EXHIMeals for the HomelessStatement of Functional Expensesfor the Year Ending December 31, 2023Program ServicesSupport ServicesMealsCounseling and General FundraisingManagementTotalBxpensesSalaries and benefits$35,000$35,000$40,00017,000$17,000$127,000FoodSupplies and brochures2,0001,00017,0001,0002,0005,000Office expenses1,0006,0001,0003,00014,0001,00010,0002,000Rent1,00018,000Professional fees3,0003,000Depreciation10,00010,000Total expenses$83,000$38,000$47,000$23,000$191,000Providing information about the underlying nature of expenses gives the user additionalinsight. Where does Meals' program money go? Is it for food? Does the vast majority of itsmoney go for labor? These questions can be answered using the information in Exhibit 11-4.The analysis of expenses by function and nature is particularly helpful to the user in gain-ing insight into the operations of an organization.

The passage explains the importance of analyzing expenses by both function and nature. Here's a…

Answered: EXHI Meals for the Homeless Statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in any missing amounts as needed. Revenues Contribution revenues Net assets released from restrictions Total revenues CENTERVILLE AREA HOMELESS SHELTER Statement of Activities For the Year Ended December 31, 2020 Expenses Temporary shelter program Self-sufficiency program Fund raising Administration Total expenses Increase in net assets Net assets January 1 Net assets December 31 Net Assets without Donor Restrictions S 0 0 Net Assets with Donor Restrictions 82,000 19,500 101,500 $ (26,000) (26,000) Total $ 1,578,170 0 26,230 14,250 40,480 $ 0 1,578,170 1,025,000 362,600 7,600 74,740 1,469,940 108,230 33,750 141.980
Required information Exercise 6-4 and Exercise 6-5 (Algo) [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…
Exercise 10-8 (Algo) Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in any missing amounts as needed. Revenues Contribution revenues Net assets released from restrictions Total revenues CENTERVILLE AREA HOMELESS SHELTER Statement of Activities For the Year Ended December 31, 2020 Expenses Temporary shelter program Self-sufficiency program Fund raising Administration Total expenses Increase in net assets Net assets January 1 Net assets December 31 Net Assets without Donor Restrictions $ 0 0 90,000 21,000 111,000 Net Assets with Donor Restrictions $ (30,000) (30,000) 0 28.150 14,650 42,800 Total $ 1,595,530 $ 0 1,595,530 1,037,400 372,200 8,200 59,580 1,477,380 118,150 35,650 153,800
Preparation of financial statements for a not-for-profit organization Following is financial data for the Center for Music and Health Studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the statement of activities and the statement of financial position. Without DonorRestrictions With DonorRestrictions Support—contributions $821,780 $301,560 Revenues—investment 36,640 37,500 Net assets, beginning of year 674,480 726,960 Long-term liabilities $276,760 Contributions receivable 247,720 Expenses—support 176,580 Net assets released from restriction 67,560 Cash 189,620 Payables 165,580 Expenses—program 731,780 Investments 196,920 Depreciation expense (of which 80% relates to program expenses and 20% relates to support expenses) 33,900 Property, plant and equipment, net 1,464,740 Instructions: Round answers to the nearest whole number, when applicable. Use a…
Miscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…
ing for Governmental and Non-Profit Organizatio ion II 2020/ACT 343/D1/ Section 7 Accounting for Governmental and Non-Profit Organizations How does a voluntary health and welfare organization account for donated goods and cash contributed for operating purposes? What types of revenues are recognized by voluntary health and welfare organizations? 00 三三 A B I -
3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…
2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…
Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?
Question 5 options: A local Non for Profit had the following activity in October 2022: Cash Donations $200,000 Unrestricted Pledges made during monthly phone a thon to solicit donations $15,000 Expected uncollectible pledges from monthly phone a thon to solicit donations $3,000 What is the correct amount of Contribution Revenue the non for profit should recognize in October 2022? (do not use $ signs, commas or decimals in your answer)
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
4. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.

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