Determine the correct amount of unrestricted net assets at the end of year 2.

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Answer 1

Question

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

b.

To determine

Determine the correct amount of expenses at the end of year 2.

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

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The 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…

Answer 2

Question

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

b.

To determine

Determine the correct amount of expenses at the end of year 2.

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

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Answer 3

Question

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

b.

To determine

Determine the correct amount of expenses at the end of year 2.

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

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Answer 4

Question

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

b.

To determine

Determine the correct amount of expenses at the end of year 2.

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

Expert Solution & Answer

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Answer 5

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

b.

To determine

Determine the correct amount of expenses at the end of year 2.

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

Answer 6

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

Answer 7

Chapter 18, Problem 49P

a.

To determine

Determine the correct amount of unrestricted net assets at the end of year 2.

Answer 8

b.

To determine

Determine the correct amount of expenses at the end of year 2.

Answer 9

b.

To determine

Determine the correct amount of expenses at the end of year 2.

Answer 10

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

Answer 11

c.

To determine

Determine the correct amount of temporarily restricted net assets at the end of year 2.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 18 - Prob. 1Q Ch. 18 - Prob. 2Q Ch. 18 - Prob. 3Q Ch. 18 - What are temporarily restricted net assets?Ch. 18 - What are permanently restricted net assets?Ch. 18 - Prob. 6Q Ch. 18 - Prob. 7Q Ch. 18 - Prob. 8Q Ch. 18 - Prob. 9Q Ch. 18 - Prob. 10Q

Determine the correct amount of unrestricted net assets at the end of year 2.

Solution Summary: The author determines the correct amount of unrestricted net assets at the end of year 2. 400,000 – No change would occur as the entire interest income was spent on the salaries.

Determine the correct amount of unrestricted net assets at the end of year 2.

Determine the correct amount of expenses at the end of year 2.

Determine the correct amount of temporarily restricted net assets at the end of year 2.

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Chapter 18 Solutions