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Essay Questions 41.For each of the following situations, select the best answer concerning adjustments to principal and income of an estate. Assume that the will does not specify whether the item is to be classified as principal or income. (A.) Adjustment to the principal of the estate. (B.) Adjustment to the income of.
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59.A not-for-profit organization (Charity A) raises money for other charitable organizations. Charity A receives $10,000 to distribute to Charity B. Assume that the donor retains the right to revoke or redirect the gift. Prepare the journal entries for Charity A and Charity B. The entries should be for the gift when.
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11.Which of the following is usually accounted for as an adjustment to a trust's principal? A. repairs expense. B. rent expense. C. investment costs and commissions. D. insurance expense. E. property taxes. 12.Which of the following is usually not accounted for as an adjustment to a trust's income? A. ordinary repairs expense. B. rent expense. C. investment.
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64.Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. The home has an endowment and the income may be used to sponsor families that are unable to pay for services but the principal must be preserved. In addition, various fundraising activities take place during the year. When.
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63.Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2013, Wakefield Home rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and $25,000 will be adjusted based on estimated insurance agreements. The remaining amount is.
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44.For a not-for-profit organization, when is recognition of contributions of artworks and historical treasures not required? 45.How does a recipient not-for-profit organization record the receipt of a gift that will be transferred without restriction to another charitable organization? What if the donor retains the right to revoke or redirect the.
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50.For the month of December 2013, patient charges at Northfield Hospital (a not-for-profit hospital) were $2,720,000. Third-party payors were billed $1,800,000. In this month, there were several patients that had no health insurance and due to their low income level, the hospital decided that $85,000 of receivables would not be collectible. Required: Prepare.
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51.For the month of December 2013, patient charges at Northfield Hospital (a not-for-profit hospital) were $2,720,000. Third-party payors were billed $1,800,000. The hospital estimated that contractual adjustments would reduce the amount collected from third-party payors to $1,710,000. Required: Prepare the necessary journal entry to record the contractual adjustments. .
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49.For the month of December 2013, patient charges at Northfield Hospital (a not-for-profit hospital) were $2,720,000. Third-party payors were billed $1,800,000. $520,000 of the $2,720,000 was expected to be uncollectible. Required: Prepare the necessary journal entry to record the anticipated uncollectible amount .
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Multiple Choice Questions 1.When a person dies without leaving a valid will, how is the distribution of his or her property determined? A. in accordance with federal inheritance laws. B. inaccordance with generally accepted accounting principles. C. in accordance with a plan developed by the executor of the estate. D. in accordance with state.
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58.A not-for-profit organization (Charity A) raises money for other charitable organizations. Charity A receives $10,000 to distribute to Charity B. Assume there are no donor rights to revoke or redirect the gift. Prepare the journal entries for Charity A when the gift is received, and for Charity A and Charity B.
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62.Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2013, Wakefield Home rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and $25,000 will be adjusted based on estimated insurance agreements. The remaining amount is.
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54.During 2013, the Garfield Humane Society, a voluntary health and welfare organization, received cash donations of $892,000 and membership dues of $62,000. A member of the Humane Society donated services valued at $8,000 that would otherwise have been performed by a paid staff member. A pet food manufacturer donated dog.
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56.A local social worker, earning $12 per hour working for the state government, contributed 600 hours of time at no charge to the Yelton Center, a voluntary health and welfare organization. If not for these donated services, an additional staff person would have been hired by the organization. Required: How should the.
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52.Dura Foundation, a voluntary health and welfare organization dedicated to finding medical cures and supported by contributions from the general public, included the following costs in its Statement of Functional Expenses for the year ended December 31, 2013: What should Dura Foundation report as program service expenses? .
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56.The executor of the estate of Yelbert Toper recorded the following information: Assets discovered at death (at fair value): Debts of $22,100 still remain to be paid. The shares of Dell stock were conveyed to the appropriate beneficiary. Executor fees are allocated based on total charges for principal and for income. Required: Prepare.
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55.The Yelton Center is a voluntary health and welfare organization. During 2012, unrestricted pledges of $780,000 were received by the center, sixty percent of which were payable in 2012, with the remainder payable in 2013 (for use in 2013). Officials estimated that fifteen percent of these pledges will be uncollectible. Required: How.
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53.Dura Foundation, a voluntary health and welfare organization dedicated to finding medical cures and supported by contributions from the general public, included the following costs in its Statement of Functional Expenses for the year ended December 31, 2013: What should Dura Foundation report as supporting service expenses? .
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61.Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. In the first quarter of 2013, Wakefield Home rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and $25,000 will be adjusted based on estimated insurance agreements. The remaining amount is.
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