Contribution Revenue for a not-for-profit organisation: Revenue from contributions is the main source of income for a non-profit organisation. Contributions received can be restricted for use or can be unrestricted. Unrestricted contributions are those contributions for which user has not specified any restriction or purpose for which it should be used. Organisation can use unrestricted funds as per their discretion. : Contribution revenue for year 2014 for pledges

Question

Want to see the full answer?

Answer 1

Question

Chapter 19, Problem 19.5.5E

To determine

Concept Introduction:

Contribution Revenue for a not-for-profit organisation:

Revenue from contributions is the main source of income for a non-profit organisation. Contributions received can be restricted for use or can be unrestricted. Unrestricted contributions are those contributions for which user has not specified any restriction or purpose for which it should be used. Organisation can use unrestricted funds as per their discretion.

:

Contribution revenue for year 2014 for pledges

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements? A.) $800,000 B.) $700,000 C.) $500,000 D.) $400,000

Following are the adjusted current funds trial balances of Community Association for Children With Disabilities, a voluntary health and welfare organization, on June 3O, 20X4: COMMUNITY ASSOCIATION FOR CHILDREN WITH DISABILITIES Adjusted Current Funds Trial Balances June 30, 20X4 Without Donor Restrictions With Donor Restrictions Debit Debit Credit Credit Cash 40,000 9,000 5,000 Bequest Receivable Pledges Receivable Accrued Interest Receivable 12,000 1,000 100,000 Investments (at market) Accounts Payable & Accrued Expenses Deferred Revenue 50,000 2,000 1,000 Allowance for Uncollectible Pledges Fund Balances, July 1, 20X3: 3,000 Designated Undesignated With Donor Restrictions Transfers of Expired Endowment Fund Principal Contributions 12,000 26,000 23,000 20,000 20,000 300,000 25,000 30,000 10,000 15,000 Membership Dues Program Service Fees Investment Income Deaf Children's Program Expenses Blind Children's Program Expenses Management and General Services Fund-raising Services Provision…

b. Prepare journal entries for the following selected transactions of the Eastern Kidney Association, which uses the restricted fund method and has an operating fund, a capital fund and an endowment fund: ● ● ● Pledges totaling $325,000 were received of which $65,000 applies to the operations of the following year. It is estimated that 3% of the pledges will be uncollectible. The association purchased office equipment at a cost of $5,100. Pledges of $285,000 were collected and pledges totaling $3,750 were written off as uncollectible. Air time with a value of $7,200 was donated by a local radio station. Interest and dividends received were $13,700 on endowment fund investments. Endowment fund earnings are unrestricted. Depreciation for the year amounted to $35,600.