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NFP Journal Entry Project

Requirement:
A: Prepare journal entries to record each
of the following transactions occurring during the fiscal year ending June 30,
2010 assuming the organization follows the guidance of (A) SFAS #116 and #117
and (B) GASB Statements #34 or #35. For those organizations following FASB
guidance, you should prepare entries under the assumption that property, plant,
and equipment is considered to be unrestricted
resources.

B. Assume the organizations had equity
balances as follows at the beginning of the year. Calculate the balance in each
equity account for each NFP at the end fiscal year 2010, after all adjustments
and closing entries have been made.

NFP (under SGAS #34 or #35) NFP (Under SFAS #116
& #117)

NP-ICA

$5,000,000

NA-PR

$4,000,000

NP-Rest
(NonExpd)

4,000,000

NA-TR

6,000,000

NP-Rest (Expd)

4,500,000

NA-UR

8,000,000

NP-UR

7,500,000

Total Equity

18,000,000

Total Equity

21,000,000

Cash contributions were received as follows: (a) $1,000,000 for
any purposes desired by the school, (b) $600,000 restricted by donors for
research purposes, (c) 100,000 to be used during the next fiscal year in
any manner the NFP sees fit. (d) 800,000 restricted by donors for the
purchase of new equipment, and (e) $2,000,000 to be kept in perpetuity
with half of all earnings to be spent for providing free meals to the
elderly and half available for the NFP to spend as it sees fit.The NFP spent $500,000 for the purchase of new equipment.The NFP spent $350,000 for research.The $2,000,000 to be kept in perpetuity was invested in
marketable securities.Earnings of $40,000 were received on the $2,000,000 endowment.The $2,000,000 in marketable securities was sold at a gain of
$100,000The governing board of the NFP set aside $150,000 to be used
for future land expansion.A payment of $120,000 ($100,000 for principal reduction and
$20,000 in interest) was made on a mortgage that had been signed five
years ago when the NFP purchased its current office building.Depreciation of $15,000 was recorded for the year.

NFP Journal Entry Project

Requirement:
A: Prepare journal entries to record each
of the following transactions occurring during the fiscal year ending June 30,
2010 assuming the organization follows the guidance of (A) SFAS #116 and #117
and (B) GASB Statements #34 or #35. For those organizations following FASB
guidance, you should prepare entries under the assumption that property, plant,
and equipment is considered to be unrestricted
resources.

B. Assume the organizations had equity
balances as follows at the beginning of the year. Calculate the balance in each
equity account for each NFP at the end fiscal year 2010, after all adjustments
and closing entries have been made.

NFP (under SGAS #34 or #35) NFP (Under SFAS #116
& #117)

NP-ICA

$5,000,000

NA-PR

$4,000,000

NP-Rest
(NonExpd)

4,000,000

NA-TR

6,000,000

NP-Rest (Expd)

4,500,000

NA-UR

8,000,000

NP-UR

7,500,000

Total Equity

18,000,000

Total Equity

21,000,000

Cash contributions were received as follows: (a) $1,000,000 for
any purposes desired by the school, (b) $600,000 restricted by donors for
research purposes, (c) 100,000 to be used during the next fiscal year in
any manner the NFP sees fit. (d) 800,000 restricted by donors for the
purchase of new equipment, and (e) $2,000,000 to be kept in perpetuity
with half of all earnings to be spent for providing free meals to the
elderly and half available for the NFP to spend as it sees fit.The NFP spent $500,000 for the purchase of new equipment.The NFP spent $350,000 for research.The $2,000,000 to be kept in perpetuity was invested in
marketable securities.Earnings of $40,000 were received on the $2,000,000 endowment.The $2,000,000 in marketable securities was sold at a gain of
$100,000The governing board of the NFP set aside $150,000 to be used
for future land expansion.A payment of $120,000 ($100,000 for principal reduction and
$20,000 in interest) was made on a mortgage that had been signed five
years ago when the NFP purchased its current office building.Depreciation of $15,000 was recorded for the year.

