ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Chapter 14, Problem 25EP
a)
To determine
Prepare a
b)
To determine
Prepare the statement of expenses by nature and function for the year ended June 30, 2020.
c)
To determine
Prepare the statement of activities for the year ended June 30, 2020.
d)
To determine
Prepare the statement of cash flows for the year ended June 30, 2020.
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December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) 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.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment 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 company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) 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.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment 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 company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
10-15.
Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account balances:
[See attached image]
The following took place during 2020:
1. Additional supplies were purchased on account in the amount of $16,050.2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 4 percent is expected to be uncollectible. The remainder is expected to be collected in the current year.3. Supplies used for animal care amounted to $17,200.4. Payments made on accounts payable amounted to $17,100.5. Cash collected from pledges totaled $90,500.6. Salaries were paid in the amount $47,500. Included in this amount is the accrued wages payable at the end of 2019. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.)7.…
Chapter 14 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - What is the value of reporting expenses by...Ch. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - What criteria must be met before an NFP...Ch. 14 - Prob. 8QCh. 14 - What are joint costs, and how are joint costs...Ch. 14 - Prob. 10Q
Ch. 14 - Prob. 11CCh. 14 - Prob. 13CCh. 14 - Prob. 14.1EPCh. 14 - According to GAAP, all not-for-profit...Ch. 14 - Prob. 14.3EPCh. 14 - In a local NFP elementary schools statement of...Ch. 14 - Prob. 14.5EPCh. 14 - Prob. 14.6EPCh. 14 - The Maryville Cultural Center recently conducted a...Ch. 14 - Prob. 14.8EPCh. 14 - Prob. 14.9EPCh. 14 - Prob. 14.10EPCh. 14 - Prob. 14.11EPCh. 14 - Prob. 14.12EPCh. 14 - Prob. 14.13EPCh. 14 - Prob. 15EPCh. 14 - Donated Services. (LO14-3) Indicate whether each...Ch. 14 - Prob. 17EPCh. 14 - Prob. 18EPCh. 14 - Prob. 19EPCh. 14 - Statement of Activities. (LO14-3) The Atkins...Ch. 14 - Prob. 21EPCh. 14 - Prob. 22EPCh. 14 - Prob. 23EPCh. 14 - Prob. 24EPCh. 14 - Prob. 25EP
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