During the year, Private College received the following: An unrestricted $10,000 pledge to be paid the following year. A $70,000 cash gift restricted for scholarships. A notice from a recent graduate that the college is named as a beneficiary of $25,000 in that graduate's will. What amount of contribution revenue should Private College report in its statement of activities? A.) $10,000 B.) $70,000 C.) $105,000 D.) $80,000
Q: Lessman Division operates as a revenue center. Data for this year are as follows: Sales in units…
A: Revenue Variance is the difference between the revenue actual earned and the revenue estimated. If…
Q: PART 6: Prepare the Adjusted Trial Balance Prepare the Adjusted Trial Balance for Smart Touch…
A: Adjusted Trial Balance - Adjusted Trial Balance includes ledgers after providing adjusting entries…
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: Weighted average method: Weighted average method is a method of inventory valuation used to…
Q: Paige's business makes a net cash inflow from operating activities of £128,400 in the year ended 31…
A: Cash Flow Statement - The Cash Flow Statement includes only those transactions that affect cash. It…
Q: As part of a grant you are writing, you need to order 25 cases of paper. A company sells paper for…
A: Cost : Cost has different meaning in different contexts. It has different meaning to a consumer,…
Q: Tiberius Manufacturing is considering two alternative investment proposals with the following data:…
A: An accounting rate of return is one of the methods of capital budgeting that allows a company to…
Q: Problem 16-8 (IAA) Crescendo Company revealed the following errors in the financial statements: 2020…
A: The gross profit is calculated as difference between sales and cost of goods sold. The retained…
Q: Westfall Watches has two product lines: Luxury watches and Sporty watches. Income statement data for…
A: Operating income is the amount of income earned by an entity from its daily operations. It can be…
Q: Bonita Corporation manufactures titanium and aluminum tennis racquets. Bonita's total overhead costs…
A: Cost allocation means to allocate the cost using appropriate cost drivers to different activities or…
Q: Requirement: Based on information above, 1. Prepare the statement of Stockholders' Equity extract of…
A: Share Subscription: A company may issue shares (shares) for subscription, and the subscription…
Q: In the year 2019, a corporation made $18.5 Million in revenue, $2.3 Million of operating expenses,…
A: Corporations have to pay taxes on their profits and earnings. For the calculation of tax liability,…
Q: III. The following changes in the statement of financial position accounts of BC were gathered for…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: ABC Corporation manufactures tennis gear and uses budgeted machine-hours to allocate variable…
A: The variance is the difference between the actual and standard cost of production. The variance can…
Q: The sales forecast for the next year is as follows: Sales Volume 405,000 boxes 405,000 boxes Box…
A: Budgeting enables you to make better financial decisions. By analyzing your income and expenses, you…
Q: your inputs/thoughts on how Charities and Social Enterprises compute their cost of capital plus what…
A: Cost of capital refers to the amount of return that an organization needs to earn on its investments…
Q: The following financial information is available for Cullumber Corporation. Average common…
A: Earnings per share = (Net income - preferred dividend)/ Weighted average shares Return on common…
Q: Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber.…
A: The Equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: On January 2, 2025, Concord Corporation began construction of a new citrus processing plant. The…
A: An entity shall capitalize borrowing costs that are directly attributable to the acquisition,…
Q: Use the following to answer questions 76-79: (Ignore income taxes in this problem.) Perky Food…
A: Simple Rate of Return=Net incomeCost of investment×100
Q: year, Martyn Company had $500,000 in taxable income from its operations, $50,000 in interest income,…
A: Note : 70% DIVIDEND INCOME IS EXCLUDED while calculating tax income TAXABLE SLAB IS 34% for…
Q: Campbell County uses the consumption method to record all inventories and prepayments. The County…
A: The prepaid expenses are the expenses that are paid in advance. The prepaid expenses are recorded as…
Q: Akira Company had the following transactions for the year. Sales for the year are $25 per unit.…
A: FIFO is first in first out which means inventory bought first is sold first. LIFO is last in first…
Q: Jane quits her $100,000/year job to open a business. In the first year, her business revenue is…
A: Lets understand the basics. Economic profit is a profit earned by entity after deducting explicit…
Q: 5 nts 00:49:05 ferences: TB MC Qu. 14-114 (Algo) Mustang Corporation reports the following...…
A: SCHEDULE OF COST OF GOODS MANUFACTURED Schedule Of Cost Of Goods Manufactured are those Cost Which…
Q: Cramer Corporation, a calendar year, accrual basis corporation, reported $1.85 million of net income…
A: Income tax is a tax on total income computed as per the provision of Internal revenue services.
