organization that revenue prioperations on January 1, Year 1. It performs voluntary services and derives its restriction onlluntary contributions from the general public. Community imposes a time Using the information below each element listed for the year ended December 31. Year 2. Selected transactions that occurred during Commun nc. is a nongovermental not-for-profit voluntary health and welfare calendar-year promises to contribute cas of long-lived ate cash in future periods. However, no such policy exists with respect on provided below, determine the amount to be reported in the financial statements for ity's Year 2 calendar year: ty endowment received in Year 2: income to be used for community services: Face value Fair value at time of receipt Fair value at 12/31/Year 2 Interest earned in Year 2 Interest received in Year 2 Dividend earned in Year 2 S 115,000 88,000 89,000 9,500 4,750 1,000 Community Service Inc employs a full-time staff of 10 people at an annual cost of $150,000. In addition, two volunteers work as part-time secretaries replacing last year's full-time secretary who eamed $10,000 10 concerned citizens volunteered to serve meals 10 the homeless (400 hours free: fair markel value or services $5 per hour): 2,000 Short-term investment in equity securities in Year 2: Cost Fair Value 12/31/Year 2 Dividend incomel, 10,000 12.000 250 Reading materials donated to Community and distributed to the children n Year 7,500 Fair market value Federal youth training fee for services grant Cash received during Year 2 Instructor salaries paid 30,000 25,000 55,000 37,800 60,000 ) 30,000 Other cash operating expenses: Business manager salary General bookkeeper salary Director of community activities salary Space rental (75% for community activities: 25% for office activities Printing and mailing costs for pledge cards Maintaining donor list Interest payment on short term bank loan in Year2 Principal payment on short term bank loan in Year 2 1,000 2,750 750 4l. Contributions: permanently restricted? 42. Investment income - debt securities? Gera fundraisn copense eredludes spesial eventsy 45. Contributed voluntary services? ram ex organization that revenue prioperations on January 1, Year 1. It performs voluntary services and derives its restriction onlluntary contributions from the general public. Community imposes a time Using the information below each element listed for the year ended December 31. Year 2. Selected transactions that occurred during Commun nc. is a nongovermental not-for-profit voluntary health and welfare calendar-year promises to contribute cas of long-lived ate cash in future periods. However, no such policy exists with respect on provided below, determine the amount to be reported in the financial statements for ity's Year 2 calendar year: ty endowment received in Year 2: income to be used for community services: Face value Fair value at time of receipt Fair value at 12/31/Year 2 Interest earned in Year 2 Interest received in Year 2 Dividend earned in Year 2 S 115,000 88,000 89,000 9,500 4,750 1,000 Community Service Inc employs a full-time staff of 10 people at an annual cost of $150,000. In addition, two volunteers work as part-time secretaries replacing last year's full-time secretary who eamed $10,000 10 concerned citizens volunteered to serve meals 10 the homeless (400 hours free: fair markel value or services $5 per hour): 2,000 Short-term investment in equity securities in Year 2: Cost Fair Value 12/31/Year 2 Dividend incomel, 10,000 12.000 250 Reading materials donated to Community and distributed to the children n Year 7,500 Fair market value Federal youth training fee for services grant Cash received during Year 2 Instructor salaries paid 30,000 25,000 55,000 37,800 60,000 ) 30,000 Other cash operating expenses: Business manager salary General bookkeeper salary Director of community activities salary Space rental (75% for community activities: 25% for office activities Printing and mailing costs for pledge cards Maintaining donor list Interest payment on short term bank loan in Year2 Principal payment on short term bank loan in Year 2 1,000 2,750 750 4l. Contributions: permanently restricted? 42. Investment income - debt securities? Gera fundraisn copense eredludes spesial eventsy 45. Contributed voluntary services? ram ex
