Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded O Debit cash $100,000; credit refundable advance $100,000
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- Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recordedIn July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP can raise the same amount ($100,000) from other donors by December 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer) In July 2022, a donor promises to donate $100,000 in cash to an NFP organization on December 1, 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer)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 voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Choose the correct.a. Revenues of $33,500.b. Public support of $33,500.c. Public support of $32,000 and a $1,500 increase in the fund balance.d. Public support of $32,000 and revenue of $1,500.In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…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…
- You are provided with a summarized version of the cash account of Lakeside Hospital, a not-for-profit organization for 2018. Cash Account Debit Credit Cash balance, January 1, 2018 Cash received from: Patients Third-party payors Operation of gift shop Unrestricted gifts Contributions restricted for endowment Donor-restricted contributions for purchase of propertyand equipment Early repayment of long-term debt. Cash paid to: Employees Suppliers. Providers of consultation services Bank for interest . Contractor for purchase of property and equipment Cash balance, December 31, 2018 275,900 2,061,900 6,500,000 517,700 323,500 500,000 183,000 1,320,500 242,300 1,151,000 6,200,000 800,000 147,000 501,200 Prepare a statement of cash flows, using the direct method, for the year ended December 31, 2018.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.) $110,000In the current year, the not-for-profit organization Save the Butterflies Foundation received cash of $500 to be used as the Foundation wishes and $1,000 to be used for butterfly research. Save the Butterflies also received pledges of $700 that it can use as it wishes and $600 for its building fund. All pledges are expected to be received next year. How much would Save the Butterflies report as contributions with donor restrictions in the current year? 4 O $1,600. O $1,000. O $2,300. O $1,300.
- Prepare journal entries to record the transactions.1. Donor A gave a nonprofit a $55,000 cash gift in June, stipulating that the nonprofit could not use the gift until the next fiscal year.2. Donor B gave a nonprofit a $27,500 cash gift in July, telling the nonprofit the gift could be used only for research on a specific project.3. In response to a special fundraising campaign, whereby contributions could be used only for construction of a new warehouse, a large number of individualspromised to make cash contributions totaling $2,200,000 during the current fiscal year. The nonprofit believes it will actually collect 80 percent of the promised cash.4. Donor C gave a nonprofit several investments having a fair value of $3,300,000 in March. Donor C stipulated that the nonprofit must hold the gift in perpetuity,but it could use the income from the gift for any purpose the trustees considered appropriate. Between March and December, the investments produced income of $110,0005. Using the…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.) $400,000A 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