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487318125 ASI Chapter 16 NPOs docx

Course

Acctng For Governmental,Not-For-Profit Entities (ACT GOV)

34 Documents
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Academic year: 2022/2023
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Chapter 16

Non-profit Organizations

PROBLEM 16-1: MULTIPLE CHOICE

1. D 6. C 11. D

2. D 7. D 12. D

3. C 8. B 13. C

4. C 9. D 14. D

5. D 10. D 15. C

PROBLEM 16-2: MULTIPLE CHOICE

1. D 6. D 11. C

2. A 7. D 12. A

3. D 8. B 13. C

4. B 9. D 14. C

5. C 10. A 15. C

PROBLEM 16-3: MULTIPLE CHOICE

1. B = 4M fair value of donated land. The 240K

dividends are treated as dividend income rather than

contributions revenue.

2. A = 8M cash donation for acquisition of truck

3. D = 2M investment in equity securities

4. C = 8M cash donation for acquisition of truck

5. B = (4M land + 8M truck + 240K cash dividends) =

12,240,

6. D = 8M cash – 8M net asset released from restriction

= 0

7. A = 2M investment in equity securities

8. A (see table below)

9. D (see table below)

10. A

Solutions:

Unrestric

ted

Temporaril

y

restricted

Permanen

tly

restricted

Shares

8,000,

0

Plant assets

4,000,

0

Equipment held for

sale

20,000,

00

Board-designated

funds

2,400,

0

Cash with time

restriction 80,

Cash invested

indefinitely

3,200,

0

Investment income

for scholarships 200,

Totals

6,400,

00

20,280,

000

11,200,

000

11. A = 40M fair value of land

12. C

13. D = 80K restricted support + (480K – 300K) excess of

sale price over fair value = 260,

14. B = 400K + 1M = 1 restricted support

15. C

16. D (480,000 released from restriction – 480,000 cash

expended + 200,000 released from restriction –

200,000 cash expended) = 0

17. A (800,000 grant – 480,000 released from restriction –

200,000 released from restriction) = 120,000 net

increase

11. C 480,000 + 80,000 + 200,000 + 40,000 = 800,

12. B (4 – 1) = 3.

13. D (4M – 80K – 200K) = 3,720,

14. A (40K dividend income + 80K increase in fair value)

= 120K

15. C (600K + 480K) ÷ 5 = 216,

16. C (200K + 2 + 400K) = 3M

17. A (-800K acquisition of equipment) = (800K)

18. B (800K restricted dividends + 1 permanently

restricted) = 2M

PROBLEM 16-5: FOR CLASSROOM DISCUSSION

1. Answer:

Dat
e

Cash

Equipment

Contributions revenue –

unrestricted support

300,

2,000,

00

2,300,

00

2. Answers:

Jan.
1,
20x
1

Cash

Contributions revenue –

temporarily restricted

support

3,000,

00 3,000,

00

Jan.
1,
20x
1

Investment in equity securities

Contributions revenue –

permanently restricted

support

1,000,

00 1,000,

00

Dec.
31,
20x
1

Equipment

Cash

3,000,

00 3,000,

00

Dec.
31,
20x
1

Cash

Dividend income

50,

50,

3. Answer:

Jan.
1,
20x
1
(a)

Donations receivable

Contributions revenue –

temporarily restricted

support

200,

200,

Jan.
1,
20x
1
(b)

No entry

Jan.
15,
20x
1

Cash

Donations receivable

200,

200,

Feb. Construction materials 300,

Investment in Trust

fund 5,000,

Equipment 3,000,

TOTAL ASSETS 5,200,000 - 5,000,

Less: LIABILITIES

NET ASSETS

5,200,

0 -

5,000,

0

5. C

6. B

7. A

8. B

9. Answer: ₱830,000 (1 billings to patients –

300,000 contractual adjustments – 50,000 employee

discounts – 20,000 billed charity care)

10. A – (II) Unrealized gains and losses on investments

in securities are not a part of the performance

indicator. (IV) Restricted contributions are presented

separately at the bottom part of the statement of

operations. Performance indicator only includes

unrestricted items.

11. Solution:

Total assessment of tuition and fees

2,000,

00

Student scholarships granted to academic

scholars

(100,

00)

Refunds for class cancellations and

withdrawals of

enrolment

(40,

0)

Net revenues from tuition and fees

1,860,

000

The other items are recognized as expenses.

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487318125 ASI Chapter 16 NPOs docx

Course: Acctng For Governmental,Not-For-Profit Entities (ACT GOV)

34 Documents
Students shared 34 documents in this course

University: Far Eastern University

Was this document helpful?
Chapter 16
Non-profit Organizations
PROBLEM 16-1: MULTIPLE CHOICE
1. D6. C 11. D
2. D7. D 12. D
3. C8. B 13. C
4. C9. D 14. D
5. D10. D 15. C
PROBLEM 16-2: MULTIPLE CHOICE
1. D6. D 11. C
2. A7. D 12. A
3. D8. B 13. C
4. B9. D 14. C
5. C10. A 15. C
PROBLEM 16-3: MULTIPLE CHOICE
1. B = 4M fair value of donated land. The 240K
dividends are treated as dividend income rather than
contributions revenue.
2. A = 8M cash donation for acquisition of truck
3. D = 2M investment in equity securities
4. C = 8M cash donation for acquisition of truck
5. B = (4M land + 8M truck + 240K cash dividends) =
12,240,000
6. D = 8M cash – 8M net asset released from restriction
= 0
7. A = 2M investment in equity securities

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