Chapter 21 Selected Problems

Chapter 21 Selected Problems - EXERCISES E21-1 1 2 3 4 5...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
EXERCISES E21-1 E21-2 E21-3 1 d 1 b 1 b 2 a 2 a 2 b 3 d 3 d 3 c 4 c 4 b 4 d 5 b 5 c 5 a E21-4 E21-5 E21-6 1 a 1 b 1 b 2 b 2 b 2 a 3 a 3 c 3 a 4 a 4 c 4 c 5 c 5 d 5 b E21-7 1 b 2 a 3 c 4 a 5 d E21-8 Program services: Education $20,400 Public Health 15,700 Research 12,000 $48,100 Supporting services: Fund raising $11,400 Management and general 5,500 $16,900 E21-9 1) Contributions receivable 20,000 Allowance for uncollectible contributions 600 Unrestricted support — contributions 13,580 Restricted support — contributions 5,820 To record contribution revenues and an allowance for uncollectible accounts. Contributions that are not due until the next period imply a time restriction unless the donor explicitly stipulates that the pledge is for current expenditures. Thus, unrestricted net assets are increased by $13,580 and temporarily restricted net assets are increased by $5,820. 2) Cash 200 Restricted support — contributions 200
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
To record a gift restricted to a special project. (Recall that some NFPs may record as unrestricted if the restriction is met in the same period.) Expenses — community service [program services] 200 Cash 200 To record expenditures for restricted purpose. Temporarily restricted net assets — reclassifications out 200 Unrestricted net assets — reclassifications in 200 To record satisfaction of temporary restriction. 3) Equipment 6,000 Unrestricted support — Contributions 6,000 To record receipt of donated equipment. Depreciation expense — community services 1,500 Accumulated depreciation — equipment 1,500 To record depreciation expense for the year on unrestricted long-lived assets. The organization may also adopt an accounting policy that implies a time restriction that expires over the useful life of the donated asset. If the gift is reported as restricted support in temporarily restricted net assets, depreciation is recorded as an expense in unrestricted net assets, which results in a reclassification for the amount of the depreciation from temporarily restricted to unrestricted net assets. 4) Cash 8,000 Restricted support — contributions 8,000 To record receipt of donation restricted to the purchase of a truck. Accrued interest receivable
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/11/2011 for the course ECON 3200 taught by Professor Azevedo during the Spring '11 term at UCM.

Page1 / 7

Chapter 21 Selected Problems - EXERCISES E21-1 1 2 3 4 5...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online