Advanced Accounting (Looseleaf)
Advanced Accounting (Looseleaf)
12th Edition
ISBN: 9780077632595
Author: Hoyle
Publisher: MCG
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Chapter 18, Problem 51P
To determine

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

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The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation. Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments-no restrictions Noncurrent pledges receivable Program service revenue-no restrictions Debits $47,700 16,700 117,300 80,800 1,538,100 124,300 4,550, 100 5,614,700 2,743,500 408,600 390, 200 Credits $25,100 267,400 215,600…
The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Debits Credits $25,500 $48,100 16,700 3,522,200 119,400 27,200 2,492,000 82,300 1,550,100 126,600 4,586,400 802,000 2,114,100 94,200 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,659,500 2,765,400 409,600 496,400 2,048,000 Net gains on endowments-no restrictions Noncurrent pledges…
The information for 2019 was disclosed by Mr. Asta, a resident citizen:800,000 pesos is the business's gross revenue. A maximum of P 600,000 in business costs may be deducted (excluding contributions) Contributions to charities: To the government for P 50,000 in urgent activities P60,000 to the government for non-priority public reasons 15,000 P. to the church What is the net income taxable?

Chapter 18 Solutions

Advanced Accounting (Looseleaf)

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