A voluntary health and welfare organization is required to present an additional financial statement that is not required of other private not-for-profit entities. Why is this important statement?
Answer to relevant QuestionsWhy would a VHWO wish to present its financial information on a fund basis rather than simply on an organization-wide basis? What benefits are there in fund-basis reporting? Record the following events of Chemical Dependency Clinic, a VHWO: 1. Membership dues of $9,000 were collected. 2. Cash contributions of $22,000 and pledges for $32,000 were received. 3. It is estimated that 10% of the above ...The following selected events relate to the 2019 activities of Fall Nursing Home, Inc., a not-for-profit agency: a. Gross patient service revenue totaled $2,200,000. The provision for uncollectible accounts was estimated at ...Explain how restricted gifts and grants are accounted for by public colleges and universities. Compare this with the accounting for restricted gifts and grants by private colleges and universities. Record the following events that affect the loan activities of Private University: 1. An alumnus donates $420,000 to establish the student loan fund. Students are charged a 5% annual interest rate. 2. Loans of $380,000 are ...
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