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 1 year agoRelated Solutions
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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
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