Q: A wealthy alumna donates $500,000 in marketable securities to
A wealthy alumna donates $500,000 in marketable securities to her alma mater to establish a scholarship fund . Per the trust agreement, only the interest and dividends (including any gains in fair val...
See AnswerQ: The Lung Association received a contribution of marketable securities that were to
The Lung Association received a contribution of marketable securities that were to be placed in a permanent endowment fund. Neither donor stipulations nor applicable state law requires that capital ga...
See AnswerQ: Discovery Barn, a not-for-profit science center for
Discovery Barn, a not-for-profit science center for children, received a contribution of $30,000 explicitly designated for the acquisition of computers. During the year it acquired $21,000 of computer...
See AnswerQ: The objective of this exercise is to get you familiar with the
The objective of this exercise is to get you familiar with the audited financial statements and IRS Form 990 of a Nonprofit Entity, the American Cancer Society (www.cancer.org, click on "About Us," an...
See AnswerQ: In June 20X0, a public university bills and collects $30
In June 20X0, a public university bills and collects $30 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June it bills $200 million for the fa...
See AnswerQ: Windom College, a not-for-profit institution, engaged
Windom College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 20X0. Prepare appropriate journal entries, indicating the types of funds (by...
See AnswerQ: A not-for-profit hospital signs a contract with an
A not-for-profit hospital signs a contract with an insurance company in which the company agrees to pay it $6 million in capitation fees for the year July 1, 20X0, through June 30, 20Xl. Between July...
See AnswerQ: On June 30, 20X0, a county (government) hospital
On June 30, 20X0, a county (government) hospital bought 3,000 shares of stock for $94,000 intending to hold the investment for its proposed expansion of its trauma center. The fair value of the stock...
See AnswerQ: Please go to www.Guidestar.org, and download the
Please go to www.Guidestar.org, and download the Form 990 of three health-care organizations for 2018. Note that you will need to create a free account to access the forms: 1. Mental Health America of...
See AnswerQ: In June 20Xl, Jason King completed his audit of a 20X0
In June 20Xl, Jason King completed his audit of a 20X0 grant that a city made to Field of Dreams, a private, not-for-profit organization that sponsors recreational programs for disadvantaged teens. In...
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