Scroll down to complete all parts of this task. Community Service, Inc., is a nongovernmental NFP...

Transcribed Image Text:

Scroll down to complete all parts of this task. Community Service, Inc., is a nongovernmental NFP that began operations on January 1, Year 1. It performs voluntary services and derives its revenue primarily from voluntary contributions from the general public. The NFP reports contributions with restrictions that expire in the same period as net assets without donor restrictions. Selected transactions that occurred during Community's Year 2 calendar year: • Unrestricted written promises to contribute cash--Year 1 and Year 2 Year 1 promises collected in Year 2 Year 2 promises collected in Year 2 Year 2 promises uncollected • Written promises to contribute cash restricted to use for community college scholarships--Year 1 and Year 2 Year 1 promises collected and expended in Year 2 Year 2 promises collected and expended in Year 2 Year 2 promises deemed uncollectible $22,000 95,000 28,000 Cash received in Year 2 from contributor as a good faith advance Matching funds received in Year 2 • Written promise to contribute $25,000 if matching funds are raised for the capital campaign during Year 2 10,000 20,000 12,000 Face amount Fair value at time of receipt Fair value at 12/31/Year 2 Interest earned in Year 2 25,000 0 • Cash received in Year 1 with donor's only stipulation that a bus be purchased Expenditure of full amount of donation 7/1/Year 2 37,000 Other selected transactions that occurred during Community's Year 2 calendar year: • Donor-restricted perpetual endowment consisting of debt securities received in Year 2. The income is to be used for community services. Year 2 investment return is expended in Year 3. $90,000 88,000 87,000 9,000 • Citizens volunteered to serve meals to the homeless 400 hrs. free; fair value of services $5 per hr. • Short-term investment in equity securities in Year 2 Cost Fair value 12/31/Year 2 Dividend income • Music festival to raise funds for a local hospital Admission fees Sales of food and drinks Expenses ● • Federal youth training fee for service grant Cash received during Year 2 Instructor salaries paid • Other cash operating expenses Business manager salary General bookkeeper salary Director of community activities salary Space rental (75% for community activities, 25% for office activities) Printing and mailing costs for pledge cards 2,000 Reading materials donated to Community and distributed to children in Year 2 Fair value 8,000 • Interest payment on short-term bank loan in Year 2 • Principal payment on short-term bank loan used for program services in Year 2 10,000 12,000 1,000 5,000 14,000 4,000 30,000 26,000 60,000 40,000 50,000 20,000 2,000 1,000 20,000 program services in Year 2 20,000 Complete Community Service's Year 2 statement of activities using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0). Element 1. Contributions -- net assets with donor restrictions 2. Revenues -- fees 3. Investment income -- net assets with donor restrictions 4. Program expenses 5. General fundraising expenses (excludes special events) 6. Income on long-term investments other than the endowment -- net assets without donor restrictions 7. Contributed voluntary services Amount 123 123 123 123 123 123 123 FORMATTED RESPONSE RESET CANCEL ACCEPT Scroll down to complete all parts of this task. Community Service, Inc., is a nongovernmental NFP that began operations on January 1, Year 1. It performs voluntary services and derives its revenue primarily from voluntary contributions from the general public. The NFP reports contributions with restrictions that expire in the same period as net assets without donor restrictions. Selected transactions that occurred during Community's Year 2 calendar year: • Unrestricted written promises to contribute cash--Year 1 and Year 2 Year 1 promises collected in Year 2 Year 2 promises collected in Year 2 Year 2 promises uncollected • Written promises to contribute cash restricted to use for community college scholarships--Year 1 and Year 2 Year 1 promises collected and expended in Year 2 Year 2 promises collected and expended in Year 2 Year 2 promises deemed uncollectible $22,000 95,000 28,000 Cash received in Year 2 from contributor as a good faith advance Matching funds received in Year 2 • Written promise to contribute $25,000 if matching funds are raised for the capital campaign during Year 2 10,000 20,000 12,000 Face amount Fair value at time of receipt Fair value at 12/31/Year 2 Interest earned in Year 2 25,000 0 • Cash received in Year 1 with donor's only stipulation that a bus be purchased Expenditure of full amount of donation 7/1/Year 2 37,000 Other selected transactions that occurred during Community's Year 2 calendar year: • Donor-restricted perpetual endowment consisting of debt securities received in Year 2. The income is to be used for community services. Year 2 investment return is expended in Year 3. $90,000 88,000 87,000 9,000 • Citizens volunteered to serve meals to the homeless 400 hrs. free; fair value of services $5 per hr. • Short-term investment in equity securities in Year 2 Cost Fair value 12/31/Year 2 Dividend income • Music festival to raise funds for a local hospital Admission fees Sales of food and drinks Expenses ● • Federal youth training fee for service grant Cash received during Year 2 Instructor salaries paid • Other cash operating expenses Business manager salary General bookkeeper salary Director of community activities salary Space rental (75% for community activities, 25% for office activities) Printing and mailing costs for pledge cards 2,000 Reading materials donated to Community and distributed to children in Year 2 Fair value 8,000 • Interest payment on short-term bank loan in Year 2 • Principal payment on short-term bank loan used for program services in Year 2 10,000 12,000 1,000 5,000 14,000 4,000 30,000 26,000 60,000 40,000 50,000 20,000 2,000 1,000 20,000 program services in Year 2 20,000 Complete Community Service's Year 2 statement of activities using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0). Element 1. Contributions -- net assets with donor restrictions 2. Revenues -- fees 3. Investment income -- net assets with donor restrictions 4. Program expenses 5. General fundraising expenses (excludes special events) 6. Income on long-term investments other than the endowment -- net assets without donor restrictions 7. Contributed voluntary services Amount 123 123 123 123 123 123 123 FORMATTED RESPONSE RESET CANCEL ACCEPT

Answer rating: 100% (QA)

CALCULATIONS Contributions Net assets with donor restrictions Unrestricted promises collected 95000 ... View the full answer