The Concord Historical Society is a not-for-profit organization whose mission is the preservation of Concord's historical...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Concord Historical Society is a not-for-profit organization whose mission is the preservation of Concord's historical treasures. During the year, the Society recorded a number of financial activities. Prepare journal entries for each of the following activities: a. The Society recognized the following support and revenues (the contributions are all on account and the investment returns are in cash): Support-contributions (without donor restrictions). Support-contributions (with donor restrictions). Revenues-investment (without donor restrictions). Revenues-investment (with donor restrictions) $16,800,000 1,950,000 115,200 .... ... 460,800 .... . b. The Society recognized program expenses of $15,600,000 and expenses related to support activities of $2,220,000, both on account. Of the program expenses, $1,200,000 was paid from net assets with donor restrictions and used in compliance with the donor's stipulations. The Society acquired $780,000 of long-term assets during the year and recorded $540,000 of depreciation expense (record the net increase in long-term assets to the plant, property and equipment, net account). Depreciation expense will be allocated to program and support expenses at the end of the year. C. d. The Concord Historical Society purchased $360,000 of investments during the year. The Society collected $18,000,000 of contributions receivable and used the cash to pay $17,400,000 of accounts payable. e. The Concord Historical Society is a not-for-profit organization whose mission is the preservation of Concord's historical treasures. During the year, the Society recorded a number of financial activities. Prepare journal entries for each of the following activities: a. The Society recognized the following support and revenues (the contributions are all on account and the investment returns are in cash): Support-contributions (without donor restrictions). Support-contributions (with donor restrictions). Revenues-investment (without donor restrictions). Revenues-investment (with donor restrictions) $16,800,000 1,950,000 115,200 .... ... 460,800 .... . b. The Society recognized program expenses of $15,600,000 and expenses related to support activities of $2,220,000, both on account. Of the program expenses, $1,200,000 was paid from net assets with donor restrictions and used in compliance with the donor's stipulations. The Society acquired $780,000 of long-term assets during the year and recorded $540,000 of depreciation expense (record the net increase in long-term assets to the plant, property and equipment, net account). Depreciation expense will be allocated to program and support expenses at the end of the year. C. d. The Concord Historical Society purchased $360,000 of investments during the year. The Society collected $18,000,000 of contributions receivable and used the cash to pay $17,400,000 of accounts payable. e.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries for each of the following transactions. 1. Performed services for customers on account $2,500. 2. Purchased $41,000 of equipment on account. 3. Received $1,000 from customers...
-
Prepare journal entries for each of the following transactions for a company that has a fiscal year-end of December 31: (1) On October 1, $12,000 was paid for a one-year fire insurance policy; (2) On...
-
Prepare journal entries for each of the following transactions. In addition, identify the fund in which each entry would be recorded. 1. The General Fund made its annual contribution of $ 1,500,000...
-
The equity profolio of a company is thus 31/12/2001. Nature: Actions A, Quantity = 350, Unit cost = 36000, Purchase dates = 03/1999, 2000 = 37000, 2001= 34000. Nature: Actions B, Qauntity = 125, Unit...
-
How can an independent retailer overcome the problem of little computerization?
-
The Windmill Company is considering investing in a wind turbine to generate its own power. Any unused power will be sold back to the local utility company. Between cost savings and new revenues, the...
-
Research by Aiken et al. on magnet hospitals shows: A. Job satisfaction has no impact on an organizations effectiveness. B. Magnet hospitals have high turnover rates. C. Job satisfaction is...
-
Refer to Table 25.2 in the text to answer this question. Suppose today is November 22, 2011, and your firm produces breakfast cereal and needs 140,000 bushels of corn in March 2012 for an upcoming...
-
View transaction list Journal entry worksheet 1 2 3 Record the bond issue. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general...
-
Kepler's second law states that as a planet moves around in its orbit, it sweeps out equal areas in equal times. Examine the following figure, which shows a planet (blue dot, labeled "E"), orbiting...
-
Write a paper about Lending Institutions, Health Care, and Human Capital Use the Internet to research one (1) developing nation of your choice. Write a research paper in which you: Explore whether or...
-
Modern Artifacts can produce keepsakes that will be sold for $110 each. Nondepreciation fixed costs are $1,300 per year, and variable costs are $70 per unit. The initial investment of $3,900 will be...
-
Find the (a) approximate true error, (b) relative approximate error, (c) absolute relative approximate error of the following: 1. The derivative of ?(?)=3+2+1 at? = 0.5 when h = 0.005 and h??????? =...
-
Hickory Company manufactures two products-15,000 units of Product Y and 7,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering...
-
Q3. Prepare journal entries to record the transactions reflected in items a through g. Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,100...
-
Presented below is information related to copyrights owned by Taylor Corporation at December 31, 2020. Carrying amount 7,000,000 Expected future net cash flows6,200,000 Fair value3,300,000 Assume...
-
Calculate the company's beta using regression analysis. Based on the beta and assuming (risk free rate as 3% and market risk premium of 8%, compute the stocks expected return using CAPM. Then using...
-
1-Stern observed all of the following results EXCEPT _______ in his experiment. A-one of the recombinant phenotypes was associated with an X chromosome of normal length B-the number of car, B+ male...
-
Given the information in Exercise 15.12, determine and interpret the coefficients of correlation and determination for gross revenue versus the number of equity partners. In exercise For the top law...
-
Indicate whether each of the following random variables is discrete or continuous. a. The diameter of aluminum rods coming off a production line b. The number of years of schooling employees have...
-
In a test of the independence of two variables, one of the variables has two possible categories and the other has three possible categories. What will be the critical value of chi-square if the test...
-
The median voter result implies that a. elections will often be very close. b. elections will usually be landslides for the same party year after year. c. elections will usually be landslides, with...
-
The amount of information that is necessary to make an efficient choice is generally _________ in the public sector than in the private sector. a. less b. more c. the same d. None of the above is...
-
A voters becoming more informed on a political issue is likely to have _________ benefits and _________ costs than for similar market decisions, other things being equal. a. smaller; larger b....
Study smarter with the SolutionInn App