Homework Answers
c. Net Assets
Net Assets indicates the net worth of the organization , its basically the difference between the Accumulated Revenues and Expenses. Its Further Divided into ;Unrestricted Net Assets, Restricted Net Assets, and Temporarily Restricted Net Assets.
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On the financial statements of a not-for-profit organization, the term that refers to the accumulated excess...
business earned a profit and also lists 6) The financial statement that reports whether the the...
business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing...
1. For a not-for-profit organization, what are the two classes of owners’ equity? 2. Why might...
1. For a not-for-profit organization, what are the two classes of owners’ equity? 2. Why might the excess of revenues over expenses be of particular interest to a financial statement user, rather than the increase in net assets without donor restrictions? 3. What does the statement of cash flows tell us that looking at the change in cash on the balance sheet does not? 4. Should each of the sections of the cash flow statement show an increase in cash...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-Profit XYZ Not-for-Profit Statement of Activities Unrestricted Temporarily Restricted Unrestricted Temporarily Restricted Revenues Program service revenue $ 5,685,000 $ 2,178,200 Contribution revenues 3,380,900 $ 745,500 3,097,900 Grant revenue 95,400 $ 765,300 Net gains on endowment investments 17,800 Net assets released from restriction Satisfaction of program restrictions 457,800 (457,800 ) 364,900 (364,900 ) Total revenues 9,541,500 383,100 5,641,000 400,400 Expenses...
1. In a not-for-profit organization, donations received for a particular purpose are recorded as Net Assets...
1. In a not-for-profit organization, donations received for a particular purpose are recorded as Net Assets without donor restrictions. Donations that are cannot be spent, but the earnings can be are referred to as Net Assets without donor restrictions. Profits and donations with no donor specifications are referred to as Net Assets with donor restrictions. True or False? 2.The Excess of Revenues over Expenses focuses on operating activities, while the Increase in Net Assets without Donor Restrictions includes non-operating changes...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-Profit Temporarily Unrestricted Restricted XYZ Not-for-Profit Temporarily Unrestricted Restricted $5,655,000 3,363,100 $ 2,187,700 3,111,400 $ 744,800 95,300 $ 820,900 17,700 455, 200 9,491,000 (455,200) 384,900 366,500 5,665,600 (366,500) 454,400 Statement of Activities Revenues Program service revenue Contribution revenues Grant revenue Net gains on endowment investments Net assets released from restriction Satisfaction of program restrictions Total revenues Expenses Education program...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that owns a number of summer camps for inner-city children. At the end of last year, the organization reported the following trial balance: DR CR Cash Investments Contributions receivable Property, plant and equipment, net Payables Long-term liabilities Net assets—without donor restrictions Net assets with donor restrictions $333,000 4,440,000 962,000 2,220,000 $740,000 1,480,000 2,960,000 2,775,000 $7,955,000 $7,955,000 The investments are allocated as follows: 40% are unrestricted,...
Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit...
Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit organization dedicated to the development of music skills in kids through weekend and summer camp experiences. Research shows that learning to read music and play an instrument helps the brain work with the body leading to stronger memory and math skills. The organization reported the following post-closing trial balance at the end of last year: Beginning Balances: DR CR Cash $140,400 Investments 1,872,000 Contributions...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-profit Temporarily Unrestricted Restricted XYZ Not-for-Profit Temporarily Unrestricted Restricted $5,610,000 3,365,800 $ $2,280,000 3,275,000 780, eee 99,800 $1,628,800 25, eee 488, eee 9,480, eee (480, 800) 399, eee 392, eee 5,947, eee (392, 800) 636,800 Statement of Activities Revenues Program service revenue Contribution revenues Grant revenue Net gains on endowment investments Net assets released from restriction Satisfaction of program...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Both When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category and When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined required to be a major...
Which of the following statements about the balance sheet is most correct? a. The balance sheet...
Which of the following statements about the balance sheet is most correct? a. The balance sheet provides information about the financial position of an organization as of a moment in time. b. The balance sheet provides detailed information about the assets, liabilities, equity, revenues, and expenses of an organization. c. The balance sheet is affected by changes in the net income of the organization. d. Statements a and c are both correct. e. Statements a, b, and c are all...
business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-Profit Temporarily Unrestricted Restricted XYZ Not-for-Profit Temporarily Unrestricted Restricted $5,655,000 3,363,100 $ 2,187,700 3,111,400 $ 744,800 95,300 $ 820,900 17,700 455, 200 9,491,000 (455,200) 384,900 366,500 5,665,600 (366,500) 454,400 Statement of Activities Revenues Program service revenue Contribution revenues Grant revenue Net gains on endowment investments Net assets released from restriction Satisfaction of program restrictions Total revenues Expenses Education program...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that owns a number of summer camps for inner-city children. At the end of last year, the organization reported the following trial balance: DR CR Cash Investments Contributions receivable Property, plant and equipment, net Payables Long-term liabilities Net assets—without donor restrictions Net assets with donor restrictions $333,000 4,440,000 962,000 2,220,000 $740,000 1,480,000 2,960,000 2,775,000 $7,955,000 $7,955,000 The investments are allocated as follows: 40% are unrestricted,...
Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit organization dedicated to the development of music skills in kids through weekend and summer camp experiences. Research shows that learning to read music and play an instrument helps the brain work with the body leading to stronger memory and math skills. The organization reported the following post-closing trial balance at the end of last year: Beginning Balances: DR CR Cash $140,400 Investments 1,872,000 Contributions...
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-profit Temporarily Unrestricted Restricted XYZ Not-for-Profit Temporarily Unrestricted Restricted $5,610,000 3,365,800 $ $2,280,000 3,275,000 780, eee 99,800 $1,628,800 25, eee 488, eee 9,480, eee (480, 800) 399, eee 392, eee 5,947, eee (392, 800) 636,800 Statement of Activities Revenues Program service revenue Contribution revenues Grant revenue Net gains on endowment investments Net assets released from restriction Satisfaction of program...
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