ch 13 and 14
Complete questions 14-1 and 14-4 in approximately 30 to 90 words each.
Use Microsoft Excel
| 14-1. | Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority. |
| 14-4. | What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations? |
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Ch. 13 Exercise: Recording Revenue and Related Expense Transactions
Complete the following questions in Exercise 13-20, p. 570:
- 1-5
- Be sure your journal entries are properly formatted.
- Use Microsoft Excel
Recording Revenue and Related Expense Transactions. The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization’s only program. It is the policy of the community kitchen to use temporarily restricted resources for which the purpose has been met before unrestricted resources. The Kitchen had the following revenue and expense transactions during the 2017 fiscal year.
- Unrestricted cash donations of $25,000 were received. A local philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs.
- A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used.
- Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750.
- The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances.
- At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner.
Required
Make all necessary journal entries to record these transactions.
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