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KENT isas a not-for-profit organization and has incurred thetransactions shown below: SpaceY Inc.donated warehousespace to be used by KENT. The office spacewould usually be rented

KENT isas a not-for-profit organization and has incurred thetransactions shown below:

  1. SpaceY Inc.donated warehousespace to be used by KENT. The office spacewould usually be rented for $35,700.
  2. KENTraised $188,500 ofcash and $107,000 in pledges during a fund drive. The plegeswill be paid within one year. A state government grant of $157,000 was received for program operating costs related to public health education.
  3. Salaries and fringe benefits paid during the year amounted to $209,260. At year-end, an additional $16,700 of salaries and fringe benefits were accrued.
  4. A donor pledged $107,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $94,960.
  5. Office equipment was purchased for $12,700. The useful life of the equipment is estimated to be four years. Office furniture with a fair value of $10,300 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by KENT.
  6. Telephone expense for the year was $5,900, printing and postage expense was $12,700 for the year, utilities for the year were $9,000 and supplies expense was $5,000 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $4,300.
  7. Volunteers contributed $15,700 of time to help with answering the phones, mailing materials, and various other clerical activities.
  8. It is estimated that 90 percent of the pledges made for the 2021 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5.
  9. All expenses were allocated to program services and support services in the following percentages: public health education, 40 percent; community service, 20 percent; management and general, 20 percent; and fund-raising, 20 percent.
  10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.
  11. All nominal accounts were closed to the appropriate net asset accounts.

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dezto.mheducation.com V's College https://stmarys-ca.onelogin.com/client/apps Connect IThe Following Information Applies To The Qu. -New Saved Hel b. Prepare a statement of activities for the year ended December 31, 2020, (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.) INVOLVE Statement of Activities For the Year Ended December 31, 2020 Without Donor With Donor Total Restrictions Restrictions Revenue and Other Support: $ Total Revenue and Other Support Expanses; Total Expenses O Increase in Net Assets Beginning Net Assets Ending Net Assets + 2 3 4 5 0 5 Next > MacBook Air 77 20 F3 FF 5 6 N O P T Y U R Q W E K G H D F A S My's College https://stmarys-ca.onelogin.com/client/apps ezto.mheducation.com -New Connect Chapter 14 - Involve.doex : ACC 639 : 51. John Saved Help d. Prepare a statement of cash flows for the year ended December 31, 2020. (List of cash outflows should be indicated by a minus sign. Round the intermediate and final answers to the nearest dollar amount) INVOLVE Statement of Cash Flows For the Year Ended Decomber 31, 2026 Cash Flows from Operating Activities: Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Net increase in Cash Beginning Cash Ending Cash ences Reconciliation of Changes in Net Assets to Net Cash Provided by Operating Activities Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Cash Provided by Operating Activities MacBook Air 20 F3 5 6 2 3 O P U E R T Y Q W K F G H A S MCollege https://stmarys-ca.onelogin.com/client/apps ezto.mheducation.com New Connect Chapter 14 - Involve. does , ACC E39 , Et. Jan Saved Help 11. All nominal accounts were closed to the appropriate net asset accounts. e. Prepare a schedule of expenses by nature and function for the year ended December 31, 2020. INVOLVE Reporting of Expenses by Nature and Function For the Year Ended December 31, 2020 Program Services Support Services All Servlogs Public Hoalth Community Manopensent Education Service and Genial Fund-Raising Total Ces Total MacBook Air F7 20 TS FA # 6 2 3 O Y U R T Q W E K G H A S D F N M BCollege nezto.mheducation.com https://stmarys-ca.onelogin.com/client/apps Connect lewi [The Following Information Applies To The Qu Saved Required a. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; In entry 10 expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round the intermediate and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet A B C D E F G H 0 A business donated rent-free office space to the organization that would normally rent for $35,700 a year. Note: Enter debits before credits. General Journal Debit Gradit Transaction 01 Record entry Clear entry View general Journal 1 2 Next > Prev . 5 of 5 MacBook Air 888 F5 F3 F4 9 # 3 4 5 2

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