Question
In: Accounting
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 of Financial Position (balance sheet) were as follows:
a) Cash $700,000 (debit)
b) Net Assets Unrestricted By Donor $500,000 (credit)
c) Net Assets Restricted By Donor $200,000 (credit)
Required:
A) Record the two transactions above in journal entry form.
B) Prepare a Statement of Activities for the year 2020.
C) Prepare a Statement of Changes in Net Assets for 2020.
D) Prepare a Statement of Financial Position (balance sheet) as of December 31, 2020.
Solutions
ekkarill92 answered 5 months agoRelated Solutions
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