Mabuhay food corporation donates 500,000 pesos to the charity institutions at the ratio 1:1:2:2:4.How much did each charity institutions receive
Q: 11. Santa Clara Hospital, a private nonprofit hospital, earned P250,000 revenues from its gift shop…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: LA Corporation donated P1,000,000 to a government agency which was created to generate profit for…
A: Solution under the law on donor's tax , when a donation is made to a government agency conducted for…
Q: During the current taxation year, Mike made the following donations to registered charities: Cash of…
A: Here explain the details of the taxable deduction which are incurred in the form of donation which…
Q: A voluntary health and welfare entity has the following expenditures: How should the charity report…
A: Following service are program service expenses: Following service is supporting service expenses:
Q: 66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a…
A: (1) In general, Donations will be subject to donor’s tax @ 6% on the total gifts received in excess…
Q: Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,000 $ 5,000 4,000…
A: given Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash…
Q: Child Care Center, Inc., a non-profit organization, receives revenues from various sources during…
A: SOLUTION- NON-PROFIT ORGANIZATION- IT IS ALSO KNOWN AS NON BUSINESS ENTITY . IT IS A LEGAL ENTITY…
Q: 3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during…
A: Since you have asked multiple questions, we will answer the first full question for you. Kindly…
Q: Theresa Johnson does volunteer work for a local not-for-profit entity as a community service. She…
A: Answer: Option b.
Q: The Goucher Family Medical Clinic donates a portion of its earnings each year to support human…
A: The future value would be defining the value that is going to receive after certain period of time…
Q: 1 – The cash donation by the City Government of Zamboanga is subject to subject donor’s tax S2 -…
A: Some donations are tax exempted and some are not exempted from the tax.
Q: A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local…
A: Not for profit organizations: The business entities whose motive of the business is not to reap…
Q: The Goucher Family Medical Clinic donates a portion of its earnings each year to support human…
A: Future value of the compounded value of each intermediary and terminal investments made.
Q: St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for…
A: Gross income = Gross receipts from patient & laboratory + Income earned from unrelated…
Q: Under Lennon Hospital’s rate structure, it earned patient service revenue of $9 million for the year…
A: The not-for-profit organizations are the organizations who provides services for the public…
Q: A Charity institution capital fund of the non profit organization has OMR 900,000. The income…
A: Income statement is one of the financial statement that are prepared by the business entity at the…
Q: Seniors Moving, a non-profit, had the following: contributions of $200,000; stamps and paper to send…
A: Program expenses are those expenses incurred in order to deliver specific programs in accordance…
Q: Zahid donated P500,000 to a religious institution. During the year, the total receipts from…
A: The gift was not exempted because the administrative expenses of the donee-institution exceeded 30%…
Q: Under Lennon Hospital's rate structure, it earned patient service revenue of $9 million for the year…
A: Service revenue refers to the company's revenues from the services it delivers to its customers.…
Q: The financial statements of XYZ funds show total public support of 14,000,000S, total grants of the…
A: Given that: Total public support = $14,000,000 Total Grants = $1,000,000 Total contributions =…
Q: What is the Schedule A deduction for charitable contributions? On May 14 of the current year, Paul…
A: Non profit organizations refers to those organizations which are not for profit organizations which…
Q: Seniors Moving, a non-profit, had the following: contributions of $200,000; stamps and paper to send…
A: Functional Expenses For the Not for profit entities which are incurred the expenses which are…
Q: Which of the following will a Notice of Donation is needed? Donated P90,000 worth of medical…
A: The correct answer for the above mentioned question I given in the following steps for your…
Q: Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize…
A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…
Q: youth sports league held various fundraisers. They received $450 from a car wash, $271 from a…
A: In order to solve this question one has to find out the future value. Future value of an asset is…
Q: Child Care Center, Inc., a non-profit organization, receives revenues from various sources during…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Solve problems 1.Mabuhay foods corporation donates 500,000 pesos to five charity institutions at…
A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…
Q: Elmore Eisner made the following contributions during the current tax year: Cash to United Way…
A: Given: Elmore Eisner made the following contributions during the current tax year: Cash to…
Q: Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky…
A: Answer - Effect on Cash is shown in below table.
