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Multiple choice questions: Jones Day Care is a Not-For-Profit organization that provides day services for children with disabilities. The following contributions (and expenses) were received
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Jones Day Care is a Not-For-Profit organization that provides day services for children with disabilities. The following contributions (and expenses) were received by Jones Day Care during the year 2022. - $2,000 of contributions pledged last year and restricted by donor for the toy program, was received in cash this year. - Cash contributions of $40,000 (not including any receivables from last year) - Pledges were made in the amount of $10,000. They were restricted by donor for toy programs. The cash was not received until the next year. - Donated toys with a fair value of $3,000 (they were received and booked as expenses). - The restricted toy donation of $2,000 from above was also spent on toys. - Special education teachers volunteered 200 hours (\$20 per hour fair value) - Other volunteers worked 600 hours ( $6 per hour fair value) - Car was donated -- $6,000 fair value (no restrictions by donor) - Endowment of $20,000 was received in the form of stock. The income only is to be used for reading materials. $1,000 of interest income was received in cash this year and another $200 was earned this year but will not be received until March 1, 2023. - Rent was paid in the amount of $12,000. Required: 1. What was Cash on the December 31,2022 Balance Sheet? 2. What was the Total Expenses on the Statement of Activities? 3. What were the Net Assets Released from Restrictions? 4. What were the total of Contributions Without Donor Restrictions on the Statement of Activities? 5. What was the amount of Pledges Receivable on the Balance Sheet as of December 31,2022 ? 6. What was the amount in Net Assets Unrestricted By Donors on the Balance Sheet as of December 31,2022Step by Step Solution
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