The answers would be posted in the last 2 picture. Please help fast! e year ended March 31, 2019. 44444 Required (AICPA adapted) Problem 18-8
The answers would be posted in the last 2 picture. Please help fast!
e year ended March 31, 2019. 44444 Required (AICPA adapted) Problem 18-8 (LO 8, 9, 10) Allocation of expenses, journal entries. Outreach Clinic, a VHWO, conducts two programs: Alcohol and Drug Abuse and Outreach to Teens. It has the typical supporting services of management and fund raising, Expense accounts from the preallo- cation trial balances as of December 31, 2019, are as follows: Funded by Funded by Unrestricted Donor- Restricted Salaries and Payroll Taxes.. Resources Resources Total Telephone and Miscellaneous Expenses. Nursing and Medical Fees 73,000 33,000 106,000 20,000 2,000 22,000 Educational Seminars Expense 70,000 70,000 140,000 Research Expense 46,000 50,000 96,000 Medical Supplies Expense. 130,000 26,000 156,000 65,000 Rent Expense.... 22,000 87,000 Interest Expense on Equipment Mortgage 10,000 10,000 8,000 8,000 Depreciation Expense 40,000 40,000 Provision for Uncollectible Pledges 26,000 26,000 Totals 438,000 253,000 691,000 In preparation for the allocation of expenses to programs and supporting services, a study was conducted to determine an equitable manner for assigning each expense. The study resulted in the following table for percentage allocations: Expenses to Be Allocated All expenses (other than depreciation) financed by donor-restricted contributions... Expenses financed by unrestricted resources: Salaries and payroll taxes Telephone and miscellaneous Nursing and medical fees Educational seminars. Research Medical supplies Equipment-related expenses: Interest.. Depreciation Percentage of Allocations Programs Alcohol and Drug Abuse Outreach to Teens Supporting Services Fund Management Raising 60% 40% 30 20 20 70 30 30 60 60 40 90 10 50 50 99 30% 20% 15 45 10 10 10 330 10 10 1. Using a total of allocable expenses financed by donor-restricted resources, prepare a journal Required entry to assign those expenses to the programs.
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