please answer it

The Far North Centre (the Centre) is an anti-poverty organization funded by contributions from governments and the general public For a number of years, it has been run by a small group of permanent employees with the help of part-timers and dedicated volunteers. It owns its premises, which are in the process of being renovated. The funds for this were obtained through a special capital fund campaign carried out last year. Its main program is the daily provision of meals to the needy. It also distributes cothing. most of which is donated. Operating funds come from government grants, interest earned from endowment investments, and a public campaign held in the latter part of each year to raise funds for the needs of the next fiscal year. The Centre maintains its records in accordance with the restricted fund method of accounting for contributions, and prepares its financial statements using an operating fund, a capital fund for all activities related to capital assets), and an endowment fund. The following are the fund trial balances as at January 1 Year 6. Debit Credit $ 192,00 760,000 S Operating Fund cash Pledges receivable Allowance for uncollectible pledges Grants receivable Accounts payable Wages payable Accrued liabilities Deferred contribution revenue Fund balance 68, 291.090 453,000 169 ege 14,200 930,00 116. $1,753, $1,250.000 comitalund ch Grants receivable Land and building Furniture and equipment Accumulated amortization Accountable and and $38. 154,500 83200 S600 67.00 133 2008 50 Endomen Cash venti HD GO The following transactions took place in Year 6: 1. An amount of $43,800 from the endowment fund cash was invested in marketable securities. 2. Office equipment costing $4.350 was purchased with operating fund cash. 3. Invoices totalling $1,505.000 were received for goods and services. These invoices were recorded as accounts payable and were allocated 55% to food program, 20% to clothing program, and 25% to administration. 4. The capital fund grants receivable of $154,500 were collected in full, and the $13,300 in accounts payable was paid. During Year 6. building renovations costing $394,000 and equipment purchases of $121,500 were made. Of these costs, 90% was paid, with the balance held back and still owing at year-end. 5. Operating fund accounts payable amounting to $1,600,000 and the wages payable and accrued liabilities at the beginning of the year were all paid 6. All of the operating fund pledges receivables and grants receivable at the beginning of the year were collected in full, 7. The deferred revenue from the Year 5 fundraising campaign was made up of the following: Contributions for Year 6 activities LessCampaign expense $ 1,368,00 438.00 $ 330,000 The centre runs the campaign with its own people and is fully responsible for all decisions made during the campaign 8. Government grants for operating purposes totaled $824.000, of which $800,000 was received during the year with the balance expected early In Year 7 9. The total wage costs for the year amounted to $362.500, of which $275.000 was paid and $87500 is payable at year end. These costs are to be allocated 40% each to the food and clothing programs, with the balance to administration 10. The campaign to raise funds for next year's operations was held in December Cash of $608.000 was collected and bledges of $720.000 were received it is expected that 5 of these pledges we uncollectible. Total fundraising costs were $488.000. of which $115.500 s stilowed to suppliers 11 An endowment contribution of $15.000 cash was received. In addition, the investments in the endowment and earned $35.400 in intenes 2. The annual depreciation on the buildings and equipment amounced to SI01000! Required: (a) Prepare the journal entries necessary to reflect the Year 6 events. (If no entry is required for a transaction/event, select Journal entry required" In the first account feld. View transaction list Journal entry worksheet B D E FG H Record the investment in marketable securities. Note Entet debits before credits Transaction General Journal Debit Credit 101 Record entry Clear entry View general journal (b) For each fund, prepare a Year 6 statement of financial position and statement of operations and changes in fund balance. (Input all amount as pouldve values. Omit $ sign in your response.) The Far North Centre Operating Fund Statement of Financial Position December 31, Year 6 cash Pledges receivable Allowance for uncollectible pledges Grants receivable 3 $ Accounts payable Wages payable Deferred revenue Total liabilities Fund balance $ Operating Fund Statement of Operations and Changes in Fund Balance for the Year Ended December 31 Year 6 evenge atributions Lorentenants Interest Hop Petang Statement of Operations and Changes in Fund Balance for the Year Ended December Year 6 Revenue Contributions Government grants Interest Expenses Food program expenses wages Clothing program expenses - Wages Administration Fundraising $ Excess of expenses over revenue Transfer to capital fund Excess of expenses and transfers over revenue Fund balance beginning of year Fund balance end of year $ The Far North Centre Capital Fund Statement of financial position December 31Year 6 Land and building Fundament ACCated detection The Far