NFP Journal Entry Project

Requirement:
A: Prepare journal entries to record each
of the following transactions occurring during the fiscal year ending June 30,
2010 assuming the organization follows the guidance of (A) SFAS #116 and #117
and (B) GASB Statements #34 or #35. For those organizations following FASB
guidance, you should prepare entries under the assumption that property, plant,
and equipment is considered to be unrestricted
resources.

B. Assume the organizations had equity
balances as follows at the beginning of the year. Calculate the balance in each
equity account for each NFP at the end fiscal year 2010, after all adjustments
and closing entries have been made.

NFP (under SGAS #34 or #35) NFP (Under SFAS #116
& #117)

NP-ICA

$5,000,000

NA-PR

$4,000,000

NP-Rest
(NonExpd)

4,000,000

NA-TR

6,000,000

NP-Rest (Expd)

4,500,000

NA-UR

8,000,000

NP-UR

7,500,000

Total Equity

18,000,000

Total Equity

21,000,000

Cash contributions were received as follows: (a) $1,000,000 for
any purposes desired by the school, (b) $600,000 restricted by donors for
research purposes, (c) 100,000 to be used during the next fiscal year in
any manner the NFP sees fit. (d) 800,000 restricted by donors for the
purchase of new equipment, and (e) $2,000,000 to be kept in perpetuity
with half of all earnings to be spent for providing free meals to the
elderly and half available for the NFP to spend as it sees fit.The NFP spent $500,000 for the purchase of new equipment.The NFP spent $350,000 for research.The $2,000,000 to be kept in perpetuity was invested in
marketable securities.Earnings of $40,000 were received on the $2,000,000 endowment.The $2,000,000 in marketable securities was sold at a gain of
$100,000The governing board of the NFP set aside $150,000 to be used
for future land expansion.A payment of $120,000 ($100,000 for principal reduction and
$20,000 in interest) was made on a mortgage that had been signed five
years ago when the NFP purchased its current office building.Depreciation of $15,000 was recorded for the year.

NFP Journal Entry Project

Requirement:
A: Prepare journal entries to record each
of the following transactions occurring during the fiscal year ending June 30,
2010 assuming the organization follows the guidance of (A) SFAS #116 and #117
and (B) GASB Statements #34 or #35. For those organizations following FASB
guidance, you should prepare entries under the assumption that property, plant,
and equipment is considered to be unrestricted
resources.








B. Assume the organizations had equity
balances as follows at the beginning of the year. Calculate the balance in each
equity account for each NFP at the end fiscal year 2010, after all adjustments
and closing entries have been made.




NFP (under SGAS #34 or #35) NFP (Under SFAS #116
& #117)


NP-ICA

$5,000,000

NA-PR

$4,000,000

NP-Rest
(NonExpd)


4,000,000

NA-TR

6,000,000

NP-Rest (Expd)

4,500,000

NA-UR

8,000,000

NP-UR

7,500,000

Total Equity

18,000,000

Total Equity

21,000,000

Cash contributions were received as follows: (a) $1,000,000 for
any purposes desired by the school, (b) $600,000 restricted by donors for
research purposes, (c) 100,000 to be used during the next fiscal year in
any manner the NFP sees fit. (d) 800,000 restricted by donors for the
purchase of new equipment, and (e) $2,000,000 to be kept in perpetuity
with half of all earnings to be spent for providing free meals to the
elderly and half available for the NFP to spend as it sees fit.The NFP spent $500,000 for the purchase of new equipment.The NFP spent $350,000 for research.The $2,000,000 to be kept in perpetuity was invested in
marketable securities.Earnings of $40,000 were received on the $2,000,000 endowment.The $2,000,000 in marketable securities was sold at a gain of
$100,000The governing board of the NFP set aside $150,000 to be used
for future land expansion.A payment of $120,000 ($100,000 for principal reduction and
$20,000 in interest) was made on a mortgage that had been signed five
years ago when the NFP purchased its current office building.Depreciation of $15,000 was recorded for the year.












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