Question

Apple Valley Health Clinic, a private non-profit clinic just started on January 1, 2014. Year ended...

Apple Valley Health Clinic, a private non-profit clinic just started on January 1, 2014. Year ended December 31, 2014. Prepare all entries for the organization. This includes all adjusting entries as well. Be sure to label clearly Unrestricted (UR), Temporary Restricted (TR), or Permanent Restricted (PR) categories if relevant in the entry.

5. On July 1, 2014 equipment was donated to the clinic with a requirement that it must be used for at least 5 years. This equipment had a value of $20,000 and will have a life of 5 years.

6. On October 1, 2014 the clinic purchased a copier for $5,000. This equipment will have a life of 4 years.

7. During the 2014 year, the clinic paid $15,000 for supplies and all were used by the end of the year. The clinic also paid $25,000 in general operating salaries.

8. The clinic on November 1, 2014 incurred and paid $10,000 for the health care for a number of homeless patients. This met the requirements of the money contributed in number 1.

**1. Cash contributions of $150,000 were received on Feb. 1, 2014. Of these contributions $100,000 were for general operating use and $50,000 were given by donors and could only be used for providing care to the homeless.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You were just hired as an accountant for the recently created not-for-profit entity United Sway (US)....
You were just hired as an accountant for the recently created not-for-profit entity United Sway (US). US is an NFPO set up for families who have been impacted by the recent forest fires in BC. US is contemplating between the restricted fund and deferral methods of accounting for contributions and needs your help on how to account for certain transactions. Note, US’s policy with respect to capital assets is to capitalize and amortize capital assets over their expected useful lives...
1. The newly established Environmental Council (a nongovernmental not-for-profit organization) uses two funds for internal reporting...
1. The newly established Environmental Council (a nongovernmental not-for-profit organization) uses two funds for internal reporting purposes. The general fund is used to record day-to-day operating transactions. A building fund is used to accumulate resources for a new building to house the Council’s operations. Both funds are reported using the accrual basis of accounting. In its first year, the Council engaged in the following transactions: a) It received cash contributions of $500,000. Donors stipulate that $100,000 of this amount must...
Assume Charlotte Museum (which has a December 31st year end) received the following contributions in 2020....
Assume Charlotte Museum (which has a December 31st year end) received the following contributions in 2020. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events.(a) Unrestricted pledges of support were received in the amount of $300,000. All of these are due within the year and it is estimated that 7% will ultimately prove to be uncollectible.(b) 600 Memberships were sold to the public in the amount of $45 each. Membership provides the...
Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2014. As of that...
Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2014. As of that date, Abernethy has the following trial balance: Debit Credit   Accounts payable $ 56,700      Accounts receivable $ 43,800   Additional paid-in capital 50,000      Buildings (net) (4-year life) 143,000   Cash and short-term investments 80,250   Common stock 250,000      Equipment (net) (5-year life) 295,000   Inventory 110,500   Land 112,000   Long-term liabilities (mature 12/31/17) 171,000      Retained earnings, 1/1/14 268,750      Supplies 11,900      Totals $ 796,450 $...
Pop Company acquires 85% of Sonny Company for $637,500 on January, 1 2014. Sonny reported common...
Pop Company acquires 85% of Sonny Company for $637,500 on January, 1 2014. Sonny reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $50,000, equipment having a 6-year remaining life and the building having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Pop accounts for its investment in Sonny using the equity method. Based on...
I am looking for the "Statement of Activities" corresponding to question 14-22 (pg. 608 - 609)...
I am looking for the "Statement of Activities" corresponding to question 14-22 (pg. 608 - 609) of Accounting for Governmental & Nonprofit Entities (18th Edition). I just signed up to Chegg and cannot find the answer. Complete question, below. I already worked the journal entries. Now, I need to prepare a statement of activities for the year ended December 31, 2020. INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year...
Dexter Industries purchased packaging equipment on January 1 for $72,000. The equipment was expected to have...
Dexter Industries purchased packaging equipment on January 1 for $72,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3. Instructions Determine the amount of depreciation expense for the first year by (a) the straight-line method (b) the units-of-activity method (c) the double-declining-balance method. Exercise 2 The...
On January 1, 2017, the Millwork Company signed a four-year non-cancelable lease of equipment from the...
On January 1, 2017, the Millwork Company signed a four-year non-cancelable lease of equipment from the Midford Company. The annual lease payments of $35,000 are to be paid on January 1 of each year. The first payment is due on January 1, 2017. The lease contains a bargain purchase option price of $15,000. The equipment's fair value is expected to be $30,000 on December 31, 2020. The estimated economic life of the equipment is six years, and the estimated residual...
Eubank Company, as lessee, enters into a lease agreement on July 1, 2014, for equipment. The...
Eubank Company, as lessee, enters into a lease agreement on July 1, 2014, for equipment. The following data are relevant to the lease agreement: 1. The term of the non-cancelable lease is 4 years, with no renewal option. Payments of $782,757 are due on July 1 of each year. 2. The fair value of the equipment on July 1, 2014 is $2,800,000. The equipment has an economic life of 6 years with no salvage value. 3. Eubank amortize the right...
ABC Inc. is a very mature corporation. On Feb. 1, 2014, the company bought the equipment...
ABC Inc. is a very mature corporation. On Feb. 1, 2014, the company bought the equipment at $1,000,000 by paying the cash amount of $500,000 and borrowing $500,000 from a bank. On that date, the company also paid sales taxes that are equal to 15% of the value of the equipment. In addition, the installation cost of $4,500 was also necessary to make the equipment ready for its intended use. The installation cost was incurred on Feb. 1, 2014. At...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT