On January 1, 2024, a foundation made a pledge to pay $47,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $47,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.32950. Record the increase in the present value as of December 31. Record the receipt of the first $47,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.

Prepare journal entries for the following selected transactions of the Marvel Cares Foundation, which uses the restricted fund method and has an operating fund, a capital fund and an endowment fund: - Pledges totalling $325,000 were received of which $65,000 applies to the operations of the following year. It is estimated that 3% of the pledges will be uncollectible - The foundation purchased office equipment at a cost of $5,100 - Pledges of $285,000 were collected and pledges totalling $3,750 were written off as uncollectible - Air time with a value of $7,200 was donated by a local radio station - Interest and dividends received were $13,700 on endowment fund investments. Endowment fund earnings are unrestricted - Depreciation for the year amounted to $35,600

A person pledges a new additional long-term multi-year donation. They do trust the staff of the nonprofit and its daily leadership to grow the mission but this time for the multiple years of the grant, the donor wants the money to go to a particular one of the services the nonprofit offers. How should donor designate the grant?

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In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers  A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…

3.) Required: On January 1, 2024, a foundation made a pledge to pay $20,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $20,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.3295. Record the increase in the present value as of December 31. Record the receipt of the first $20,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.

The Coats for Kids organizatlon had total support during 2020 as follows: United Way Support $ 40,000 Grants from the state 30,000 Contributlons from Individuals 420,000 Of the $420,000 recelved from Individuals, $370,000 came from 5 contributors, each of whom gave $74,000; the other $50,000 came from small, separate Individual donations. Based on the Public Support Test, Coats for Kids would be considered which type of organızation for 2020? Multiple Choice Governmental Entity Unassociated Foundation Public Charity Private Foundation

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.) $400,000

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