Required information[The following information applies to the questions displayed below.]The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as ofJune 30, 2023, follows.CashPledges Receivable-Without Donor RestrictionsEstimated Uncollectible PledgesInventoryInvestmentsFurniture and EquipmentAccumulated Depreciation-Furniture and EquipmentAccounts PayableNet Assets Without Donor RestrictionsNet Assets With Donor Restrictions-ProgramsNet Assets With Donor Restrictions-Permanent EndowmentContributions-Without Donor RestrictionsContributions-With Donor Restrictions-ProgramsInvestment Income-Without Donor RestrictionsNet Assets Released from Restrictions-With Donor RestrictionsNet Assets Released from Restrictions-Without Donor RestrictionsSalaries and Fringe Benefit ExpenseOccupancy and Utility ExpenseSupplies ExpensePrinting and Publishing ExpenseTelephone and Postage ExpenseUnrealized Gain on InvestmentsDepreciation ExpenseTotalsDebits$ 111,40043,0004,800198,000230,00042,000290,41040,4008,9406,1905,50040,000$1,020,640Credits6,100130,00022,520198,50052,500160,000350,82043,00011, 20042,0004,000$1,020, 6401. Salaries and fringe benefits were allocated to program services and supporting services in the following percentages:counseling services, 40 percent; professional training, 20 percent; community service, 10 percent; management andgeneral, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, andtelephone and postage expenses were allocated to the programs in the same manner as salaries and fringe benefits.Depreciation expense was divided equally among all five functional expense categories.2. The organization had $175,014 of cash on hand at the beginning of the year. During the year, the center received cashfrom contributors: $303,100 that was unrestricted and $43,000 that was restricted for the purchase of equipment for thecenter. It had $11,200 of income earned and received on long-term investments. The center spent cash of $290,410 onsalaries and fringe benefits, $42,000 on the purchase of equipment for the center, and $88,504 for operatingexpenses. Other pertinent information follows: net pledges receivable increased $4,800, inventory increased $3,200,accounts payable decreased $110,194, and there were no salaries payable at the beginning of the year. Required informationCashPledges ReceivableInventoryInvestmentsFurniture and EquipmentTotal AssetsAccounts PayableTotal LiabilitiesStatement of Financial PositionJune 30, 2023Total Net AssetsTotal Liabilities and Net AssetsAssetsLiabilitiesNet AssetsWithout Donor RestrictionsWith Donor Restrictions-ProgramsWith Donor Restrictions-Permanent Endowment$111,40036,9004,800$198,000100,000451,100$ 22,52022,52084,000x198,500160,000442,500465,020

Balance sheet stands for the statement and information that shows the assets and liabilities of the…

The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as of June 30, 2023, follows. Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions-With Donor Restrictions-Programs Investment Income-Without Donor Restrictions Debits $ 111,400 43,000 4,800 198,000 230,000 $ Credits 6,100 130,000 22,520 198,500 52,500 160,000 350,820 43,000 11.200

The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as of June 30, 2023, follows. Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions-With Donor Restrictions-Programs Investment Income-Without Donor Restrictions Debits $ 111,400 43,000 4,800 198,000 230,000 $ Credits 6,100 130,000 22,520 198,500 52,500 160,000 350,820 43,000 11.200

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 12P

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