recelved $40.000 in cash from pledges made in the previou recelved and expended in 2020. 2 Hope recelved $98,000 in pledges that Indicated the money wou than it could be used for any purpose desired by the board. . Hope expended $49,000 for nursing training. using $42,000 of de LOn June 15. 2020, Hope was awarded a $59.000 grant for cancer Hope had qualified expenses under the grant totaling $40,000. TI . Hope recelved $277,000 in cash. The board decided to Invest the

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter20: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 9DQ

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2. Record the following transactions on the books of Hope Hospital, which follow FASB (not-for-profit) and AICPA standards. The year is 2024. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Hope received $51,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2024. Hope received $104,000 in pledges that indicated the money would be received in 2025. The donors imposed no restrictions other than it could be used for any purpose desired by the board. Hope expended $55,000 for nursing training, using $49,000 of donor-restricted resources received in 2023 for that purpose. On June 15, 2024, Hope was awarded a $66,000 grant for cancer research by the U.S. Department of Agriculture. During 2024, Hope had qualified expenses under the grant totaling $42,300. This is a cost reimbursement grant. Hope received $288,000 in cash. The…
2. Record the following transactions on the books of Hope Hospital, which follow FASB (not-for-profit) and AICPA standards. The year is 2024. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Hope received $51,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2024. Hope received $104,000 in pledges that indicated the money would be received in 2025. The donors imposed no restrictions other than it could be used for any purpose desired by the board. Hope expended $55,000 for nursing training, using $49,000 of donor-restricted resources received in 2023 for that purpose. On June 15, 2024, Hope was awarded a $66,000 grant for cancer research by the U.S. Department of Agriculture. During 2024, Hope had qualified expenses under the grant totaling $42,300. This is a cost reimbursement grant. Hope received $288,000 in cash. The…
You are provided with a summarized version of the cash account of Lakeside Hospital, a not-for-profit organization for 2018. Cash Account Debit Credit Cash balance, January 1, 2018 Cash received from: Patients Third-party payors Operation of gift shop Unrestricted gifts Contributions restricted for endowment Donor-restricted contributions for purchase of propertyand equipment Early repayment of long-term debt. Cash paid to: Employees Suppliers. Providers of consultation services Bank for interest . Contractor for purchase of property and equipment Cash balance, December 31, 2018 275,900 2,061,900 6,500,000 517,700 323,500 500,000 183,000 1,320,500 242,300 1,151,000 6,200,000 800,000 147,000 501,200 Prepare a statement of cash flows, using the direct method, for the year ended December 31, 2018.
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 348,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 9,200 Net…
A local private not-for-profit health care entity incurred the following transactions during the current year. Record each of these transactions in appropriate journal entry form. Prepare a schedule calculating the change in unrestricted, permanently restricted, and temporarily restricted net assets.a. The entity’s governing board announced that $160,000 in previously unrestricted cash will be used in the future to acquire equipment. The funds are invested until the purchase eventually occurs.b. Received a donation of $80,000 with the stipulation that all income derived from this money be used to supplement nursing salaries. c. Expended $25,000 for medicines. The entity received the money the previous year as a restricted gift for this purpose.d. Charged patients $600,000, 80 percent of which is expected to be covered by third-party payors.e. Calculated depreciation expense of $38,000.f. Received interest income of $15,000 on the investments the board acquired in…
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.
A local private not-for-profit health care entity incurred the following transactions during the current year. Record each of these transactions in appropriate journal entry form. Prepare a schedule calculating the change in unrestricted, permanently restricted, and temporarily restricted net assets. The entity’s governing board announced that $160,000 in previously unrestricted cash will be used in the future to acquire equipment. The funds are invested until the purchase eventually occurs. Received a donation of $80,000 with the stipulation that all income derived from this money be used to supplement nursing salaries. Expended $25,000 for medicines. The entity received the money the previous year as a restricted gift for this purpose. Charged patients $600,000, 80 percent of which is expected to be covered by third-party payors. Calculated depreciation expense of $38,000. Received interest income of $15,000 on the investments the board acquired in transaction (a) Estimated that…
Prepare journal entries for the following selected transactions of the Marvel Cares Foundation, which uses the restricted fund method and has an operating fund, a capital fund and an endowment fund: - Pledges totalling $325,000 were received of which $65,000 applies to the operations of the following year. It is estimated that 3% of the pledges will be uncollectible - The foundation purchased office equipment at a cost of $5,100 - Pledges of $285,000 were collected and pledges totalling $3,750 were written off as uncollectible - Air time with a value of $7,200 was donated by a local radio station - Interest and dividends received were $13,700 on endowment fund investments. Endowment fund earnings are unrestricted - Depreciation for the year amounted to $35,600
Palestine College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 2018. Prepare appropriate journal entries, indicating the net asset category affected (with donor restrictions or without donor restrictions). 1. The college collected student tuition $8 million as follows: $1,500,000 was applicable to the Summer Semester, which ran from June 1 to August 30, and the rest was applicable to the coming Fall Semester (September-December). 2. Using funds restricted for this purpose, the college purchased $300,000 of equipment for their movie theater. The college charged depreciation of $30,000. 3. The annual alumni campaign yielded $2,800,000 in pledges. The college estimated that 2 percent would be uncollectible. During the year the college collected $2,400,000 on the pledges.