Miracle Foundation is a not-for-profit entity that provides counseling, training, and other programs for young people....
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Miracle Foundation is a not-for-profit entity that provides counseling, training, and other programs for young people. The entity accounts for all transactions in a single fund. All the assets are classed as (unrestricted, temporarily restricted, and permanently restricted). It initally records all donations with program restrictions as temporarily restricted until used for the intended purpose. Journalize the transactions given below. MIRACLE FOUNDATION receives pledges of $100,000 to help finance its activities for the year. MiIRACLE FOUNDATION expects that it will ultimately receive 90% of these pledges in cash. a. b. During the year, MIRACLE FOUNDATION receives cash of $80,000 against the pledges and writes off $10.000 of the pledges as uncollectible. C. MIRACLE FOUNDATION Incurs the following program expenses, financed by its unrestricted revenues: (1) Counseling programs, $30,000 (2) Training programs, $25.000 d. MIRACLE FOUNDATION has a contract with the county in which it is located to administer a youth recreation program. It incurs $30,000 of expenses under the program, and sends an invoice to the county for that amount. e. Abdullah donates $15,000, stipulating that MIRACLE FOUNDATION must voe his gft to obtain the services of a well-known country comedian for a special program. t. MIRACLE FOUNDATION gives the concert referred to in e MIRACLE FOUNDATION pays $15,000 to the country comedian, and charges the expense to Recreation programs, Abduirahman, a local attorney, donates 10 hours of his time to MIRACLE FOUNDATION drawing up legal contracts. Mr. Abduirahman also donates 20 hours coaching softball for the youths. He normally charges $200 an hour for his legal services. MIRACLE FOUNDATION would have hired an attorney and a coach to do this work if Mr. Abdulrahman had not volunteered his time. h Khalid donates common stock to MIRACLE FOUNDATION, stipulating that the stock must be used during MIRACLE FOUNDATION'S nest fical year for any programs MIRACLE FOUNDATION Wishes to undertake. At the time of the gift, the stock has a fair value of $15,000. 1. When MIRACLE FOUNDATION closes its books year end, the stock gft from Mr, Khalid has a fair value of $11.000. Miracle Foundation is a not-for-profit entity that provides counseling, training, and other programs for young people. The entity accounts for all transactions in a single fund. All the assets are classed as (unrestricted, temporarily restricted, and permanently restricted). It initally records all donations with program restrictions as temporarily restricted until used for the intended purpose. Journalize the transactions given below. MIRACLE FOUNDATION receives pledges of $100,000 to help finance its activities for the year. MiIRACLE FOUNDATION expects that it will ultimately receive 90% of these pledges in cash. a. b. During the year, MIRACLE FOUNDATION receives cash of $80,000 against the pledges and writes off $10.000 of the pledges as uncollectible. C. MIRACLE FOUNDATION Incurs the following program expenses, financed by its unrestricted revenues: (1) Counseling programs, $30,000 (2) Training programs, $25.000 d. MIRACLE FOUNDATION has a contract with the county in which it is located to administer a youth recreation program. It incurs $30,000 of expenses under the program, and sends an invoice to the county for that amount. e. Abdullah donates $15,000, stipulating that MIRACLE FOUNDATION must voe his gft to obtain the services of a well-known country comedian for a special program. t. MIRACLE FOUNDATION gives the concert referred to in e MIRACLE FOUNDATION pays $15,000 to the country comedian, and charges the expense to Recreation programs, Abduirahman, a local attorney, donates 10 hours of his time to MIRACLE FOUNDATION drawing up legal contracts. Mr. Abduirahman also donates 20 hours coaching softball for the youths. He normally charges $200 an hour for his legal services. MIRACLE FOUNDATION would have hired an attorney and a coach to do this work if Mr. Abdulrahman had not volunteered his time. h Khalid donates common stock to MIRACLE FOUNDATION, stipulating that the stock must be used during MIRACLE FOUNDATION'S nest fical year for any programs MIRACLE FOUNDATION Wishes to undertake. At the time of the gift, the stock has a fair value of $15,000. 1. When MIRACLE FOUNDATION closes its books year end, the stock gft from Mr, Khalid has a fair value of $11.000.
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