North Centre Capital Fund Statement of financial position December 31, Year 6 Cash Land and building Furniture and equipment Accumulated depreciation Accounts payable Fund balance $ Capital Fund Statement of Revenue and Expenditure and changes in Fund Balance for the Year Ended December 31 Year 6 Expenses Depreciation Excess of expenses over revenue iransfer from operating fund Excess of expenses and transfers over revenue FLING balance beginning of year Hunt balance end of year The Fan North Centre Endowment Fund statement of financial position Decembenean DESIN hvements Fund Balance Endowment Fund Statement of Revenue and Expenses and Changes in Fund Balance for the Year Ended December 31, Year: 6 Revenue contributions Excess of revenue over expense Fund balance - beginning of year Fund balance end of year $ (c) Prepare closing entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the test account Neld.) View transaction list Journal entry worksheet A B C D E Record the entry for transfer of balances in revenue accounts to fund account. buone di Debit Transaction General ou Credit 01 Journal entry worksheet A B C E Record the entry for transfer of balances in revenue accounts to fund account. Note: Enter debits before credits antio General 01 Record entry Clear entry View general journal (d) What percentage of Year 6 revenues of the operating fund were spent on program costs and what percentage was spent on administration and fundraising? (Round your answers to 1 decimal places Hercentage spent on program costs Percentage spent on administration and fundraising 10 mm The Far North Centre (the Centre) is an anti-poverty organization funded by contributions from governments and the general public For a number of years, it has been run by a small group of permanent employees with the help of part-timers and dedicated volunteers. It owns its premises, which are in the process of being renovated. The funds for this were obtained through a special capital fund campaign carried out last year. Its main program is the daily provision of meals to the needy. It also distributes clothing, most of which is donated Operating funds come from government grants, interest earned from endowment investments, and a public campaign held in the latter part of each year to raise funds for the needs of the next fiscal year. The Centre maintains its records in accordance with the restricted fund method of accounting for contributions, and prepares its financial statements using an operating fund, a capital fund for all activities related to capital assets), and an endowment fund The following are the fund trial balances as at January 1. Year 6 Debit Credit $702, 760, Bee $ Operating Fund Cash Pledges receivable Allowance for uncollectible pledges Grants receivable Accounts payable Wages payable Accrued liabilities Deferred contribution revenue Fund balance 68,000 293, de 463,008 169,00 14,280 930, 216. $1.753, $2,750,000 Capital und th ocats receivable Land and building Luncurs and equipment Acculadoration Accounts payable ng balance 3587 154,500 832,00 5.08 $ 13 2 1 16 Endom and ca LAST Hub HD The following transactions took place in Year 6: 1. An amount of $43,800 from the endowment fund cash was invested in marketable securities 2. Office equipment costing $4,350 was purchased with operating fund cash. 3. Invoices totalling $1,505,000 were received for goods and services. These invoices were recorded as accounts payable and were allocated 55% to food program, 20% to clothing program, and 25% to administration 4. The capital fund grants receivable of $154,500 were collected in full, and the $13,300 in accounts payable was paid. During Year 6 building renovations costing $394,000 and equipment purchases of $121.500 were made of these costs. 90% was paid, with the balance held back and still owing at year-end. 5. Operating fund accounts payable amounting to $1,600,000 and the wages payable and accrued liabilities at the beginning of the year were all paid. 6. All of the operating fund pledges receivables and grants receivable at the beginning of the year were collected in full 7. The deferred revenue from the Year 5 fundraising campaign was made up of the following: Contributions for Year 6 activities Less: Campaign expense $ 1,368.000 438, Be $ 93,000 The centre runs the campaign with its own people and is fully responsible for all decisions made during the campaign. 8. Government grants for operating purposes totalled $824.000, of which $800.000 was received during the year with the balance expected early in Year 7 9. The total wage costs for the year amounted to $362.500, of which $275.000 was paid and $87.500 is payable at year-end These costs are to be allocated 40% each to the food and clothing programs. With the balance to administration, o. The campaign to raise funds for next year's operations was held in December. Cash of $608,000 was collected and pledges of $720.000 were received. It is expected that of these pledges Wibe uncollectible. Total fundraising costs were $488.000 of which $116 500 is still owed to suppilers 1. An endowment contribution of $15,000 cash as received. In addition the nvestments in the endowment fund earned $35.400 in interest 2. The annual depreciation on the buldings and equipment amounted