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(Answered) United Charities, a not-for-profit entity, supports activities


United Charities, a not-for-profit entity, supports activities
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United Charities, a not-for-profit entity, supports activities for lower-income families. They have regularly engaged in activities such as providing transportation for physically challenged individuals, shelters for the temporarily homeless, group meals for the homeless, and shelters for abused women and children. Record the following transactions within Microsoft Excel. Your entries should clearly indicate the fund in which the entry is made or the class of net assets to which the entry will be closed. If no entry is required, write "No entry required.",

 

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a.United Charities engaged in a fund-raising campaign that resulted in pledges of $600,000 to support activities of the current year. During the year, United collected $450,000 on these pledges.,

 

b.A local citizen pledged $50,000 to purchase and equip a van to provide transportation for physically challenged individuals. This citizen has donated regularly and there is no reason to believe that this pledge will not be collectible.,

 

c.In prior years, an advocacy group for abused women donated $10,000 to be used to furnish a "safe-house" for abused women and children. During the current year renovation of the safe house was completed and furniture was acquired at a total cost of $25,000.,

 

d.A wealthy benefactor pledged to give $100,000 to United if United successfully raises a matching amount in a capital asset fund-raising drive being conducted over a 12-month period.,

 

e.Cash of $60,000 is received from a donor who specifies that the money must be spent to provide educational activities for children who will be living in the "safe-house." It will be next year before the "safe-house" has its first residents.,

 

f.A local attorney has agreed to provide legal services to United on a pro bono basis. During the current period the attorney provided services for which she would have billed $1,500.,

 

g.Several older housewives provide services at the United Charities group meal facility. The women work in the kitchen serving meals and cleaning up the kitchen. If these services were not donated United would have to purchase them. The cost of the services at the prevailing wage rate for similar employees would be $50,000 for the current year.,

 

h.Fixed assets belonging to United Charities had an original cost of $370,000, an estimated salvage value of $70,000, and an estimated useful life of 20 years. Record depreciation if applicable.,

 

i.Cash of $90,000 is received from a donor who specifies that $30,000 is for use by United Charities and $60,000 is to be used by Zimbabwe Charities, United sister organization in Africa

 


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