Which of the following will a Notice of Donation is needed? Donated P90,000 worth of medical equipment to a NGo Donated relief goods to the office of the vice president. P 67,000 Donated building materials worth P150,000 to the people of Tagaytay to assist in the reconstruction of the houses. Donated tents and blankets to the barangay that is running the Taal evacuation center worth P50,000
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Which of the following will a Notice of Donation is needed?
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- Which of the following should be accounted for in an internal service fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000 Multiple Choice $ 65,000. $ 415,000. $1,250,000. $1,315,000.Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recordedProblem 1 - The American Red Cross, a not for profit entity, had the following transactions; 1/20/20 Received a $200,000 donation in support of its activities 2/4/20 Received a $150,000 Federal grant to provide supplies and aid to survivors of a recent earthquake 2/21/20 Spent $180,000 of the 1/20/20 donation aiding victims of a hurricane in Florida 2/25/20 Spent $110,000 of the 2/4/20 grant aiding survivors of the recent earthquake Required; Prepare the journal entries for the above transactions. Remember to note whether the accounts involved are restricted or unrestricted.
- A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Choose the correct.a. Make no entry.b. Record contributed support of $2,100 and community assistance expense of $2,100.c. Recognize revenue of $2,100.d. Recognize contributed support of $2,100 and community expenditures of $2,100.the following recipients: Charity State University Red Cross State History Museum City Medical Center Cash Cash Deduction Carryover Property Antique painting Dell stock Cost FMV $15,000 $15,000 14,500 82,000 17,000 14,500 5,000 28,000 b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this ye any carryover.. Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions andevents of its General Fund for October 20X1:• Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted toP4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts ofP8,000.• Contributed services approximating P10,000 at going salary rates were received from volunteer nurses.Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospitalcafeteria.• New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors.Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month wasP800.• The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment,as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.
- Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions and events of its General Fund for October 20X1: • Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted to P4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts of P8,000. Contributed services approximating P10,000 at going salary rates were received from volunteer nurses. Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospital cafeteria. New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors. Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month was P800. The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment, as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.Which of the following should be accounted for in an enterprise fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000 Multiple Choice $1,315,000. $1,250,000. $ 65,000. $ 415,000.A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Make no entry. Record contributed support of $2,100 and community assistance expense of $2,100. Recognize revenue of $2,100. Recognize contributed support of $2,100 and community expenditures of $2,100.
- 7. Determine the amount of the donation deduction for each of the following situations: (Assume all organizations are qualified public charities) A. Personal furniture given to a local church. FMV $500 basis $2,000 B. A coin collection given to the YMCA. FMV $3,000 basis $1,000 C. Stock held or 5 years given to a local charity. FMV $5,000 basis $2,000 D. Stock held for 5 months given to a local charity. FMV $5,000, basis 2,000 E. An oil painting with a FMV $100,000 basis $40,000. The painting is given to museum and the museum plans to display the painting. F. Same as (E) above except the painting is given to the Heart Association to be sold at the annual fundraising event.Your client has made all of the following transfers. Which of these transfers will be excluded from the client's total gifts in the year made? Paid a hospital $11,000 for medical services rendered to a friend Paid a family member $15,000 so she could go to school Made a donation to the democratic party Made a contribution to the shriner's hospital, which provides free medical care to children A)III and IV B)I and II C)I and III D)II and IVEdwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000