Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 3 . Geneva Preschool provides free instruction for children from low - income families. Its January 1 , 2 0 2 3 , trial
Geneva Preschool provides free instruction for children from lowincome families. Its January trial balance is as follows:
Debit Credit
Cash $
Equipment & furnishings, net
Building, net
Accounts payable $
Net assets without donor restrictions
Net assets with donor restrictions
$ $
Activities for :
a Unrestricted cash contributions were $
b On January a donor made a documented promise of $ to be paid at the end of years later The donor restricts this contribution to support of musicrelated programs. Using a per cent discount rate, the present value of this promise is $
c Each year, Geneva collects donorrestricted contributions to purchase technology for educational programs. During $ was received and $ was spent. Geneva expenses technology purchases.
d Outofpocket operating expenses for the year were $ The yearend accounts payable balance, all related to operating expenses, was $
e A licensed CPA did all of Genevas required financial statements and IRS forms for free. Fair value of these services is $ Parents of students donated their time to lead preschool classes in safety and nutrition. The fair value of their time is $
f Depreciation for the year on equipment and furnishings was $ Depreciation on the building was $
Geneva uses the indirect method to display the operating section of its statement of cash flows. On Genevas statement of cash flows, the reconciliation to cash from operations requires adding which item?
Select one:
b $ depreciation expense
c $ contribution of services
d $ promises to contribute Geneva uses the indirect method to display the operating section of its statement of cash flows. On Genevas statement of cash flows, what amount appears as the change in net assets, before adjustment to cash from operating activities?
$ change in accounts payable
$ contribution of services
$ depreciation expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started