to 501.000 The Far North Centre (the Centre) is an anti-poverty organization funded by contributions from governments and the general public For a number of years, it has been run by a small group of permanent employees with the help of part-timers and dedicated volunteers. It owns its premises, which are in the process of being renovated. The funds for this were obtained through a special capital fund campaign carried out last year. Its main program is the daily provision of meals to the needy. It also distributes cothing. most of which is donated. Operating funds come from government grants, interest earned from endowment investments, and a public campaign held in the latter part of each year to raise funds for the needs of the next fiscal year. The Centre maintains its records in accordance with the restricted fund method of accounting for contributions, and prepares its financial statements using an operating fund, a capital fund for all activities related to capital assets), and an endowment fund. The following are the fund trial balances as at January 1 Year 6. Debit Credit $ 192,00 760,000 S Operating Fund cash Pledges receivable Allowance for uncollectible pledges Grants receivable Accounts payable Wages payable Accrued liabilities Deferred contribution revenue Fund balance 68, 291.090 453,000 169 ege 14,200 930,00 116. $1,753, $1,250.000 comitalund ch Grants receivable Land and building Furniture and equipment Accumulated amortization Accountable and and $38. 154,500 83200 S600 67.00 133 2008 50 Endomen Cash venti HD GO The following transactions took place in Year 6: 1. An amount of $43,800 from the endowment fund cash was invested in marketable securities. 2. Office equipment costing $4.350 was purchased with operating fund cash. 3. Invoices totalling $1,505.000 were received for goods and services. These invoices were recorded as accounts payable and were allocated 55% to food program, 20% to clothing program, and 25% to administration. 4. The capital fund grants receivable of $154,500 were collected in full, and the $13,300 in accounts payable was paid. During Year 6. building renovations costing $394,000 and equipment purchases of $121,500 were made. Of these costs, 90% was paid, with the balance held back and still owing at year-end. 5. Operating fund accounts payable amounting to $1,600,000 and the wages payable and accrued liabilities at the beginning of the year were all paid 6. All of the operating fund pledges receivables and grants receivable at the beginning of the year were collected in full, 7. The deferred revenue from the Year 5 fundraising campaign was made up of the following: Contributions for Year 6 activities LessCampaign expense $ 1,368,00 438.00 $ 330,000 The centre runs the campaign with its own people and is fully responsible for all decisions made during the campaign 8. Government grants for operating purposes totaled $824.000, of which $800,000 was received during the year with the balance expected early In Year 7 9. The total wage costs for the year amounted to $362.500, of which $275.000 was paid and $87500 is payable at year end. These costs are to be allocated 40% each to the food and clothing programs, with the balance to administration 10. The campaign to raise funds for next year's operations was held in December Cash of $608.000 was collected and bledges of $720.000 were received it is expected that 5 of these pledges we uncollectible. Total fundraising costs were $488.000. of which $115.500 s stilowed to suppliers 11 An endowment contribution of $15.000 cash was received. In addition, the investments in the endowment and earned $35.400 in intenes 2. The annual depreciation on the buildings and equipment amounced to SI01000! Required: (a) Prepare the journal entries necessary to reflect the Year 6 events. (If no entry is required for a transaction/event, select Journal entry required" In the first account feld. View transaction list Journal entry worksheet B D E FG H Record the investment in marketable securities. Note Entet debits before credits Transaction General Journal Debit Credit 101 Record entry Clear entry View general journal (b) For each fund, prepare a Year 6 statement of financial position and statement of operations and changes in fund balance. (Input all amount as pouldve values. Omit $ sign in your response.) The Far North Centre Operating Fund Statement of Financial Position December 31, Year 6 cash Pledges receivable Allowance for uncollectible pledges Grants receivable 3 $ Accounts payable Wages payable Deferred revenue Total liabilities Fund balance $ Operating Fund Statement of Operations and Changes in Fund Balance for the Year Ended December 31 Year 6 evenge atributions Lorentenants Interest Hop Petang Statement of Operations and Changes in Fund Balance for the Year Ended December Year 6 Revenue Contributions Government grants Interest Expenses Food program expenses wages Clothing program expenses - Wages Administration Fundraising $ Excess of expenses over revenue Transfer to capital fund Excess of expenses and transfers over revenue Fund balance beginning of year Fund balance end of year $ The Far North Centre Capital Fund Statement of financial position December 31Year 6 Land and building Fundament ACCated detection The Far North Centre