A club received 32000 in subscription during the year. At the year end subscription of 350 were owed by members and 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscription
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A club received 32000 in subscription during the year. At the year end subscription of 350 were owed by members and 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscription
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- The subscriptions receivable account of a club commenced the year with subscriptions in arrears of £250 and subscriptions in advance of £375. During the year, £62,250 was received in subscriptions, including all of the arrears and £600 for next year’s subscriptions. The amount to be taken to the income and expenditure account for the year is ?The M Club discloses the following note to its Income and Expenditure Account: 'Subscriptions in arrears are accounted for when received; subscriptions in advance are accounted for on a matching basis.' At 31 March 20X1, there were subscriptions owing of $1,000 and subscriptions in advance of $500. During the year ended 31 March 20X2, subscriptions of $10,000 were received, including subscriptions relating to the previous year of $800 and subscriptions in advance of $600. What amount should be included for subscriptions in the year ended 31 March 20X2? A $8,100 B $8,900 C $9,100 D $9,900For Chairtable contributions: the company contributed $205,200. How do you calculate the $12,540?
- A labor union had the following receipts and expenses for the current year ended December 31: Receipt Descriptions: Per capita dues Initiation fees Gift restricted by donor for loan purposes for 10 years Gift restricted by donor for loan purposes in perpetuity Expense Descriptions: Labor negotiations Fundraising Membership development Administrative and general Management sales of organizational supplies O $55,000 $25,000 Amounts 680,000 90,000 $0 30,000 O $30,000 25,000 Amount 500,000 Additional information: The union's constitution provides that 10% of the per capita dues are designated for the Strike Insurance Fund to be distributed for strike relief at the discretion of the union's executive board. 100,000 In the statement of activities for the year ended December 31, what amount should be reported as donor-restricted support? 50,000 200,000 60,000c) A Club collects annual subscriptions of K20 from each member. It is club policy to accrue subscriptions owing at the end of each year and also to adjust for subscriptions received in advance. It is also club policy not to accept part-payments of subscriptions from any member. On 1 January 2002, members owed K360 for 2001. On 31 December 2001, members paid K80 for the year 2002. During the year 2002 the club received cash for subscriptions amounting to K7 420; of which K6 920 was for 2002 and K140 for 2003 while the outstanding subscriptions at 31 December 2001 were also fully paid. At 31 December2002, some members had not paid their 2002 subscriptions amounting to K500. Required:i. Determine the amount of subscriptions to be charged to the Income and Expenditure account of the club for the year 2002.ii. How many members had prepaid their subscriptions at the end of 2001?iii. How many members fully paid their subscriptions during the year under review? iv. How many members have so…Barrett Historical Society, a nonprofit organization, charges a $100 annual membership. Of this amount, $25 is designed to cover quarterly newsletters, and the remainder is considered to be a contribution. What standard(s) should Barret consider in recording membership revenue for these two components? ASU 2018-08 (nonexchange transactions) would be used to report both components - $25 for newsletter and $75 contribution. Topic 606 (exchange transactions) would be used to report both components - $25 for newsletter and $75 contribution. ASU 2018-08 (nonexchange transactions) would be used to report $25 for newsletter and Topic 606 (exchange transactions) would be used to report $75 contribution. Topic 606 (exchange transactions) would be used to report $25 for newsletter and ASU 2018-08 (nonexchange transactions) would be used to report $75 contribution.
- TAMOGEPA Credit Cooperative transacts business with members and non-members. It had the following receipts during the month: Interest income from members P 210,000.00 Rent income from properties 50,000.00 Compute the amount subject to business tax.Record the appropriate journal entry using encumbrance accounting: 1. Federal grant of $30,000 was received. 2. By the end of the fiscal year, the city earned 80% of the federal grant. The remainder will be earned in the next fiscal yearThe cooperative operates its plan according to a five-year base period. Suppose the board of directorshas determined that the cooperative must have an additional $300 of equity capital to meet its financialrequirements during the next year. The balance of each member's equity account is shown in column2 of the table. Patronage attributable to each member during the five-year base period is shown incolumn 3. Required : Calculate The adjustment to be made in each member's equity account
- The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year.Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities.a. Charged students $1.2 million in tuition.b. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent.c. Received a cash donation of $700,000 that must be used to acquire laboratory equipment.d. Gave scholarships in the amount of…The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year. Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities. Charged students $1.2 million in tuition. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent. Received a cash donation of $700,000 that must be used to acquire laboratory equipment. Gave scholarships in the amount of $100,000 to…During an accounting period, the following activities occurred in the general fund: $1,000 due from another fund was received. Expenditures of $5000 were paid. Revenues of $10,000 were received. Accounts payable of $2,000 was paid. Accounts receivable of $3,000 was collected. Cash at the beginning of the period was $5,000 and the fund balance at the beginning of the period was $25,000 (positive). Tara Co. owns an office building and leases the offices under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payments of their rent. Tara's balance sheets contained the following data: 1989 1990 Rentals receivable $ 9,600…