Fairchild Centre is an NFPO funded by government grants and private donations. It was established on January 1, Year 5, to provide counselling services and a drop-in centre for single parents. On January 1, Year 5, the centre leased an old warehouse in the central part of Smallville for $1,300 per month. It carried out minor renovations in the warehouse to create a large open area for use as a play area for children and three offices for use by the executive director and counsellors. The lease runs from January 1, Year 5, to June 30, Year 7. By that time, the centre hopes to move into new quarters that are more suitable for the activities carried out. The following schedule summarizes the cash flows for the year ended December 31, Year 5: Cash inflows: Government grant for operating costs (Note 1) Donations from individuals with no restrictions Donations from individuals for rent of warehouse for 2½ years Donations from individuals for purchase of land (Note 3) $ 39,000 47,000 39,000 45,240 170,240 Cash outflows: Renovations of warehouse Salary of executive director (Note 4) Fees paid to counsellors (Note 4) Rent paid for 2½ years Other operating expenses Cash, end of year Additional Information 36,000 19,800 18,000 39,000 19,500 132,300 $ 37,940 1. The provincial government agreed to provide an operating grant of $39,000 per year. In addition, the government has pledged to match contributions collected by the centre for the purchase of land for construction of a new complex for the centre. The maximum contribution by the government toward the purchase of land is $78,000. 2. The centre has signed an agreement to purchase a property in the downtown area of Smallville for $175,500. There is an old house on the property, which is currently used as a rooming house. The closing date is any time between July 1, Year 6, and December 31, Year 6. The centre plans to demolish the existing house and build a new complex. 3. The centre has recently commenced a fundraising program to raise funds to purchase the land and construct a new building. So far, $45,240 has been raised from individuals toward the purchase of the land. In the new year, the centre will focus its efforts to solicit donations from businesses in the area. The provincial government will advance the funds promised under its pledge on the closing date for the purchase of the property. 4. All the people working for the centre are volunteers except for the executive director and the counsellors. The executive director receives a salary of $21,600 a year, while the counsellors bill the centre for professional services rendered based on the number of hours they work at the centre. The director has not yet received her salary for the month of December. One of the counsellors received an advance of $800 in December, Year 5, for work to be performed in January, Year 6. 5. The centre wishes to use the deferral method of accounting for contributions and to segregate its net assets between restricted and unrestricted. It capitalizes the cost of capital assets and amortizes the capital assets over their useful lives. Required: (a) Prepare the journal entry to record the pledge, if applicable. (Omit $ sign in your response.) (Click to select) (Click to select) General Journal Debit Credit (b) Prepare a statement of operations for the Fairchild Centre for the year ended December 31, Year 5. (Input all amounts as positive values. Omit $ sign in your response.) FAIRCHILD CENTRE Statement of Operations Year ended December 31, Year 5 Revenues Operating grant from provincial government Donations from individuals - unrestricted Donations for rent of warehouse Total revenues Expenses Salary of executive director Fees earned by counsellors Rent expense Amortization of leasehold improvements Other operating expenses Total expenses Excess of revenues over expenses $ ta. $ LA. (c) Prepare a statement of changes in net assets for the Fairchild Centre for the year ended December 31, Year 5. (Leave no cell blank, be sure to enter "O" wherever required. Omit $ sign in your response.) FAIRCHILD CENTRE Statement of Changes in Net Assets Year ended December 31, Year 5 Balance, beginning of year Contributions for purchase of land Pledge for purchase of land Excess of revenues over expenses Balance, end of year Net assets Restricted for Land purchase Unrestricted Net Assets $ $ ++ $ $ $ Total +A. $

A local chapter of the Society for Protection of the Environment benefited from the voluntary services of two attorneys. One served as a member of the Society's board of directors, performing tasks comparable to other directors. During the year, he attended 20 hours of meetings. The other drew up a lease agreement with a tenant in a building owned by the Society. She spent five hours on the project. The billing rate of both attorneys is $200 per hour. In the year in which the services were provided, the Society should recognize revenues from contributed services of

Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors-home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: Revenues Variable expenses Contribution margin Fixed expenses: Depreciation Liability insurance. Program administrators' salaries General administrative overhead* Total fixed expenses Net operating income (loss) Total $ 924,000 469,000 455,000 70,500 43,500 114,100 184,800 412,900 $ 42,100 Home Nursing $ 264,000 119,000 145,000 8,900 20,300 40,200 52,800 122, 200 $ 22,800 Meals On Wheels $ 409,000 194,000 215,000 40,800 7,300 38,800 81,800 168, 700 House- keeping $ 251,000 156,000 95,000 20,800 15,900 35,100 50,200 122,000 $ 46,300 $ (27,000) *Allocated on the basis of program revenues. The head administrator of Jackson County Senior Services, Judith Miyama, considers last…

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 recorded

In response to a petition signed by the property owners of Riverdale Subdivision, the city of Pewaukee will oversee the installation of sidewalks, curbs, and gutters in the subdivision, to be accounted for in the city’s capital projects fund. Pewaukee reports on a calendar-year basis. Construction is estimated to cost $900,000 and will be financed by a $100,000 county grant, a $50,000 transfer from the city’s general fund, and special assessments of $750,000 to be levied against subdivision property owners. One-third of the levy is to be due on February 1 of each year, starting with 2018. The first $250,000 installment will be received by the capital projects fund directly. The remaining installments will be collected by the debt service fund and will be used to service the related bond debt. The project is to begin on January 15, 2018, and is to take 18 months to complete. It is estimated that 70% of the work will be completed during 2018.To cover construction costs, a 6%, $500,000…

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…