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- a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?The League, a not-for-profit organization, received the following pledges:Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000Restricted for capital additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000All pledges are legally enforceable; however, the League’s experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account?a. $135,000b. $180,000c. $315,000d. $350,000Prepare 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
- The Alumni Association of a university desires to award 260000 dollars scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was started on July 1, 2018 by a donor in the amount 1,300,000 dollars . The Alumni Association invested this sum at that time at 8% per annum and plans on adding an amount of 12,000 per year to fund from its dues starting July 1, 2019 for as long as awards are made. For how many years starting July 1, 2019 can scholarship be awarded?During the year, Private College received the following: An unrestricted $10,000 pledge to be paid the following year. A $70,000 cash gift restricted for scholarships. A notice from a recent graduate that the college is named as a beneficiary of $25,000 in that graduate's will. What amount of contribution revenue should Private College report in its statement of activities? A.) $10,000 B.) $70,000 C.) $105,000 D.) $80,000Beginning next year, a foundation will supportan annual event on campus with the earnings of a$420,000 gift it received this year. It is felt that 8.4%interest will be realized for the first 12 years, but thatplans should be made to anticipate an interest rate of6% after that time. What amount should be added tothe foundation now to fund the event at the $45,000level into infinity?
- The Alumni Association of a university desires to award 730,000 pesos scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was started on July 1, 2018 by a donor in the amount five times of 730,000. The Alumni Association invested this sum at that time at 8% per annum and plans on adding an amount of 1000 per year to fund from its dues starting July 1, 2019 for as long as awards are made. For how many years starting July 1, 2019 can scholarship be awarded?2. Required: On January 1, 2024, a foundation made a pledge to pay $47,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $47,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.32950. Record the increase in the present value as of December 31. Record the receipt of the first $47,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.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.) $400,000
- The will of a wealthy philanthropist left ₱5,000,000 to establish a perpetual charitable foundation. The foundation trustees decided to spend ₱1,200,000 to provide facilities immediately and to provide ₱100,000 of capital replacement at the end of each 5-year period. If the invested funds earned 12% per annum, what would be the year-end amount available in perpetuity from the endowment for charitable purpose? Use 5 as focal point. Ans. ₱79,245A trust will provide $12,000 to a county library at the beginning of each 3-month period for the next 2.5 years. If the money is worth an annual rate of 6.8%, compounded quarterly, find the amount in the trust when it begins. Round your answer to the nearest cent. a. $111,364.28 b. $85,257.67 c. $352,106.39 d. $284,945.37 e. $246,873.08Record journal entries for the following transactions for Sultan Private School during the year ended July 31, 2020. Cash contributions were received as follows: AED792,000 for any purpose desired by the school AED233,000 for salary supplements for school faculty AED458,000 to be used during the next fiscal year in any manner desired by the school AED576,000 for the construction of a new auditorium and AED300,000 to be invested permanently, with the income to be used as desired by the school . The school policy is to record all restricted gifts as temporarily restricted and then reclassify when the restriction is lifted. The school expended AED338,000 of the AED792,000 mentioned in (1a) for school furniture. The school expended AED124,000 for salary supplements as directed by the donor in (1b). The AED458,000 in (1c) was retained for use next year, as directed by the donor. AED689,000 was expended for the construction of the new auditorium. The AED300,000 mentioned in (1e) was…