10 Mar The Folpe Museum Association, a nonprofit organiza
The Folpe Museum Association, a nonprofit organization, had the following transactions for the year ended December 31, 2012.1. Cash contributions to the Association for the year included ( a ) unrestricted, $1,100,000; ( b ) restricted for traveling displays, $350,000; ( c ) restricted by the donor for endowment purposes, $1,400,000; and ( d ) restricted by the donor for equipment, $500,000.2. Additional unrestricted cash receipts included ( a ) admission charges, $300,000; ( b ) interest income, $210,000; and ( c ) tuition for museum school, $50,000.3. Donors made pledges in 2012 in a pledge drive specifically for funds to be used in 2013. The amount was $400,000.4. A multiyear pledge (temporarily restricted) was made at the end of the year by a private foundation. The foundation pledged $50,000 per year for the next five years (at the end of each year). The present value (rounded) of those future payments is $211,000, using a 6 percent discount rate.5. $195,000 in funds restricted for traveling displays was expended during 2012.6. The Museum Association had $150,000 in pledges in 2011 that was intended by the donors to be expended in 2012. The cash was received in 2012. (Expenses are included in transaction 8.)7. $575,000 in cash previously restricted for equipment purchases was expended in 2012. The Museum Association records all equipment in the unrestricted class of net assets.8. In addition to the amount expended in transaction 5, expenses (paid in cash) amounted to ( a ) museum displays, $1,300,000; ( b ) museum school, $90,000; ( c ) management and general, $350,000; ( d ) fundraising, $250,000; and ( e ) membership development, $200,000.9. Depreciation on museum fixed assets amounted to: ( a ) $40,000 for museum displays, ( b ) $7,000 for museum school, ( c ) $12,000 for management and general, ( d ) $4,000 for fund-raising, and ( e ) $4,000 for membership developmentRequired:a. Prepare journal entries to record these transactions, including closing entries. Prepare a Statement of Activities for the Folpe Museum Association for the year ended December 31, 2012. Use the format in the text. The beginning net asset balances were unrestricted, $400,000; temporarily (time) restricted, $150,000; and permanently restricted, $3,500,000.b. The Museum School program expenses are substantially larger than its revenues. Do you recommend that the program be discontinued?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.