Assume the financial statements of a non-profit organization had the following financial data at 12-31-22: Change in net assets yr/yr $550,000
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Assume the financial statements of a non-profit organization had the following financial data at 12-31-22:
Change in net assets yr/yr $550,000
Revenue & Gains $10,550,000
Beginning year net assets $4,830,000
1)How much were the expenses for the year?
2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under:
a. Unrestricted
b. Temporarily restricted
c. Permanently restricted
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- Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1...Compensated absences earned during the year was $225. 2....At the beginning of the year, long term liabilities was $2,200. 3....During the year, new long-term liabilities were incurred for $275.prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1..At the beginning of the year, capital assets were $3,500. 2..During the year, capital assets were purchased for $2,000 3....During the year, capital assets with a book value of $250 were sold for $500Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.
- At the beginning of the year, Omni Direction Health Services, a Health and welfare not-for-profit entity, had the following Net Assets balances: Net Assets: without donor restriction $980,000 with donor restriction $320,000 During the year a number of transactions occured. Using a 2-column schedule, show how each of the following transactions would affect the organization's two categories of Net assets. Show any reclassification necessary. Number each entry on your schedule to match the numbering below and provide a final total. 2. Paid salaries of $30,000 with $5,000 of that amount coming from restricted funds. note: two separate things should be recorded. One, there is a reduction (you show an addition) of 30,000 to net assets without donor restrictions because of the salaries expense. Then, there is a reclassification that reduces net assets with donor restrictions and increases net assets without donor restrictions because some previous donation has been used as the…Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.The financial performance of the Consolidated Fund for the past three years is produced below. Statements of financial performance of the year ended 31st December Revenue Direct tax Indirect tax Non-tax revenue Grants Total revenue Expenses Compensation of employees Goods and services Consumption of fixed assets Interest Subsidies cost Grants Social benefits Other expenses Total expenses Surplus (deficit) 2020 GH¢ m 45,000 36,450 19,250 4,380 105,080 40,000 16,540 7,500 35,730 1100 3,590 500 2,500 107,460 (2,380) 2019 GH¢ m 42,350 26,500 12,490 9,840 91,180 30,000 13,400 7,500 23,540 950 1,590 890 1,890 79,760 11,420 2018 GHe m 28,900 23,500 11,400 10,500 74,300 21,500 11,400 6,000 19,000 500 1,400 320 950 61,070 13,230 Required: a) b) In a report to the CEO the Chairman of the Finance Committee of Parliament, discuss and analyse the financial performance of the Consolidated Fund for the periods given, using the financial statement produced in question (a). Prepare a common size…
- Functional expenses recorded in the general ledger of ABC, a non-governmental not-for-profit organization, are as follows: Soliciting prospective members $45,000 Printing membership benefits brochures 30,000 Soliciting membership dues 25,000 Maintaining donor list 10,000 What amount should ABC report as fund-raising expenses? A.) $10,000 B.) $35,000 C.) $70,000 D.) $110,0004. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets and $9,000,000 of liabilities (including deferred revenues of $300,000). What is the balance of Cramer’s net assets?a. $5,700,000b. $6,000,000c. $6,300,000d. $15,000,000
- On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000A government reports that its public safety function had expenses of $900,000 last year and program revenues of $200,000 so that its net expenses were $700,000. On which financial statement is this information presented? Statement of activities. Statement of cash flows. Statement of revenues and expenditures. Statement of net position.Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…