ZuoTi.Pro
Question

A Not-For-Profit Organization (NFPO) received three cash donations: a) SAR 10,000 from a donor who said...

A Not-For-Profit Organization (NFPO) received three cash donations: a) SAR 10,000 from a donor who said it must be used only for research into a new method for treating substance abusers b) SAR 14,000 from a donor who said it may be used for any purpose the trustees choose, but not until the following year; and c) SAR 50,000 from a donor who said the gift must be maintained in perpetuity, with the income from it to be used for any purpose the trustees choose. Pass the journal entry in the Book of NFPO.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
A Not-For-Profit Organization (NFPO) received three cash donations: a) SAR 10,000 from a donor who said...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • No handwriting or photo A Not-For-Profit Organization (NFPO) received three cash donations: a) SAR 10,000 from...

    No handwriting or photo A Not-For-Profit Organization (NFPO) received three cash donations: a) SAR 10,000 from a donor who said it must be used only for research into a new method for treating substance abusers b) SAR 14,000 from a donor who said it may be used for any purpose the trustees choose, but not until the following year; and c) SAR 50,000 from a donor who said the gift must be maintained in perpetuity, with the income from it...

  • The University of Danville is a private not-for-profit university that starts the current year with $700,000...

    The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 without donor restrictions and $300,000 with donor restrictions. The $300,000 is composed of $200,000 with purpose restrictions and $100,000 that must be held permanently. The following transactions occurred during the year. Charged students $1.2 million for tuition and fees. Received a donation of equity investments that had cost the owner $100,000 but is worth $300,000 currently. According to the terms...

  • NPO- Accounting

    Longer Life is a not-for-profit organization that works to create cures for deadly diseases. It was created on December 30, 2014 from generous contributions.  The balance sheet as of January 1, 2015 shows the following balances:         Cash                                                                                             $1,400,000         Deferred contributions                                                                     400,000         Unrestricted net assets                                                                      800,000         Net assets – Endowments                                                                 200,000         The deferred contributions relate to restricted donations that must be used for the purchase of equipment (20% of the amount) and for specific research expenses (80% of the amount). Also, 40 percent of any investment income from endowments must be...

  • 1 -6 nts eBook Print The Watson Foundation, a private not-for-profit entity, starts 2020 with cash...

    1 -6 nts eBook Print The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty...

  • Please read the three-page article below titled The Body Rituals of the Nacirema. As you read...

    Please read the three-page article below titled The Body Rituals of the Nacirema. As you read it imagine that you are about to enter this culture (that does actually exist) and answer the following 2 questions: 1. What is the most "shocking" part about this culture to you? 2. Reflecting on this week's material, what are two things you personally feel would be most helpful in minimizing/managing your culture shock and how would those two things help? The Body Rituals...

  • ABC International: Solving the Rural Barrier

         Compensation sessionABC International:   Solving the Rural BarrierSource: Thunderbird School of Global Management, A unit of the Arizona State University Knowledge Enterprise. 2015. This case was prepared by Erin Bell under the guidance and supervision of Dr. Amanda Bullough, and revised and updated by Drew Helm for the purpose of classroom discussion only, and not to indicate either effective or ineffective managementSiham sat with her family and childhood friend, Leila, in their rural village of Qabatiya, Palestine. Leila had recently returned from...

  • Budgeting for an Academic Department at a State University: Can You Believe the Numbers? INTRODUCTION You...

    Budgeting for an Academic Department at a State University: Can You Believe the Numbers? INTRODUCTION You are the senior accounting faculty member in the business school and your dean, Dean Weller, is asking for help. She is very discouraged after a midyear budget meeting with the Vice President of Finance. The college's Department of Social Work has a large budget deficit, and because of this the VP is inclined towards closing the department entirely or closing its bachelor's program. The...

  • Please read the article and answer about questions. You and the Law Business and law are...

    Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT