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Museum was incorporated as a nonprofit organization on January 1, 20x1. The nonprofit dedicated to giving kids in middle school through high school knowledge and
Museum was incorporated as a nonprofit organization on January 1, 20x1. The nonprofit dedicated to giving kids in middle school through high school knowledge and skills for economic success. The organization recruit volunteers to teach a variety of topics such as financial literacy, how to start a business, and entrepreneurship. The nonprofit has also expanded to offer financial literacy courses to the public. During the fiscal year ended December 31, 20x5, the following summary transactions occurred. 1. Museum paid wages and salaries of $1,039,000. Department employees earned the following: programs $865,000, fundraising $50,000, and administration $130,000. The remaining amount was accrued at yearend. 2. Museum paid operating expenses of $230,000 for programs, $10,000 for fundraising, and $33,000 for administration
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