Hopeville Retreat is a private not-for-profit organization that counsels former drug addicts in readjusting to productive community
Question:
1. Cash from the semiannual fund-raising campaign, $4,000,000.
2. Cash from rehabilitated clients, $ 100,000.
3. Clothing donated by a department store. Cost to the store was $5,000; market value was $7,000.
4. A flat-screen television, valued at $800, donated by a friend of the Retreat.
5. Medication, donated by a pharmaceutical company. Cost of the medication was $3,000; market value was $5,000.
6. Accounting services for necessary paperwork and record-keeping performed by a CPA, valued at $7,000.
7. Door-to-door fund solicitation time donated by high school students, as part of their school com-munity service requirement. Their time is estimated to be worth $2,800 when valued using minimum wage rates.
8. Free radio announcements of the fund-raising campaign given by a local radio station. The normal charge for advertisements of comparable length is $1,000.
Required
For each item, indicate at what amount the donation is recorded on the books of Hopeville Retreat, and where it would appear in its statement of activities.
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Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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