Question: Internet-based exercise Analysis of a not-for-profit entity based on information in the annual report. Based on Form 990 and the audited financial statements of the

Internet-based exercise

Analysis of a not-for-profit entity based on information in the annual report.

Based on Form 990 and the audited financial statements of the American Cancer Society obtained for the fiscal year 2016

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 financial statements and the 990. Do the ratios differ? Why and by how much?

3. The 990 Schedule A identifies the reason for the American Cancer Societys status as a public charity. What reason is identified?

4. What is the rating of this nonprofit by Charity Navigator or Better Business Bureau Wise Giving Alliance or other watchdog agencies? Explain what this means.

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