Question
13. NPO, Inc, a private not-for-profit organization, was established on January 2, 2020 to provide training programs for those teenagers about to enter the workforce.
13. NPO, Inc, a private not-for-profit organization, was established on January 2, 2020 to provide training programs for those teenagers about to enter the workforce. The following events occur in 2020: a. $1,000,000 was received in government funding, in the form of grants. Of this total, $600,000 was designated by the government for constructing a building, $200,000 was designated to be used to set up computer training programs, and the rest was unrestricted. b. NPO received $200,000 in cash contributions and $130,000 in documented pledges to be received in 2021. All contributions are undesignated, and 10% of pledges are estimated to be uncollectible. c. Expenses for the year were as follows: General Services Salaries Supplies Utilities Travel Total Training Programs $ 50,000 Fund-raising $20,000 $ 40,000 30,000 30,000 75,000 25,000 $100,000 $150,000 10,000 5,000 15,000 $50,000 All of the above expenses were paid in cash, except for $25,000 still owed to suppliers. Of the $150,000 in expenses for training programs, $78,000 was financed by the government grant described in Item 1 above. Expenses are displayed functionally in the statement of activities. d. Services were donated as follows (fair values of services provided are shown in parenthesis): Audit by local CPA ($5,000) High school students distributed fliers to the public ($2,000) Contractor drafted plans for the building ($15,000) prepare a 2020 statement of activities for NPO, Inc
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