Question
In: Accounting
2 The Master Minds institute is a nongovernmental not-for-profit organization that provides free education to poor...
2 The Master Minds institute is a nongovernmental not-for-profit organization that provides free education to poor in a large metropolitan area. Record the following transactions in the accounts of Master Minds. (
1. Cash gifts that were received last year, but designated for use in the current year, totaled $54,000. The cash was used in the current year for expenses.
2. Unrestricted pledges of $75,000 were received. Twenty percent of pledges typically prove uncollectible.
3. Donations of food totaled $95,000. The inventory of food on hand decreased by $2,200 during the year.
4. Restricted pledges of $250,000 were received during the year. The pledges are restricted for use in constructing a new kitchen and dining hall. Of the pledges received, 10 percent is expected to be uncollectible.
5. A donor gives Master Minds $1,000 that is restricted for a playground project.
6. Master Minds purchases supplies for the playground project for $750.
7. Master mind purchased equipment costing $7,500. The equipment was financed by $4,500 from contributions with donor-imposed restrictions that were accumulated for the purchase of the equipment and $3,000 from general resources.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The Meals for the Homeless is a private, not-for-profit organization that provides free meals for the...
The Meals for the Homeless is a
private, not-for-profit organization that provides free meals for
the destitute in a large city. The following transactions took
place in the accounts of Meals for the Homeless during 2020.
1. Restricted Cash
gifts of $80,000 that were received last year (in cash)
were spent on food (this
year) in 2020.
2. Unrestricted
Cash of $200,000 was received as a donation in 2020.
Additional Information: The January 1,
2020 balances from the Statement...
Record the journal entry the would be made by a nongovernmental, not-for-profit organization involved in medical...
Record the journal entry the would be made by a nongovernmental,
not-for-profit organization involved in medical research.
(If no entry is required for a transaction choose "No
Journal Entry Required" in the first account field.)
1. The entity received $1,500 in cash contributions. Of that
amount, $1,000 is to be used for medical research.
2. The entity received pledges of $700,000 for its endowment
fund. All pledges will be collected next year.
3. The entity received donated services of $1,200...
The following selected transactions occurred for a nongovernmental, not-for-profit organization. All amounts are in thousands of...
The following selected
transactions occurred for a nongovernmental, not-for-profit
organization. All amounts are in thousands of dollars.
1. Unrestricted cash contributions received during the year,
$300.
2. Restricted cash contributions were received during the year
for the following: (a) Education programs, $43; (b) Building fund,
$202; and (c) Endowment, $1,000.
3. Pledges received during the year were as follows:
Unrestricted, $3,000; (b) Building fund, $5,000; and (c) Endowment,
$20,000. 10% of pledges receivable typically prove uncollectible.
Pledges expect to be...
Memo single space 1 and a half-page Choose a nongovernmental organization (nonprofit or for profit, local,...
Memo single space 1 and a half-page
Choose a nongovernmental organization (nonprofit or for profit,
local, regional or national) interested, or potentially interested,
in your chosen bill. Assume the role of the executive director
reporting to his/her board of directors or a similar position if
you are in industry. Describe your position on the bill and
strategies to win on your issues. On a separate page, describe the
organization (mission, size, etc.) and a brief description of its
role in...
The newly established Environmental Council (a nongovernmental not-for-profit organization) uses two funds for internal reporting purposes....
The newly established Environmental Council (a nongovernmental
not-for-profit organization) uses two funds for internal reporting
purposes. The general fund is used to record day-to-day operating
transactions. A building fund is used to accumulate resources for a
new building to house the Council’s operations. Both funds are
reported using the accrual basis of accounting. In its first year,
the Council engaged in the following transactions. Prepare a
statement of revenues, expenses, and other changes in fund
balances. Use a two-column format,...
If there is a non-profit center that provides free after school and low-cost summer programs for...
If there is a non-profit center that provides free after school
and low-cost summer programs for students from grades 3-12 then
should it use an organic or mechanistic organisational
structure?
How can it implement the structure?
Apple Academy is a profit-oriented education business. Apple provides remedial training for high school students who...
Apple Academy is a profit-oriented education business. Apple
provides remedial training for high school students who have fallen
behind in their classroom studies. It charges its students $750 per
course. During the previous year, Apple provided instruction for
1,000 students. The income statement for the company
follows:
Revenue
$
750,000
Cost of instructors
(340,000
)
Overhead costs
(230,000
)
Net income
$
180,000
The company president, Andria Rossi, indicated in a discussion with
the accountant, Sam Trent, that she was...
Thornton Academy is a profit-oriented education business. Thornton provides remedial training for high school students who...
Thornton Academy is a profit-oriented education business.
Thornton provides remedial training for high school students who
have fallen behind in their classroom studies. It charges its
students $1,895 per course. During the previous year, Thornton
provided instruction for 1,000 students. The income statement for
the company follows:
Revenue
$
1,895,000
Cost of instructors
(1,292,000
)
Overhead costs
(370,000
)
Net income
$
233,000
The company president, Andria Rossi, indicated in a discussion with
the accountant, Sam Trent, that...
2- You may know that the city provides free meals in NYC because of the pandemic....
2- You may know that the city provides free meals in NYC because
of the pandemic. Suppose one of those locations that gives free
meals wants to make sure they have enough meals every day but do
not have many leftover meals. So, they contact you to calculate the
number of meals needed for that location every day (suppose that
the daily demand has the same distribution with the same
parameters). How do you set up a plan to calculate...
2- You may know that the city provides free meals in NYC because of the pandemic....
2- You may know that the city provides free meals in NYC because
of the pandemic. Suppose one of those locations that gives free
meals wants to make sure they have enough meals every day but do
not have many leftover meals. So, they contact you to calculate the
number of meals needed for that location every day (suppose that
the daily demand has the same distribution with the same
parameters). How do you set up a plan to calculate...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Holly bought a 7-year bond, with a 3% coupon paid semi annually. It was priced to...
- METAR Abbreviations METAR (Meteorological Aviation Report) is a format for reporting weather information, either for pilots...
- The data below are the heights of fathers and sons (inches). There are 8 rows in...
- Without quantization procedure how much of actual information is lost during analog to digital conversion process??...
- 11. Suppose that a 32M × 16 memory built using 512K × 8 RAM chips and...
- Write a C++ program that asks the user to enter in three numbers and displays the...
- Economist Steven Landsburg argues that if one believes in the death penalty for murderers because of...
ADVERTISEMENT