Please answer ASAP and I will upvote immediately Answer questions below pertaining to the company listed below Thanks The non profit organization is College of Mount Saint Vincent Describe your organization What makes it a nonprofit (or what would qualify it to be a nonprofit) Why is it a non profit What are the benefits Any disadvantages Describe the accounting methods used What are the benefits of the non profit status of your organization Who are your competitors Does your organization generate a surplus If so, how are the funds recorded in the financial statements In general, what is the purpose of a surplus for a nonprofit Is your organization leveraged If so, describe the impact on the balance sheet and income statement If not, assume your organization borrows $5 million How would this impact the balance sheet and income statement

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 01, 2024

Please answer ASAP and I will upvote immediately. Answer questions below pertaining to the company listed below. Thanks

The non-profit organization is College of Mount Saint Vincent

Describe your organization. What makes it a nonprofit (or what would qualify it to be a nonprofit)?
Why is it a non-profit? What are the benefits? Any disadvantages?
Describe the accounting methods used.
What are the benefits of the non-profit status of your organization?
Who are your competitors?
Does your organization generate a surplus? If so, how are the funds recorded in the financial statements? In general, what is the purpose of a surplus for a nonprofit?
Is your organization leveraged? If so, describe the impact on the balance sheet and income statement. If not, assume your organization borrows $5 million. How would this impact the balance sheet and income statement?