A non-profit organization received $80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O c. S80,000 O d. $62,000
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- Question 5 options: A local Non for Profit had the following activity in October 2022: Cash Donations $200,000 Unrestricted Pledges made during monthly phone a thon to solicit donations $15,000 Expected uncollectible pledges from monthly phone a thon to solicit donations $3,000 What is the correct amount of Contribution Revenue the non for profit should recognize in October 2022? (do not use $ signs, commas or decimals in your answer)A not-for-profit organization receives $250 from a donor. The donor receives two tickets to a theater show and an acknowledgment in the theater program. The tickets have a fair market value of $50. What amount is recorded as contribution revenue? A.) 250 B.) 200 C.) 50 D.) 04. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.
- Sales 10,000,000 6,000,000 1,000,000 100,000 180,000 100,000 Cost of Sales General Business Expenses Interest income on time deposit(gross) Depreciation Expense Charitable Contributions to the Government for Public Purpose (Priority project) If JMC is an individual, and she would use itemized deduction in her annual income tax return, how much is the total allowable deduction?1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students, and P50,000 tuition remissions were allowed to faculty member's children attending the university. What amount should AU include in its unrestricted funds as revenues from tuition fees? 2. The League, a non-profit organization, received the following pledges: Unrestricted P200,000 150,000 Restricted for Capital Additions All pledges are legally enforceable. However, the League's experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account? 3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year to support its…Which of the following journal entry is appropriate to recognize that a not-for-profit organization collected P200,000 of amounts pledged and wrote off P10,000 of amounts pledged as amounts uncollectible? a.Debit Pledges Receivable P200,000; Credit Cash P200,000. b.Debit Cash P200,000; Debit Allowance for uncollectible pledges P10,000; Credit Pledges Receivable P210,000. c.Debit Pledges Receivable P200,000; Credit Allowance for uncollectible pledges P10,000, Credit Cash P210,000. d.Debit Cash P200,000; Credit Pledges Receivable P200,000. e.Debit Cash P200,000; Debit Allowance for uncollectible pledges P10,000; Credit Unrestricted net assets-contributions P210,000.
- A Charity institution capital fund of the non profit organization has OMR 900,000. The income earning @ OMR 250,000 and OMR60,000 expenses. What is the excess value of income statement?Select one:a. OMR 160,000b. OMR 650,000c. OMR 190,000d. OMR 590,000. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the Benefits paid to retirees Actuarial loss 32,000 89,000 year 50,000 335,000 Fair value of plan assets, Dec. 31 How much is the return on plan assets during the year? a. 51,000 b. 81,000 с. 101,000 d. 1,000
- 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.) $110,000Problem #2 The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2018, unless otherwise noted. Unrestricted Support - Contributions $2,000,000 Unrestricted Support - Membership Dues 640,000 Unrestricted Revenues - Investment Income 80,000 Temporarily restricted gain on sale of investments 25,000 Expenses - Program Services 1,860,000 Expenses - Supporting Services 350,000 Expenses - Supporting Services 550,000 Temporarily Restricted Support - Contributions 640,000 Temporarily Restricted Revenues - Investment Income…CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
