Question
Hello, I am having trouble with my Advanced Accounting Ch 18 homework. Accounting for nonprofts. Here are a few questions: At the beginning of the
Hello, I am having trouble with my Advanced Accounting Ch 18 homework. Accounting for nonprofts. Here are a few questions:
At the beginning of the year, Nutrition Now, a health and welfare not-for-profit entity, had the following equity balances: Net assets without donor restriction $400,000 Net assets with donor restriction $290,000
6. Depreciation of $18,000 is recorded.
7. Interest of $50 and principal of $1,500 is paid on the note previously signed when the equipment was purchased.
8. A donor gives an investment worth $90,000 that must be kept invested forever, but any interest or dividends can be used for any legitimate purpose of the entity.
9. Membership dues are received in the amount of $15,000.
10. Investment income of $900 is generated from the investment received in item (8) above.
Using the supplied answer sheet, show how each of the following transactions would affect the organization's equity balances. Show any reclassifications separately. Do not net amounts together.
Thank you!
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