Question
United Charities annual fund-raising drive in 2019raised pledges of $1,200,000 of which $800,000 were collected in 2019and $200,000 were collected in 2020. United Charities estimates
United Charities annual fund-raising drive in 2019raised pledges of $1,200,000 of which $800,000 were collected in 2019and $200,000 were collected in 2020. United Charities estimates $150,000 of the remaining pledges will never be collected.
a.What is the increase in unrestricted net assets in 2019as a result of the fund-raising drive?
b.What is the increase in temporarily restricted net assets in 2019as a result of the fund-raising drive?
c.In 2020, what is the change in temporarily restricted net assets?
d.In a prior year, United Charities received a $125,000 gift to be used to acquire vans to provide transportation for physically challenged adults. During the current year, United acquired two vans at a cost of $75,000 each. What are the appropriate entry/entries to record the acquisition?
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