Recreational Active Club was established in 2021 to handle recreational activities forTaiping residents. The following information is related to the club:1 Jan 202231 December 20221 Jan31 DechboAdditional information:Chapter 1Balance b/dEntrance feesMembers fees: 202120222023Contest feesRequired:Prepare,StationeriesAccrual (RM)O3,6963,780ORecreational Active Club Receipts and Payments Accountfor the year ended 31 December 20227,595Stationeries3,894Salaries462Sport equipmentUtilitiesAccrued MemberFees (RM)16,8606634,68634,160462546On 1 January 2022, the club owned the following assets:Sports equipmentRM9,000FurnitureRM2,970O Office Equipment RM6,148. Sports equipment in 1 January 2022 will be depreciated 10% per year.Utilities Payable(RM)561528RentBalance c/d4,7196,0723,8004,5876,9308,05234,160a. Income and expenditure account for the year ended 31 December 2022.b. Statement of financial position as at 31 December 2022.17Modul ACC4233 Intermediate Accounting

Non profit organization means the organization which is not running for business purpose but for the…

Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo . Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Stationeries Accrual (RM) 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Rent Balance c/d Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 Utilities Payable (RM) 561 528 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 Sports equipment in 1 January 2022 will be depreciated 10% per year. 4,719 6,072 Required: Prepare, a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 3,800 4,587 6,930 8,052 34,160 17 Modul ACC4233 Intermediate Accounting

Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo . Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Stationeries Accrual (RM) 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Rent Balance c/d Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 Utilities Payable (RM) 561 528 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 Sports equipment in 1 January 2022 will be depreciated 10% per year. 4,719 6,072 Required: Prepare, a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 3,800 4,587 6,930 8,052 34,160 17 Modul ACC4233 Intermediate Accounting

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 22MCQ

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Choose a not-for-profit organization of interest to you, and locate its annual report or financial statements. Annual reports can usually be found on the organization's website. Note: If you have difficulty finding some organizations or the annual reports or financials, contact your instructor for assistance. Find the line item totals for the following in the financial statements/annual report: Total revenue, Program service expenses, and Total expenses. Calculate the ratio of the program service expenses to the total expenses. Post your findings on the discussion board along with your evaluation of the organization's effectiveness--based on the calculated ratio, do you believe they are managing their expenses well? In responding to your peers, would you feel comfortable donating to the organization (based on their ratio, not necessarily other aspects of their work). Why or why not?
2. Record the following transactions on the books of Hope Hospital, which follow FASB (not-for-profit) and AICPA standards. The year is 2024. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Hope received $51,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2024. Hope received $104,000 in pledges that indicated the money would be received in 2025. The donors imposed no restrictions other than it could be used for any purpose desired by the board. Hope expended $55,000 for nursing training, using $49,000 of donor-restricted resources received in 2023 for that purpose. On June 15, 2024, Hope was awarded a $66,000 grant for cancer research by the U.S. Department of Agriculture. During 2024, Hope had qualified expenses under the grant totaling $42,300. This is a cost reimbursement grant. Hope received $288,000 in cash. The…
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Required: Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Hope recelved $40.000 in cash from pledges made In the prevlous year that were unrestricted as to purpose but Intended to be recelved and expended in 2020. 2. Hope received $98,000 in pledges that indicated the money would be recelved in 2021. The donors Imposed no restrictions other than it could be used for any purpose destred by the board. 3. Hope expended $49,000 for nursing training, using $42,000 of donor restricted resources recelved in 2019 for that purpose. Hope had qualified expenses under the grant totaling $40.000. This Is cost reimbursement, grant 5. Hope received $277,000 in cash. The board decided to Invest the funds for future plant expansion. Vlew transaction llat Journal entry worksheet 3 11 Hope received…
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You are provided with a summarized version of the cash account of Lakeside Hospital, a not-for-profit organization for 2018. Cash Account Debit Credit Cash balance, January 1, 2018 Cash received from: Patients Third-party payors Operation of gift shop Unrestricted gifts Contributions restricted for endowment Donor-restricted contributions for purchase of propertyand equipment Early repayment of long-term debt. Cash paid to: Employees Suppliers. Providers of consultation services Bank for interest . Contractor for purchase of property and equipment Cash balance, December 31, 2018 275,900 2,061,900 6,500,000 517,700 323,500 500,000 183,000 1,320,500 242,300 1,151,000 6,200,000 800,000 147,000 501,200 Prepare a statement of cash flows, using the direct method, for the year ended December 31, 2018.
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You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant funding. You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d Subscription Entrance fees Rental of hall Rental of lockers Canteen debtors Independence fair $ 120,000 320,000 37,600 18,000 8500 345 200 172,300 Canteen creditors Fixtures & fittings Independence fair expenses Wages for canteen staff Laundry expenses Prizes and trophies Utilities Honorarium -Admin staff Repairs Balance c/d $ 145,600 46,000 22,300 68,000 7600 8,800 9500 28000 4200 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 30 June 2020 Club house Fixtures and Fittings Sports equipment Canteen debtors Canteen creditors Canteen stock Subscription un arrears…
Answer all the both the questions 1 and 2 along with the subparts i,ii,iii Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions and uses only one fund to account for all activities. Required: Prepare all related journal entries for the following transactions for Good Charity for 2020: Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a…
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