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Apple Valley Health Clinic, a private non-profit clinic just started on January 1, 2014. Year ended December 31, 2014. Cash contributions of $150,000 were received
Apple Valley Health Clinic, a private non-profit clinic just started on January 1, 2014. Year ended December 31, 2014.
- Cash contributions of $150,000 were received on Feb. 1, 2014. Of these contributions $100,000 were for general operating use and $50,000 were given by donors and could only be used for providing care to the homeless.
- On March 5, 2014, $200,000 was donated in cash with the stipulation that it could only be invested and the income on the investment could only be spent for patient outreach.
- Interest income on the investment in item 2 above totaled $10,000 as of June 30, 2014 and this was received in cash. As of December 31, 2014 an additional $150,000 had been earned on the investment in item 2 above but had not yet been received in cash.
- On October 1, 2014 $5,000 of the money in item 3 was spent for patient outreach.
- On July 1, 2014 equipment was donated to the clinic with a requirement that it must be used for at least 5 years. This equipment had a value of $20,000 and will have a life of 5 years.
- On October 1, 2014 the cilnic purchased a copier for $5,000. This equipment will have a life of 4 years.
- During the 2014 year, the clinic paid $15,000 for supplies and all were used by the end of the year. The clinic also paid $25,000 in general operating salaries.
- The clinic on November 1, 2014 incurred and paid $10,000 for the health care for a number of homeless patients. This met the requirements of the money contributed in number 1.
What are Balance Sheet and Journal Entries for this organization? Be sure to label clearly the UR, TR, or PR if relevant in the entry.
**** UR = Unrestricted Net Asset, TR = Temporarily Restricted, PR =Permanently Restricted
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