Q: You have been engaged to review the financial statements of Blue Corporation. In the course of your…
A: Correction entries are the journal entries that are passed at the end of accounting period before…
Q: Generro Company is considering the purchase of equipment that would cost$60,000and offer annual cash…
A: The value of an investment taken into account across its whole expected lifespan and then discounted…
Q: Webster Corporation's budgeted sales for February are $321,000 Webster pays sales representatives a…
A: The sales department is the one responsible for the creation of the budget for the selling expenses.…
Q: A company's general ledger shows a cash balance of $4,590. Comparing the company's cash records with…
A: Reconciliation statement is the statement which is prepared to reconcile cash balance as per books…
Q: een retaling company, is preparing the cash Estimated payments in August for purchases in August…
A: When there is cash outflow due to goods or services it is referred to as cash disbursement. Thus, it…
Q: E17.12 (LO 2) (Equity Investment Entries and Reporting) Player Corporation makes an equity…
A: This question is related to accounting and specifically focuses on equity investments and their…
Q: . Determine the single plantwide factory overhead rate. per processing hour b. Use the overhead rate…
A: The following formula used as follows under:-single plantwide factory overhead rate=Total factory…
Q: PART 5 (20 minutes) Larsen Company budgeted sales and direct materials purchases are as follows:…
A: The commercial firms offered the products on a credit basis in order to boost sales income. Out of…
Q: Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $537,500. The…
A: Depreciation is considered an expense charge on the value of the Asset. It can be calculated by…
Q: The standard quantity allowed for the units produced during a period was 3800 pounds. The standard…
A: Variance is the difference between the estimated costs and the actual costs. When the standard cost…
Q: On December 31, 2022, QUIAMBAO CORP. issued serial bonds with face value of P4,000,000 and a stated…
A: We know that interest is payable on face value of the bond. present value/carrying value at…
Q: McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: XYZ Corporation's master budget plans for 6,000 units monthly. The master budget includes indirect…
A: Total annual budgeted cost for indirect labor $432,000 Budgeted annual production (6,000 units *…
Q: tory product 12.70 13.22 anufacturing cycle efficiency. bund intermediate calculations. Round you
A: Manufacturing cycle efficiency = Manufacturing product in hours / (Inspecting product in hours +…
Q: On December 31, 2024, Windsor Corporation signed a 5-year, non-cancelable lease for a machine. The…
A: A lease refers to a contract formed between the lessor and lessee for allowing the use of an asset…
Q: Make first a proper Chart of Accounts. Then make a proper Trial Balance from the following accounts…
A: Trail Balance: Trail balance is prepared from the Ledger accounts into debit and credit columns,…
Q: Standard Product Cost Designer Furniture Company manufactures designer home furniture. Designer…
A: For the calculation of standard cost per dining table we have to calculate the Standard direct labor…
Q: Required: 1. What is the financial advantage (disadvantage) of accepting the special order? 2. As a…
A: Special order is a large customer order that is mostly one-time and typically customer request a…
Q: Compute net revenues. Net revenues
A: Sales Revenue is the Income earned by the business entity from its ordinary activities, before…
Q: The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: FCC Company ended last year with 2,000 units in inventory. The sales budget this year is for 24,000…
A: Production Budget :— This budget is prepared to estimate the number of units to be produced during…
Q: Current Attempt in Progress The following are the components in determining cost of goods sold.…
A: The COGS (cost of goods sold) is the total direct cost incurred while producing the goods. In other…
Q: Eckan Word Processing Service uses the straight-line method of depreciation. The company's fiscal…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: eBook P. Lindal's capital amount on January 1 was $131,700, and there was an additional investment…
A: Basic accounting equation is Total Assets = Total liabilities + Stockholders equity
Q: Mervon Company has two operating departments: mixing and bottling. Mixing occupies 26,640 square…
A: The indirect factory overhead is the company's expenses and is not included in the manufacturing…
During the year, Private College received the following: An unrestricted $10,000 pledge to be paid the following year. A $70,000 cash gift restricted for scholarships. A notice from a recent graduate that the college is named as a beneficiary of $25,000 in that graduate's will. What amount of contribution revenue should Private College report in its statement of activities?
