Prepare Helping Hands' Statement of Activities for the fiscal year ended June 30, 2014.
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The following information was taken from the accounts and records of the Helping Hands
Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of
June 30, 2014, unless otherwise noted.
Unrestricted Support - Contributions $2,000,000
Unrestricted Support - Membership Dues 640,000
Unrestricted Revenues - Investment Income 80,000
Temporarily restricted gain on sale of investments 25,000
Expenses - Program Services 1,860,000
Expenses - Supporting Services 350,000
Expenses - Supporting Services 550,000
Temporarily Restricted Support - Contributions 640,000
Temporarily Restricted Revenues - Investment Income 60,000
Permanently Restricted Support - Contributions 100,000
Unrestricted Net Assets, July 1, 2013 450,000
Temporarily Restricted Net Assets, July 1, 2013 2,100,000
Permanently Restricted Net Assets, July 1, 2013 60,000
The unrestricted support from contributions was received in cash during the year. The expenses
included $1,350,000 paid from temporarily-restricted cash donations.
Required:
Prepare Helping Hands' Statement of Activities for the fiscal year ended June 30, 2014.
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- This problem summarizes typical transactions engaged in by not-for-profit organizations. The American Association for Freedom, a political think tank, was recently established. During its first year of operations it engaged in the following transactions and was affected by the following events (in summary form): It received a $10,000,000 endowment contribution from a donor, all in stocks and bonds. It received $3,000,000 in additional contributions, all restricted for its educational programs and $2,300,000 in contributions without donor restrictions. It acquired $800,000 in furniture, fixtures, and equipment, all of which have an expected useful life of 10 years. It recognized depreciation on the furniture, fixtures, and equipment, purchased earlier in the year. It spent $2,400,000 on educational programs. It earned $300,000 in interest and dividends on its endowment investments. By year-end the value of its investments had appreciated by $600,000. It incurred…A nongovernmental, not-for-profit organization received the following donations of corporate stock during the year: Donation 1 Donation 2 Donation 3 Number of shares 2,000 3,000 1, 000 Adjusted basis $8,000 $5,500 $3,000 Fair market value at time of donation 8,500 6,000 $4,000 Fair market value at year end 10,000 2,000 $2,500 What net value of investments will the organization report at the end of the year? A.) $14,500 B.) $14,000 C.) $13,500 D.) $12,000INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. A business donated rent-free office space to the organization that would normally rent for $35,000 a year. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid next year. A state government grant of $150,000 was received for program operating costs related to public health education. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,260. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,600 was donated by a local office supply…
- INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. A business donated rent-free office space to the organization that would normally rent for $35,300 a year. A fund drive raised $186,500 in cash and $103,000 in pledges that will be paid next year. A state government grant of $153,000 was received for program operating costs related to public health education. Salaries and fringe benefits paid during the year amounted to $208,860. At year-end, an additional $16,300 of salaries and fringe benefits were accrued. A donor pledged $103,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,560. Office equipment was purchased for $12,300. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,900 was donated by a local office supply…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.) $110,000Good 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: 1) Prepare all related journal entries for the following transactions for Good Charity for 2020: a) Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. b) 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. c) 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…
- Problem #2 The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2018, unless otherwise noted. Unrestricted Support - Contributions $2,000,000 Unrestricted Support - Membership Dues 640,000 Unrestricted Revenues - Investment Income 80,000 Temporarily restricted gain on sale of investments 25,000 Expenses - Program Services 1,860,000 Expenses - Supporting Services 350,000 Expenses - Supporting Services 550,000 Temporarily Restricted Support - Contributions 640,000 Temporarily Restricted Revenues - Investment Income…Assume the financial statements of a non-profit organization had the following financial data at 12-31-22: Change in net assets yr/yr $550,000 Revenue & Gains $10,550,000 Beginning year net assets $4,830,000 1)How much were the expenses for the year? 2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under: a. Unrestricted b. Temporarily restricted c. Permanently restrictedThe American Association for Freedom, a political think tank, was recently established. During its first year of operations it engaged in the following transactions and was affected by the following transactions and was affected by the following events (in summary form): 1. It recieved a $10,000,000 endowment contribution from a donor, all in stocks and in bonds. 2. It received $3,000,000 in additional contributions, all restricted for its educational programs and $2,300,000 in contributions without donor restrictions. 3. It acquired $800,000 in furniture, fixtures, and equipment, all of which have an expected useful life of 10 years. 4. It recognized depreciation on the furniture, fixtures and equipment, purchased earlier in the year. 5. It spend $2,400,000 on educational programs. 6. It earned $300,000 in interest and dividends on its endowmnet investments. 7. By year-end the value of its investments had appreciated by $600,000 8. It incurred $1,300,000 in administrative expenses.…
- Prepare journal entries to record the following transactions and events, based on the assumption that the nonprofit, with a June 30 fiscal year-end, uses a single account to record all unrealized and realized investment gains and losses. Then, prepare journal entries for Events 2 and 3, based on the assumption that the nonprofit separates unrealized from realized investment gains and losses. 1. On July 15, a nonprofit received a donation of Apple stock that had a fair value of $75,000 at the time of the donation. The donor told the nonprofit that the stock could be sold and used only to finance a particular research project. 2. On December 31, when the nonprofit closed its books, the stock had a fair value of $76,500. 3. On February 15, the nonprofit sold the stock for $76,000. 4. On March 15, the nonprofit spent the entire $76,000 on the research project for which the donor made the gift.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. $350,000The following selected transactions occurred for a nongovernmental, not-for-profit organization. 1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250. 2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year. For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased. A cash gift of $200 was received restricted for the purchase of equipment. Equipment of $80 was purchased from the gift restricted for this purpose. Depreciation expense for the year on the equipment purchased is $10. Required: Prepare the journal entries for the above…