Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 13.00

Atwater Health Services

Determination of Contribution Revenue

 

 

Atwater Health Services, a voluntary health and welfare organization, has provided support for families with low income in the town of Atwater for approximately 20 years. In 20X6, it conducted a major funding campaign to help replace facilities that are no longer adequate and to generate operating and endowment funds.

The community of Atwater ran a number of special events, and the chamber of commerce made

the fund-raising campaign a major activity for 20X6. In 20X6, Atwater Health Services received the following gifts and pledges:

1. The Plentiful family donated a lot adjacent to the current building for future use as a playground and parking lot. The family had purchased the lot for $22,000 several years ago. It had a current value of $42,000 at the date contributed.

2. A number of new pledges were received and many were partially or fully paid in 20X6. The following information was compiled:

Unrestricted pledges for use in 20X6

$120,000

Unrestricted pledges for use in 20X7

70,000

Pledges to support screening tests for children’s hearing abilities

90,000

Pledge to assist in construction of addition to building; donor agrees to make

eight annual payments of $50,000 each

 

400,000
 

$680,000

3. Also during 20X6, $45,000 was spent in providing free vision tests for all grade school children in the community. A total of $38,000 collected in 20X4 and 20X5 for this purpose were used to help pay for the costs of providing the tests.

Required

a. Prepare the journal entries for 20X6 for these activities, including receipt of the first installment on the pledge for building construction, which was received at the end of 20X6. Atwater cur- rently earns an 8 percent return on its investments. The present value of the seven future pay- ments of $50,000 is $260,318.

b . Prepare the journal entry or entries recorded at the end of 20X7 upon receipt of the second pay- ment on the pledge for building construction.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 11:08 PM My Price 13.00

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