Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with this question 13. NPO, Inc, a private not-for-profit organization, was established on January 2, 2020 to provide training programs for those

Please help me with this question

image text in transcribed
13. NPO, Inc, a private not-for-profit organization, was established on January 2, 2020 to provide training programs for those teenagers about to enter the workforce. The following events occur in 2020: a. $1,000,000 was received in government funding, in the form of grants. Of this total, $600,000 was designated by the government for constructing a building, $200,000 was designated to be used to set up computer training programs, and the rest was unrestricted. b. NPO received $200,000 in cash contributions and $130,000 in documented pledges to be received in 2021. All contributions are undesignated, and 10% of pledges are estimated to be uncollectible. c. Expenses for the year were as follows: General Training Services Programs Fund-raising Salaries $ 40,000 $ 50,000 $20,000 Supplies $0.000 75,000 10,000 Utilities 30.000 25.000 5,000 Travel 15,000 Total $100,000 $150,000 $50,000 All of the above expenses were paid in cash, except for $25,000 still owed to suppliers. . Of the $150,000 in expenses for training programs, $78,000 was financed by the government grant described in Item 1 above Expenses are displayed functionally in the statement of activities. d. Services were donated as follows (fair values of services provided are shown in parenthesis): Audit by local CPA ($5,000) . High school students distributed fliers to the public ($2,000) Contractor drafted plans for the building ($15,000) Using the attached schedule, prepare a 2020 statement of activities for NPO, Inc

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

More Books

Students also viewed these Accounting questions