Homework Answers
Answer :option C
Expenses may be unrestricted or temporarily restricted depending on donor s intent.
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12. Which of the following is not true of a Statement of Activities prepared for a...
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. ...
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. Is never recorded O b. Must be recorded as a temporarily restricted expense. O c. May be recorded as an unrestricted expense or a temporarily restricted expense, depending upon how the related asset is classified. d, Must be recorded as an unrestricted expense. Which of the following is not true regarding reclassifications used by private hospital accounting? Select one: a. Reclassifications made on the basis of...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned even if the standard charge is above or below the allowance. 3.75 points QUESTION 3 The key focus of government fund accounting concerns the current ability to provide and fund services and goods. capital expenditures. income measurement. intergovernmental transfers from the general fund. 3.75 points QUESTION 4 Voluntary health and welfare organizations are supported by, and provide voluntary services to, the public....
11. Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes...
11. Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college? A) Reimbursement type grants are recorded as operating revenue when qualifying expenses are made. B) Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis and is classified as operating revenue. C) Student financial aid is a revenue contra account D) All of the...
The Ombudsman Foundation is a private not-for-profit organization providing training in dispute r...
The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017, the end of its fiscal year: Trial Balance—December 31, 2017 Debits Credits Accounts payable $ 23,900 Accounts receivable (net) $ 45,800 Accrued interest receivable 15,800 Accumulated depreciation 3,313,400 Cash 111,100 Contributed services—unrestricted 25,500 Contributions—unrestricted 2,346,000 Contributions—temporarily restricted 796,000 Contributions—permanently restricted 2,704,000 Current pledges receivable (net) 76,500 Education program expenses 1,535,100 Fund-raising expense...
For a number of years, a private not-for-profit entity has been preparing financial statements that do...
For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily follow generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, total unrestricted net assets of $400,000, total temporarily restricted net assets of $300,000, and total permanently restricted net assets of $100,000. In addition, total expenses for the year were $500,000 (shown in unrestricted net assets)....
At the end of last year, Company X reported the following trial balance: At year-end, the...
At the end of last year, Company X reported the following trial
balance:
At year-end, the investments are allocated as follows:
These investments earn a 3% cash return during the following
year.
During the following year, Company X received $2,240,000 of
unrestricted donations, $224,000 of donations whose use is
temporarily restricted by donors as to use, and $36,000 of
donations that are permanently restricted (i.e., only the interest
can be used to cover program expenses if so approved by the...
Please help with Part B. Preparing a statement of activities of for the year ended June...
Please help with Part B. Preparing a statement of activities of
for the year ended June 30,2020
15-17. Private College Transactions. (L015-4 ) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) $ 734 7,666 230 5,872 1,364 281,404 | 158,400 $455,670 Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful...
Description of the Organization: The Kids Planet Club is a (fictitious), tax-exempt entity under IRC Sec....
Description of the Organization: The Kids Planet Club is a (fictitious), tax-exempt entity under IRC Sec. 501(c)3 whose mission is educate students in K-12 grades to think about traveling to another planet. The organization files an annual IRS Form 990 but has never prepared GAAP financial statements. You are the board member with financial expertise and have decided that you will move the organization closer to being in compliance with GAAP by at least drafting a balance sheet and operating...
The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members’ art (refe...
The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members’ art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on...
1. The government-wide statement of activities should report which of the following categories of program revenues?...
1. The government-wide statement of activities should report which of the following categories of program revenues? I. Taxes and unrestricted grants. II. Charges for services. III. Program-specific restricted capital grants and contributions. A. I only. B. II and III only. C. I and III only. D. I, II and III. 2. The governmental funds operating statement presents all of the following except A. Revenues. B. Other financing sources. C. Expenses. D. Expenditures.
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. Is never recorded O b. Must be recorded as a temporarily restricted expense. O c. May be recorded as an unrestricted expense or a temporarily restricted expense, depending upon how the related asset is classified. d, Must be recorded as an unrestricted expense. Which of the following is not true regarding reclassifications used by private hospital accounting? Select one: a. Reclassifications made on the basis of...
11. Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college? A) Reimbursement type grants are recorded as operating revenue when qualifying expenses are made. B) Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis and is classified as operating revenue. C) Student financial aid is a revenue contra account D) All of the...
At the end of last year, Company X reported the following trial
balance:
At year-end, the investments are allocated as follows:
These investments earn a 3% cash return during the following
year.
During the following year, Company X received $2,240,000 of
unrestricted donations, $224,000 of donations whose use is
temporarily restricted by donors as to use, and $36,000 of
donations that are permanently restricted (i.e., only the interest
can be used to cover program expenses if so approved by the...
Please help with Part B. Preparing a statement of activities of
for the year ended June 30,2020
15-17. Private College Transactions. (L015-4 ) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) $ 734 7,666 230 5,872 1,364 281,404 | 158,400 $455,670 Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful...
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