Assume that a nonprofit organization charges $50,500 to municipal governments for its services, but only collects...

 

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Assume that a nonprofit organization charges $50,500 to municipal governments for its services, but only collects $42,250 this year, and the rest will be paid next year. The nonprofit's only cost is the salary of its founder/CEO (and sole employee), who earned $45,000, but was only paid $42,750. The remainder will be paid next year. What is the impact on how the nonprofit appears if it uses cash and if it uses accrual? Fill in the blanks below with the correct values (note: please do not use dollar signs [$] or commas in your answers, and remember to use parentheses to report losses). Revenue Expeneses Surplus/(deficit) Cash Accural Assume that a nonprofit organization charges $50,500 to municipal governments for its services, but only collects $42,250 this year, and the rest will be paid next year. The nonprofit's only cost is the salary of its founder/CEO (and sole employee), who earned $45,000, but was only paid $42,750. The remainder will be paid next year. What is the impact on how the nonprofit appears if it uses cash and if it uses accrual? Fill in the blanks below with the correct values (note: please do not use dollar signs [$] or commas in your answers, and remember to use parentheses to report losses). Revenue Expeneses Surplus/(deficit) Cash Accural

Answer rating: 100% (QA)

Revenue Cash 42250 amount collected this year Accrual 50500 total charged for service... View the full answer