ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 13, Problem 17.7EP
To determine
Identify the activities related to the unrelated business income.
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Which of the following best describes a non-profit organization?
One in which the leadership is governed by a board of directors
O One in which the workforce is made up of volunteers
O One that reinvests profit into the organization instead of distributing it to owners
One that relies solely on private donations for the organization's financial needs do in 30 minutes
Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 500 tickets was sold.2. A local manufacturing company gave $1,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.3. Bradley Corporation gave a contribution of $550,000 to Private University. Bradley specifies that the gift is to be invested in perpetuity and that the income may be used by Private University to pay operating costs.4. Local Corporation donated a building to Private College for use as new office space. The cost to Local was $750,000. The building was…
What is the major source revenue in non profit organization? Select one: a. Membership fees b. Sales goods c. Goods service d. All the other points
Chapter 13 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - Prob. 9QCh. 13 - Prob. 10Q
Ch. 13 - Jan and Dean decided to form a charitable...Ch. 13 - Prob. 17.2EPCh. 13 - Prob. 17.3EPCh. 13 - Prob. 17.4EPCh. 13 - Prob. 17.5EPCh. 13 - Prob. 17.6EPCh. 13 - Prob. 17.7EPCh. 13 - Prob. 17.8EPCh. 13 - Prob. 17.9EPCh. 13 - When a tax-exempt organization dissolves, the...Ch. 13 - Prob. 18EPCh. 13 - Use Illustration 13-4 as a guide in completing...Ch. 13 - Prob. 20EPCh. 13 - Prob. 21EPCh. 13 - Prob. 22EP
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- The participants of such recreational activities as hang gliding, soaring, hiking, rock collecting, or skydiving often create local ‘‘birds-of-a-feather’’ (affinity) organizations. Two examples are the Chicago sky divers or the soaring club of western Canada . Many of these clubs collect dues from members to pay for the printing and mailing costs of monthly newsletters. Some of them maintain only minimal accounting information on manual pages or, at best, in spreadsheets. a. What financial information are such clubs likely to collect and maintain? b. Assuming that the club keeps manual accounting records, would you consider such systems accounting information systems? Why or why not? c. Assume that the club treasurer of one such organization is in charge of all financial matters, including collecting and depositing member dues, paying vendor invoices, and preparing yearly reports. Do you think that assigning only one person to this job is a good idea? Why or why not? d. What benefits…arrow_forwardJackson County Senior Services is a nonprofit organization devoted to providing essential ser-vices to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors—home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: The head administrator of Jackson County Senior Services, Judith Miyama, is concerned about the organization’s finances and considers the net operating income of $5,000 last year to be razor-thin. (Last year’s results were very similar to the results for previous years and are representative of what would be expected in the future.) She feels that the organization should be building its financial reserves at a more rapid rate in order to prepare for the next inevitable recession. After seeing the above report, Ms. Miyama asked for more information about the financial advisability of perhaps discontinuing the housekeeping program. The depreciation in housekeeping is for a…arrow_forwardAssume that the club treasurer of one such organization is in charge of all financial matters, including collecting and depositing member dues, paying vendor invoices, and preparing yearly reports. Do you think that assigning only one person to this job is a good idea? Why or why not?arrow_forward
- Which of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needs do fastarrow_forwardSelect one of the following nonprofit organizations:1.The American Accounting Association2.American Red Cross3.United Way4.American Cancer Society5.American Institute of CPAsUse the Annual Report of the organization you have selected to:a. Identify the financial statements that the entity presents and what additional disclosure it presents.b. Analyze how contributions are recognized (contributions revenues). Does the organization have net assets with restrictions imposed by donors? What is the nature of the restrictions?arrow_forwardWhich of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needsarrow_forward
- Topic: Membership Dues Better Community, a new local not-for-profit entity, has been recently formed. The organizers of the entity have formalized operations in such a way that they will charge membership dues, but will not provide any specific services in exchange for the dues. In discussion with a local accountant, who is also a new member of the not-for-profit entity, the conclusion is reached that the dues will be recognized as contributions and recorded as revenue in the year received rather than over the period of membership. In a review of the entity's operations, you find that additional services, such as seminars and group insurance, are provided by the entity. However, members are charged an additional cost for the aforementioned services. Because of this new information, you decide to investigate whether Better Community's recording of membership dues is appropriate. Required: Utilize the FASB's Codification to determine the appropriate accounting treatment for membership…arrow_forwardThe University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives fourteen free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this event: Rental cost for the auditorium: Registration Processing: Speaker Costs: Continental Breakfast: Lunch: Parking: $150 $8.50 per person 3@$800 $2,400 $4.00 per person $7.00 per person $5.00 per person (a) The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50%…arrow_forward/Which of the following is the best description of a typical business plan for a small business? A business plan is a(n): a) legally-required document that the company must file with the Small Business Administration on an annual basis: and that documents the funding the company needs for the next fiscal year. b) short document, usually no more than 10-15 pages in length, that provides a basic overview of the company's mission and products )c) formal document, often 25-50 pages in length, that describes the company, sets forth its key objectives, and provides details as to how and when the organization plans to achieve these objectives. ) d) annual report that the company provides to partners or stockholders, diseussing the company's objectives and assessing its challenges for the coming year.arrow_forward
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