Capital Fund Statement of financial position December 31, Year 6 Cash Land and building Furniture and equipment Accumulated depreciation Accounts payable Fund balance $ Capital Fund Statement of Revenue and Expenditure and changes in Fund Balance for the Year Ended December 31 Year 6 Expenses Depreciation Excess of expenses over revenue iransfer from operating fund Excess of expenses and transfers over revenue FLING balance beginning of year Hunt balance end of year The Fan North Centre Endowment Fund statement of financial position Decembenean DESIN hvements Fund Balance Endowment Fund Statement of Revenue and Expenses and Changes in Fund Balance for the Year Ended December 31, Year: 6 Revenue contributions Excess of revenue over expense Fund balance - beginning of year Fund balance end of year $ (c) Prepare closing entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the test account Neld.) View transaction list Journal entry worksheet A B C D E Record the entry for transfer of balances in revenue accounts to fund account. buone di Debit Transaction General ou Credit 01 Journal entry worksheet A B C E Record the entry for transfer of balances in revenue accounts to fund account. Note: Enter debits before credits antio General 01 Record entry Clear entry View general journal (d) What percentage of Year 6 revenues of the operating fund were spent on program costs and what percentage was spent on administration and fundraising? (Round your answers to 1 decimal places Hercentage spent on program costs Percentage spent on administration and fundraising 10 mm The Far North Centre (the Centre) is an anti-poverty organization funded by contributions from governments and the general public For a number of years, it has been run by a small group of permanent employees with the help of part-timers and dedicated volunteers. It owns its premises, which are in the process of being renovated. The funds for this were obtained through a special capital fund campaign carried out last year. Its main program is the daily provision of meals to the needy. It also distributes clothing, most of which is donated Operating funds come from government grants, interest earned from endowment investments, and a public campaign held in the latter part of each year to raise funds for the needs of the next fiscal year. The Centre maintains its records in accordance with the restricted fund method of accounting for contributions, and prepares its financial statements using an operating fund, a capital fund for all activities related to capital assets), and an endowment fund The following are the fund trial balances as at January 1. Year 6 Debit Credit $702, 760, Bee $ Operating Fund Cash Pledges receivable Allowance for uncollectible pledges Grants receivable Accounts payable Wages payable Accrued liabilities Deferred contribution revenue Fund balance 68,000 293, de 463,008 169,00 14,280 930, 216. $1.753, $2,750,000 Capital und th ocats receivable Land and building Luncurs and equipment Acculadoration Accounts payable ng balance 3587 154,500 832,00 5.08 $ 13 2 1 16 Endom and ca LAST Hub HD The following transactions took place in Year 6: 1. An amount of $43,800 from the endowment fund cash was invested in marketable securities 2. Office equipment costing $4,350 was purchased with operating fund cash. 3. Invoices totalling $1,505,000 were received for goods and services. These invoices were recorded as accounts payable and were allocated 55% to food program, 20% to clothing program, and 25% to administration 4. The capital fund grants receivable of $154,500 were collected in full, and the $13,300 in accounts payable was paid. During Year 6 building renovations costing $394,000 and equipment purchases of $121.500 were made of these costs. 90% was paid, with the balance held back and still owing at year-end. 5. Operating fund accounts payable amounting to $1,600,000 and the wages payable and accrued liabilities at the beginning of the year were all paid. 6. All of the operating fund pledges receivables and grants receivable at the beginning of the year were collected in full 7. The deferred revenue from the Year 5 fundraising campaign was made up of the following: Contributions for Year 6 activities Less: Campaign expense $ 1,368.000 438, Be $ 93,000 The centre runs the campaign with its own people and is fully responsible for all decisions made during the campaign. 8. Government grants for operating purposes totalled $824.000, of which $800.000 was received during the year with the balance expected early in Year 7 9. The total wage costs for the year amounted to $362.500, of which $275.000 was paid and $87.500 is payable at year-end These costs are to be allocated 40% each to the food and clothing programs. With the balance to administration, o. The campaign to raise funds for next year's operations was held in December. Cash of $608,000 was collected and pledges of $720.000 were received. It is expected that of these pledges Wibe uncollectible. Total fundraising costs were $488.000 of which $116 500 is still owed to suppilers 1. An endowment contribution of $15,000 cash as received. In addition the nvestments in the endowment fund earned $35.400 in interest 2. The annual depreciation on the buldings and equipment amounted to 501.000