http:/ tpx Chapter 13 Homeworkx 05 File Edit View Favorites Tools Help O canvas e Tabs ? Balser, Annarse-Out! oo Connect-New tab The olowing iormation appies to the questlons displayed below INVOLVE was incorporated as a not-for-profit veluntery health and welfare organization on January 2017 During the fiscal year ended December 31, 2017, the following transections occurred 1 A business donated rent-free office space to the organization that would normally rent for $36,600 a 2 A fund drive raised $193,000 in cash and $116,000 in pledges that will be paid within one year. A state government grant of $166,000 was received for program operating cost related to public health education 3. Salories and fringe benefits paid during the year amounted to $210,160. At year-end, an additional 4 A donor pledged $116,000 for construction of a new builiding. payable over five fiscal years, c 5. Offic $17,600 of salaries and fringe benetits were occrued. mmencing in 2019 The discounted value of the pledge is expected to be $95,860 e equipment was purchased for $13,600 The useful life of the equipment is estimated to be 5 ure with a fair value of $11,200 was donated by a local office supply company. The turniture has net assets by INVOLVE on estimated useful life of 10 years. Furniture and equipment are considered unrestricted e expense for the year was $6.800, pinting ond postage expense was $13,600 tor the year . At year-end, an the phones, mailing matenals, and that 90 percent of the pledges made for the 2018 year will be collected Depreciation other expenses (except for the provision for uncollectible accounts which is utlibes for the year were $9,900 and supplies expense was $5.900 for the year was S5.200 7. Volunteers contributed $16,600 of time to help with onswering varlous other clerical activitles expense is recorded for the full yeer on the assets recorded in item 5 9. Selarles and wages, and alocated 100 percent to fund-raising) were ellocated to program services and support services in the percent community service. 30 percent that the grant resources be following percentages: public heeth educotion, 35 and general. 20 percent, and fund-raising, 15 percent 10. Net assets were released to reflect satisfaction of state grant requirements 11. All nominal accounts were closed to the approprlate net asset accounts used for public health education program purposes O Type here to search