Which of the following will a Notice of Donation is needed? Donated P90,000 worth of medical equipment to a NGo Donated relief goods to the office of the vice president. P 67,000 Donated building materials worth P150,000 to the people of Tagaytay to assist in the reconstruction of the houses. Donated tents and blankets to the barangay that is running the Taal evacuation center worth P50,000
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Which of the following will a Notice of Donation is needed?
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- A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Make no entry. Record contributed support of $2,100 and community assistance expense of $2,100. Recognize revenue of $2,100. Recognize contributed support of $2,100 and community expenditures of $2,100.A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Choose the correct.a. Make no entry.b. Record contributed support of $2,100 and community assistance expense of $2,100.c. Recognize revenue of $2,100.d. Recognize contributed support of $2,100 and community expenditures of $2,100.Problem 1 - The American Red Cross, a not for profit entity, had the following transactions; 1/20/20 Received a $200,000 donation in support of its activities 2/4/20 Received a $150,000 Federal grant to provide supplies and aid to survivors of a recent earthquake 2/21/20 Spent $180,000 of the 1/20/20 donation aiding victims of a hurricane in Florida 2/25/20 Spent $110,000 of the 2/4/20 grant aiding survivors of the recent earthquake Required; Prepare the journal entries for the above transactions. Remember to note whether the accounts involved are restricted or unrestricted.
- Mabuhay food corporation donates 500,000 pesos to the charity institutions at the ratio 1:1:2:2:4.How much did each charity institutions receiveSeniors Moving, a non-profit, had the following: contributions of $200,000; stamps and paper to send to donors to request more money, $20,000; salaries for case works that help senior citizens (for Seniors Moving's mission), $150,000; various gifts to donors, $30,000. What amount would be program expenses? Would Senior Movers have to show information in a separate statement of functional expenses (yes), or could show program/support in another report (No)? 1. 200,000, Yes 2. 150,000, No 3. 200,000, No 4. 150,000, YesA humanitarian left in his will a P3,000,000 to be used for founding a perpetual charity. The foundation board of council agreed to budget at least P1,000,000 for the facilities costs (repair and maintenance) every 5 years. If the investment earns 10% every year, how much will be the amount in perpetuity available year end from the grant for charity works?
- Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit Private corporation 14,000,000 New car Private corporation 2,500,000 Cosmetics Private corporation 1,000,000 S1- The cash incentive paid by the national government is exempted from income tax S2 – The cash donation by MVP and RSA are exclusions from gross income S3 – The cash donation by the President is exempted from taxation S 4 – The cash donation by the City Government of Zamboanga is subject to donor’s tax Which is FALSE? Group of answer choices S1 S2 S4 S3Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit (based on market price) Private corporation 14,000,000 New car Private corporation 2,500,000 Cosmetics Private corporation 1,000,000 S1 – The cash donation by the City Government of Zamboanga is subject to subject donor’s tax S2 - New car donated by the private corporation is subject to donor's tax S3 - Cash donation of the President of the Philippines is exempted from taxation S4 - Cosmetics donated by the private corporation is subject to donor's tax Which is FALSE? Group of…
- In July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP can raise the same amount ($100,000) from other donors by December 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer) In July 2022, a donor promises to donate $100,000 in cash to an NFP organization on December 1, 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer)A not-for-profit medical center performs services in the current year at a charge of $1 million. Of this amount, $200,000 is viewed as charity services because no collection was expected at the time of the work. The direct costs of that work were $80,000 and the indirect costs were $50,000. What amount of these costs has to be disclosed? Choose the correct.a. $50,000b. $80,000c. $130,000d. $280,000Which of the following should be accounted for in an internal service fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000 Multiple Choice $ 65,000. $ 415,000. $1,250,000. $1,315,000.