Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASAP HELP!! Shark Company has performed below transactions: Transaction 1: On March 31, 2041 a donor contributes USD 30,000, without restriction, for the operation of

ASAP HELP!!

Shark Company has performed below transactions:

Transaction 1: On March 31, 2041 a donor contributes USD 30,000, without restriction, for the operation of Shark.

Transaction 2: On April 4, Shark rents office space. Cash payment is made for USD 5,000. This covers a one-time security deposit of USD 2,000 plus the April office rent of USD 3,000.

Transaction 3: On April 26, Shark receives a contribution of USD 15,000 that the donor specifies that it must be used for the purchase of computers.

Transaction 4: On April 30, Shark purchased 10 computers for USD 10,000.

  1. Please prepare the journal entries for each transaction.
  2. Please prepare Statement of Financial Position and Statement of Activities (Year-to-date) as of 31 March 2041.
  3. Please prepare Statement of Financial Position and Statement of Activities as of 30 April 2041 (Year-to-date).
  4. Please critically discuss the major differences between not-for-profit organisations and profit organisations.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Analysis

Authors: Paul Rodgers

4th Edition

075068674X, 978-0750686747

More Books

Students also viewed these Accounting questions

Question

Predict the product(s) of this elimination reaction. OH acid

Answered: 1 week ago