Prepare the following i. The income & expenditure account for the financial period StylesEditingVoicenterruption, activate before Monday, 17 May 2021.ActivateExpressive Youths is a non-profit youth club in the Corporate Area that engages its members inthe buying and selling of paintings that are sold to public to provide income for the club. For thefinancial year ending December 31, 2020 the lerical officer of the club provided the followinginformation in relation to the club's activities:PaymentsReceiptsElectricityPurchase of televisionPurchase of paintingsRefreshments, etc.Stipend for clerStationery120,000 subscription60,000 Sale of paintings320,000 Refreshment, etc. sale280,000 Donations96,000 Other activities50,000300,000800,000600,000250,000200,000Additional Information:(i)On January 1, 2020 the club had paintings valued at $350,000., while subscription inarrears at that date was $15,000(ii)On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paidfor stationery that was to be received in January 2021.The opening cash balance on January 1, 2020 was $620,000 while paintings in stockon December 31, 20 was valued at $400,000.At December 31, 2020, members had paid dues in advance of $34,000(iii)(iv)

Income and expenditure is similar to P & L A/C of trading /business entities.it is used by non-…

Answered: Prepare the following i. The income &…

Business

Accounting

Prepare the following i. The income & expenditure account for the financial period

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 27CE

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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 $35,000 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…
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a) Prepare the trading account of Damai Golf Club for the year ended 31 December 2021. b) Prepare the statement of income and expenditure of Damai Golf Club for the year ended 31 December 2021. c) Prepare the statement of financial position of Damai Golf Club as at 31 December 2021. d) Briefly explain the accounting treatment for the subscrption fee in arrears. e) Explain TWO (2) differences between a non-profit organization and a corporation.
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