The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30, 20X1: Unrestricted pledges for P300,000 were received. It is estimated that 10% will not be collectible. P260,000 was collected on pledges. It is estimated that another P10,000 will be collected next year. Received P40,000 from Manila Bulletin. The amount was net of P5,000 for fund-raising expenses.
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- During the annual fund-raising drive, the Cancer Society raised $900,000 in pledges of financial support for general operations. By fiscal year-end, the society had collected $800,000 of the pledges. The society estimates that 10% of the remaining pledges will be uncollectible. The NET amount of revenue the society should recognize during the current year from this pledge drive is A.) $900,000 B.) $870,000 C.) $890,000 D.) $810,000Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions and events of its General Fund for October 20X1: • Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted to P4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts of P8,000. Contributed services approximating P10,000 at going salary rates were received from volunteer nurses. Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospital cafeteria. New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors. Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month was P800. The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment, as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.What are the journal entries for the following 14 problems? 1. The hospital received pledges without donor restrictions of $372,6000 and pledges with donor restrictions of $216,000. It collected all of the pledges without donor restrictions and $180,000 of the pledges with donor restrictions. 2. Cash gifts designated by donors for juvenile diabetes research amounted to $250,000 for the year. During the year, $000,000 was expended for juvenile diabetes research. 3. The total services provided by the hospital to all patients during the year amounted to $1,270,697 at the hospital’s established billing rates. Based on the rates with third-party payers, the hospital expects to collect approximately $889,488 (70 percent) of this amount. Due to current economic conditions, it expects that $113,423 (15 percent of the 70 percent) will have to be written off as bad debts. 4. It also provided $93,600 in charity care, which it never expected to collect. 5. It collected $864,225 in patient accounts…
- During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements? A.) $800,000 B.) $700,000 C.) $500,000 D.) $400,000. Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions andevents of its General Fund for October 20X1:• Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted toP4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts ofP8,000.• Contributed services approximating P10,000 at going salary rates were received from volunteer nurses.Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospitalcafeteria.• New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors.Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month wasP800.• The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment,as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000
- In the current year, the not-for-profit organization Save the Butterflies Foundation received cash of $500 to be used as the Foundation wishes and $1,000 to be used for butterfly research. Save the Butterflies also received pledges of $700 that it can use as it wishes and $600 for its building fund. All pledges are expected to be received next year. How much would Save the Butterflies report as contributions with donor restrictions in the current year? 4 O $1,600. O $1,000. O $2,300. O $1,300.2. Required: On January 1, 2024, a foundation made a pledge to pay $47,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $47,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.32950. Record the increase in the present value as of December 31. Record the receipt of the first $47,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.75. During current year, a voluntary health and wel- fare organization receives $300,000 in unrestricted pledges. Of this amount, $100,000 has been desig- nated by donors for use next year to support opera- tions. If 15% of the unrestricted pledges are expected to be uncollectible, what amount of unrestricted sup- port should the organization recognize in its current- year financial statements? a. $300,000 b. $270,000 c. $200,000 d. $170,000 76. Which of the following assets of a nongovern- mental not-for-profit charitable organization must be depreciated? a. A freezer costing $150,000 for storing food for the soup kitchen. b. Building costs of $500,000 for construction in progress for senior citizen home. c. Land valued at $1 million being used as the site of the new senior citizen home. d. A bulk purchase of $20,000 of linens for its nurs- ing home. 77. A nongovernmental not-for-profit organization borrowed $5,000, which it used to purchase a truck. In which section of the…
- Record the following transactions on the books of the private not-for-profit Mansoor Hospital. The Hospital billed patients AED880,000 for services rendered. Of this amount, 5% is expected to be uncollectible. Contractual adjustments with insurance companies are expected to total AED125,000. The Hospital received AED640,000 in pledges of support in a campaign undertaken to purchase new MRI equipment. All of the pledges are payable within one year and 6% are expected to be uncollectible. Charity care in the amount of AED38,000 was performed on an indigent patient. The Hospital collected AED684,000 for the services performed in (a) above. Actual contractual adjustments for these services amounted to AED135,000. AED32,000 of receivables were identified as uncollectible and written off.2. Five entries required Required: On January 1, 2024, a foundation made a pledge to pay $47,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $47,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.32950. Record the increase in the present value as of December 31. Record the receipt of the first $47,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar. A. On the books of the Cancer Research Center, record the…How do I do the journal entries for the following? Unrestricted cash contributions of $1,200,000 were received through the local United Way campaign. An additional $140,000 was received in direct cash contributions, of which $20,000 is restricted to the parolees’ program and $50,000 was for the building fund. Documented promises of $60,000 were received, collectible within the next year. These promises are unrestricted and expected to be 85% collectible. Bad debt expense is included with administrative expenses. PLEASE DONT GIVE handwritten ANSWERS THANKU