with donor r E13.2 Reporting Various Contributions Hopeville Retreat is a private NFP organization that counsels former drug addicts in readjusting to productive community life. Contributions provide the major support for Hopeville Retreat. During 2020, the following contributions were received: 1. $4,000,000 in cash was received from the semiannual fund-raising campaign. 2. $5,000,000 in cash was received in a capital campaign for the purchase of new facilities 3. A local store donated clothing valued at $7,000; cost to the store was $5,000. 4. A flat-screen television, valued at $1,000, was donated. 5. Medication with a fair value of $5,000 was donated by a pharmaceutical company.Cost to the phar. maceutical company was $3,000. 6. Legal services valued at $4,000 were donated by a local lawyer 7. Volunteers distribute flyers in the community to create public Their time has an estimated fair value of $1,400. 8. A local radio station donates free radio announcements of the fund-raising campaign. The normal charge for such announcements is $750 awareness of the Retreat's services Required For each item, indicate at what amount the contribution is reported on Hopeville Retreat's statement of activities, and how it affects net assets without donor restrictions and/or net assets with donor restrictions.
Homework Answers
| Transaction | Amount in $ | Effect on net asset |
| 1 | 40,00,000 | Increase in cash balance |
| 2 | 50,00,000 | Capitalise facility cost |
| 3 | 7,000 | Capitalise clothing as inventory |
| 4 | 1,000 | Capitalise television cost |
| 5 | 5,000 | Cpaitalise unused medicine cost as inventory |
| 6 | 4,000 | Charge off to net profit as expense as well as revenue |
| 7 | 1,400 | Charge off to net profit as expense as well as revenue |
| 8 | 750 | Charge off to net profit as expense as well as revenue |
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welfare organization on January 1, 2020. During the fiscal year
ended December 31, 2020, the following transactions
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A business donated rent-free office space to the organization
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