INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year ended December 31, 2017, the following transactions occurred. please show calculations for journal entries
1. | A business donated rent-free office space to the organization that would normally rent for $35,000 a year. | ||||
2. |
A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid within one year. A state government grant of $150,000 was received for program operating cost related to public health education. |
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3. |
Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. |
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4. |
A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2019. The discounted value of the pledge is expected to be $94,260. |
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5. |
Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be 5 years. Office furniture with a fair value of $9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered unrestricted net assets by INVOLVE. |
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6. |
Telephone expense for the year was $5,200, printing and postage expense was $12,000 for the year, utilities for the year were $8,300 and supplies expense was $4,300 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,600. |
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7. |
Volunteers contributed $15,000 of time to help with answering the phones, mailing materials, and various other clerical activities. |
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8. |
It is estimated that 90 percent of the pledges made for the 2018 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5. |
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9. |
Salaries and wages, and other expenses were allocated to program services and support services in the following percentages: public health education, 35 percent; community service, 30 percent; management and general, 20 percent; and fund-raising, 15 percent. |
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10. |
Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes. |
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11. All nominal accounts were closed to the appropriate net asset accounts.
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INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During...
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...
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...
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 $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...
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...
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...
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Required intormation [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...
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. A business donated rent-free office space to the organization that would normally rent for $35,100 a year. A fund drive...