Q: The officers and board of directors of the Chemical Engineers of the Philippines desires to award a…
A: Future value of money is the incremental value of money earned on the investment at the prevailing…
Q: he Alumni Association of a university desires to award 730,000 pesos scholarship annually to…
A: According to the question, The Alumni Association of a university desires to award 730,000 pesos…
Q: 1.1.3 If the charities are split in the following percentages, 45% are environmental charities, 25%…
A: Here, Environmental charities = 45% Animal charities = 25% Humanitarian charities = 30% Total…
Q: A private not-for-profit health care entity provides its patients with services that would normally…
A: The correct answer is 3. Patient service revenues = $600,000; net patient service revenues =…
Q: The National Lottery decided to make 2020 a year of CHARITIES. They gave a big donation of R42 345…
A: Given, The donation amount is R 42,345,335
Q: Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified…
A: Painting: The amount of the contribution is BasisStock: The amount of contribution is Fair Market…
Q: shak City creates a new internal service fund. To get the internal service fund started, the City's…
A: Internal Service Fund: A fund that primarily provides either benefits or goods or services to other…
Q: Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a…
A: Answer: As per law for donations and gifts, any donations that is received from government…
Q: Your client has made all of the following transfers. Which of these transfers will be excluded from…
A: Solution Gift tax Means If the total value of money received by an individual during a financial…
Q: The Philippine Institute of Civil Engineers desires to award a P3,600 scholarship annually to…
A: Funds refer to the set of amount kept aside to be used in the future for any particular purpose…
Q: a. For how many years starting July 1, 1988 can scholarship be awarded? b. What will be the balance…
A: a. For how many years starting July 1, 1988 can scholarship be awarded Scholarship can be…
Q: Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that…
A: As per the Rules of Journal entry there are 3 golden rules. Debit what comes in Credit what goes…
Q: A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester.…
A: It is assumed that the non-profit university follows the method of…
Q: A not-for-profit medical center performs services in the current year at a charge of $1 million.…
A: Service Revenue: It refers to the sales that is reported by a business that is associated with the…
Q: Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers…
A: Cash that comes in the entity is referred to as cash inflow, and cash that leaves the entity is…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions and events of its General Fund for October 20X1: • Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted to P4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts of P8,000. Contributed services approximating P10,000 at going salary rates were received from volunteer nurses. Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospital cafeteria. New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors. Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month was P800. The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment, as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.. Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions andevents of its General Fund for October 20X1:• Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted toP4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts ofP8,000.• Contributed services approximating P10,000 at going salary rates were received from volunteer nurses.Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospitalcafeteria.• New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors.Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month wasP800.• The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment,as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.Zahid donated P500,000 to a religious institution. During the year, the total receipts from donations of the religious institution was P1,000,000. Its total administrative expenses amounted to P400,000. How much was the total exempt gift?
- 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 recordedLGI Pte Ltd is a company incorporated in Singapore. During the year ended 31 December 2023, the company made the following donations: – Cash to Singapore Red Cross Society re: China earthquake $3,000 – Cheque to Handicaps Welfare Association $1,000 for the purchase of wheelchairs – Cash to Home Nursing Foundation $500 – Christmas gifts for the patients at Assisi Hospice $500 All the above are approved institutions of a public character. What is the amount of approved donations that can be deducted against the statutory income for the year of assessment 2024? A. $3,750 B. $4,500 C. $13,500 D. $15,000Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?
- For a charity event, one minute of game time is added for every $2 donated. How many minutes of game time would there be for a $1000 donation?Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000In July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP can raise the same amount ($100,000) from other donors by December 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer) In July 2022, a donor promises to donate $100,000 in cash to an NFP organization on December 1, 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer)
- In the current year, the not-for-profit organization Save the Butterflies Foundation received cash of $500 to be used as the Foundation wishes and $1,000 to be used for butterfly research. Save the Butterflies also received pledges of $700 that it can use as it wishes and $600 for its building fund. All pledges are expected to be received next year. How much would Save the Butterflies report as contributions with donor restrictions in the current year? 4 O $1,600. O $1,000. O $2,300. O $1,300.Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the yearto 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 tosubscribers of P1,000.• P10,000 to be used only upon completing a new playroom that was only 50% complete onDecember 31, 20X1.What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities?Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the yearto 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 tosubscribers of P1,000.• P10,000 to be used only upon completing a new playroom that was only 50% complete onDecember 31, 20X1.What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities? PROVIDE JOURNAL ENTRIES