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