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
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- 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…Identifying the appropriate net asset classification For each of the following transactions, identify the net asset classification (without donor restrictions, with donor restrictions) that is affected in the nonprofit’s financial statements for the year ended December 31, 2019. Both net asset classifications may be affected in some transactions. If net assets are not affected by the transaction, select No entry as your answer. 1. Donor A gave the nonprofit a cash gift of $50,000 in June 2019, telling the nonprofit the gift could not be used until 2020. (Identify the affected net asset classification(s) in the journal entries made both in June 2019 and at the start of 2020.) June 2019 ______________________ Start of 2020 __________________ 2. Attorney Howard Gorman volunteered his services to Taconic Singers, a nonprofit. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets…Current Attempt in Progress Your answer is partially correct. Crane College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $114,750 118,850 142,400 $376,000 Fair Value $97.750 Account Titles and Explanation Loan Fund 136,850 156,400 $391.000 During 2025, the investment pool earned dividends of $10.700 and interest of $19.200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $15.000 and were reinvested in securities held in the pool. Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,…
- ! 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 Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…Required: Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Hope recelved $40.000 in cash from pledges made In the prevlous year that were unrestricted as to purpose but Intended to be recelved and expended in 2020. 2. Hope received $98,000 in pledges that indicated the money would be recelved in 2021. The donors Imposed no restrictions other than it could be used for any purpose destred by the board. 3. Hope expended $49,000 for nursing training, using $42,000 of donor restricted resources recelved in 2019 for that purpose. Hope had qualified expenses under the grant totaling $40.000. This Is cost reimbursement, grant 5. Hope received $277,000 in cash. The board decided to Invest the funds for future plant expansion. Vlew transaction llat Journal entry worksheet 3 11 Hope received…! 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, 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 Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…
- The GOOD SHEPHERD Foundation, a nonprofit organization, had the following cash contributions and expenditures in 2018: Acquisitions of investment in securities Payment of long-term debt Payment of supporting expenses Disposal of property and equipment Acquisition of property and equipment Unrestricted cash contribution Cash contributions, restricted by the donor to the acquisition of property Cash contributions to be permanently invested P11,500 20,000 6,400 10,400 9,800 45,000 29,000 50,000 9,000 Payment of program expense Cash contributions, restricted by the donor to the retirement of long-term debt 31,000 Page 12 Net cash provided by (used in) operating activities: Net cash provided by (used in) investment activities: Net cash provided by (used in) financing activities:The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Research program expenses Short-term investments Supplies inventory…PLEASE HELP WITH THE ACCOUNTS FOLLOWED BY THE RED "X" (SEE IMAGE) Prepare journal entries to record the following transactions. 1. Donor A gave the nonprofit a cash gift of $50,000 in June 2019, telling the nonprofit the gift could not be used until 2020. (Identify the affected net asset classification(s) in the journal entries made both in June 2019 and at the start of 2020.) 2. Attorney Howard Gorman volunteered his services to Taconic Singers, a nonprofit. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets $200 an hour for legal services, and Taconic normally pays $8 an hour when it hires ushers. 3. Donor B sent a letter to a nonprofit, saying she would donate $20,000 in cash to the nonprofit, to be used for any purpose the nonprofit’s trustees desired, provided the nonprofit raised an equal amount of cash from other donors. 4. Regarding the previous transaction, the nonprofit…
- 1. A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance—December 31, 2024 Debits Credits Cash $17,500 Investments 554,000 Additions to permanent endowments $537,000 Investment income 75,000 Expenditures—Library 57,500 Net increase in fair value of investments 17,000 Accrued interest receivable 6,500 Accounts payable 6,500 $635,500 $635,500 Required: Prepare any closing entries necessary at year-end. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Library for any spendable fund balance).Journal entries for a nonprofit Fruits & Veggies, a nonprofit, conducts two types of programs: education and research. It does not use fund accounting. During 2018, the following transactions and events took place. Prepare journal entries for these transactions, identifying increases and decreases by net asset classification as appropriate. 1. Pledges amounting to $200,000 were received, to be used for any purpose designated by the trustees. Fruits & Veggies normally collects 90 percent of the amount pledged. 2. Fruits & Veggies collected $190,000 in cash on the amount pledged in the previous transaction. It wrote off the balance as uncollectible. 3. Ed Victor donated $5,000 cash in 2018, stipulating that it could be used for any purpose, but only during 2019. 4. Howard Gore donated $675,000, stipulating that the donation must be used solely to purchase a building that Fruits & Veggies could use for research. 5. Fruits & Veggies invested $20,000 of…A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance December 31, 2020 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Net increase in fair value of investments Accrued interest receivable Accounts payable Required A Debits Required B 7,500 630,000 Required C 39,500 2,000 Credits $ 625,000 48,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. c. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Subscriptions for any spendable fund balance). Complete this question by entering your answers in the…