Hello, I need some help figuring out "No. J" below with the red "x". Can you please explain what the correct answers are? Thanks.
[The following information applies to the questions
displayed below.]
INVOLVE was incorporated as a not-for-profit voluntary health and
welfare organization on January 1, 2020. During the fiscal year
ended December 31, 2020, the following transactions
occurred.
Required
Answer -
Here,
All expenses were allocated to program services and support services in the percentages:
Public health education = 40%
Community service = 20%
Management and general = 20%
Fund-raising = 20%
So,
All expenses such as Rent expense, Salaries and benefits expense, Telephone expense, Printing and postage expense, Utilities expense, Supplies expense, Depreciation expense and Provision for uncollectible pledges.
All expenses = $35100 + $224760 + $5300 + $12100 + $8400 + $4400 + $3995 + $20200
All expenses = $314255
So,
No. | Transaction | General Journal | Debit | Credit |
J | 09 | Public Health Education Program ($314255 * 40%) | $125702 | |
Community Service Program ($314255 * 20%) | $65851 | |||
Management and General ($314255 * 20%) | $65851 | |||
Fund-Raising ($314255 * 20%) | $65851 | |||
Salaries and Benefits Expense | $224760 | |||
Rent Expense | $35100 | |||
Telephone Expense | $5300 | |||
Printing and Postage Expense | $12100 | |||
Utilities Expense | $8400 | |||
Supplies Expense | $4400 | |||
Depreciation Expense | $3995 | |||
Provision for Uncollectible Pledges | $20200 |
Hello, I need some help figuring out "No. J" below with the red "x". Can you...
Hello. I need help with parts b) and c) below. Part b) is the "Statement of Activities." Can you tell me what the correct amount should go into the "red x" that appears (explain please)? Also, can you tell me if I am missing any revenue accounts or expense accounts? Part c) is the "Statement of Financial Position". Can you tell me what the correct amounts should go into the "red x" that appears (explain please)? Also, can you tell...
Required information The following information applies to the questions displayed below. INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,300 a year 2. A fund drive raised $186,500 in cash and $103,000 in pledges that will be paid within one year. A state government grant of...
Required information The following information applies to the questions displayed below. INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,300 a year 2. A fund drive raised $186,500 in cash and $103,000 in pledges that will be paid within one year. A state government grant of...
Required information [The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,200 a year. 2. A fund drive raised $191,000 in cash and $112,000 in pledges that will be paid within one year. A state government grant of...
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. DebitsCreditsCash$123,800Pledges Receivable—Without Donor Restrictions41,300Estimated Uncollectible Pledges$4,400Inventory3,100Investments181,000Furniture and Equipment213,000Accumulated Depreciation—Furniture and Equipment121,500Accounts Payable20,820Net Assets Without Donor Restrictions196,800Net Assets With Donor Restrictions—Programs50,800Net Assets With Donor Restrictions—Permanent Endowment143,000Contributions—Without Donor Restrictions349,120Contributions—With Donor Restrictions—Programs38,400Investment Income—Without Donor Restrictions9,500Net Assets Released from Restrictions—With Donor Restrictions25,000Net Assets Released from Restrictions—Without Donor Restrictions25,000Salaries and Fringe Benefit Expense288,710Occupancy and Utility Expense38,700Supplies Expense7,240Printing and Publishing...
INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,300 a year. 2. A fund drive raised $191,500 in cash and $113,000 in pledges that will be paid within one year. A state government grant of $163,000 was received for program operating costs related to public health...
Required information [The following information applies to the questions displayed below.) INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,300 a year. 2. A fund drive raised $191,500 in cash and $113,000 in pledges that will be paid within one year. A state government grant of...
INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. A business donated rent-free office space to the organization that would normally rent for $35,600 a year. A fund drive raised $188,000 in cash and $106,000 in pledges that will be paid within one year. A state government grant of $156,000 was received for program operating costs related to public health education. Salaries...
Statement of Activities: Debit Credit Cash $156,500 Pledges Receivable—Without Donor Restrictions 41,000 Estimated Uncollectible Pledges $4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Net Assets Without Donor Restrictions 196,500 Net Assets With Donor Restrictions—Programs 50,500 Net Assets With Donor Restrictions—Permanent Endowment 140,000 Contributions—Without Donor Restrictions 378,820 Contributions—With Donor Restrictions—Programs 38,100 Investment Income—Without Donor Restrictions 11,200 Depreciation Expense 30,000 Printing and Publishing Expense 4,190 Rent and Utility Expense 32,000 Salaries and Fringe...
9. The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Debits $126,500 41,000 Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions-With Donor Restrictions-Programs Investment Income-Without Donor Restrictions Net Assets Released from...