Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year to support its daycare centers. The following amounts were received during 20X1: • P2,000 is restricted by the donor to be used for meals for the children. • P1,500 received for subscription to a monthly child care magazine with a fair market value to subscribers of P1,000. • P10,000 to be used only upon completing a new playroom that was only 50% complete on December 31, 20X1. What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities? PROVIDE JOURNAL ENTRIES
Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year to support its daycare centers. The following amounts were received during 20X1: • P2,000 is restricted by the donor to be used for meals for the children. • P1,500 received for subscription to a monthly child care magazine with a fair market value to subscribers of P1,000. • P10,000 to be used only upon completing a new playroom that was only 50% complete on December 31, 20X1. What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities? PROVIDE JOURNAL ENTRIES
Chapter15: Exempt Entities
Section: Chapter Questions
Problem 33P
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Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year
to support its daycare centers. The following amounts were received during 20X1:
• P2,000 is restricted by the donor to be used for meals for the children.
• P1,500 received for subscription to a monthly child care magazine with a fair market value to
subscribers of P1,000.
• P10,000 to be used only upon completing a new playroom that was only 50% complete on
December 31, 20X1.
What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities?
PROVIDE
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