Based on Form 990 and the annual report and the audited financial statements of the American Cancer

Question:

Based on Form 990 and the annual report and the audited of the American Cancer Society obtained for fiscal year 2014
1. Identify the types of receivables presented in the statement of financial position. In addition, provide a simple explanation of how these items meet the definition of an asset and describe the journal entries that would be required to record these assets.
2. Calculate the program ratio (Total Program expenses/Total expenses) based on the and the 990. Do the ratios differ? Why and by how much?
3. The 990 Schedule A identifies the reason for the American Cancer Society's status as a public charity. What reason is identified?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...