A.) $10,000
B.) $70,000
C.) $105,000
D.) $80,000
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Accounting for Contribution Revenue Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $2,800,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit To record the pledge from an alumnus. くくく 0 0 0 Credit 0 0 0 2. How would the pledge have been recorded if Hannon University were a public university? ◆Accounting for Contribution Revenue Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $4,400,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit To record the pledge from an alumnus. 0 0 0 Credit Revenue would have been recorded for the full pledge amount. The pledge would not have been recorded. The revenue would not have been recorded as restricted. 0 0 0 2. How would the pledge have been recorded if Hannon University were a public university? →The Western Falls School District received a $ 100,000 gift from a wealthy alumnus , and an agreement was reached that $10,000 per year would be paid to the valedictorian of the high school class as a freshman scholarship to college , until the funds were depleted . The $ 100,000 would be accounted for as : OA Private - Purpose Trust Fund A custodial fund An Expendable Trust Fund An investment trust fund
- 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.) $400,000Etling Center for State Government Policy, a nonprofit organization, receives a cash contribution with donor restrictions of $100,000 in fiscal year ended December 31, 2021. Of this amount, $40,000 of restrictions are satisfied in fiscal year ended December 31, 2022. What journal entry would be recorded in 2022 to recognize the satisfaction of the restrictions?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.) 0
- On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000For the year ended June 30, 20X9, a university assessed its students a total of $4,000,000 for tuition and fees. Included in this amount were $300,000 of tuition remissions awarded to graduate teaching assistants and $150,000 of scholarships awarded to undergraduate students. Tuition and fees totaling $3,550,000 were collected during the year ended June 30, 20X9. What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30, 20X9?Record journal entries for the following transactions for Sultan Private School during the year ended July 31, 2020. Cash contributions were received as follows: AED792,000 for any purpose desired by the school AED233,000 for salary supplements for school faculty AED458,000 to be used during the next fiscal year in any manner desired by the school AED576,000 for the construction of a new auditorium and AED300,000 to be invested permanently, with the income to be used as desired by the school . The school policy is to record all restricted gifts as temporarily restricted and then reclassify when the restriction is lifted. The school expended AED338,000 of the AED792,000 mentioned in (1a) for school furniture. The school expended AED124,000 for salary supplements as directed by the donor in (1b). The AED458,000 in (1c) was retained for use next year, as directed by the donor. AED689,000 was expended for the construction of the new auditorium. The AED300,000 mentioned in (1e) was…
- The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time of the grant, the state pays $8,000 in advance. During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized? $–0– $8,000 $14,000 $50,000Prepare journal entries in the general fund for the following 2018 transactions that represent inflows of financial resources to Tyler City: 1. To pay the wages of part-time city maintenance employees, the Cemetery Expendable Trust Fund transfers $45,000 to the general fund. 2. A resident donates land worth $75,000 for a park. 3. The city is notified by the state that it will receive $30,000 in road assistance grants this year. 4. A fire truck with an original cost of $36,000 is sold for $9,000. 5. Sales of license stickers for park use total $5,000. The fees cover this year and next year. Security staff are paid from these fees to check for cars in the park without stickers.The following events relate to Habitat for Humanity International's activities. If appropriate, assume a discount rate of 3 percent per annum. Expenditures for house building activities are categorized as program expense. Need Part b. answer. 6. A donor contributes $15,000 in cash and signs an agreement to contribute $15,000 at the beginning of each of the next four years, to support specific Habitat for Humanity projects. a. Contribution received now Amount $ 15,000✔ Classification: Net assets without donor restrictions Amount $ x Classification: Net assets with donor restrictions Recorded? Yes b. Contributions received the next four years Recorded? Yes ◆