Antoa Club received GH₵ 32,000 in subscriptions during the year. At the year end subscriptions of GHC350 were owed by members and GH₵ 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscriptions?
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Antoa Club received GH₵ 32,000 in subscriptions during the year. At the year end subscriptions of GHC350 were owed by members and GH₵ 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscriptions?
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- A club received 32000 in subscription during the year. At the year end subscription of 350 were owed by members and 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscriptionThe M Club discloses the following note to its Income and Expenditure Account: 'Subscriptions in arrears are accounted for when received; subscriptions in advance are accounted for on a matching basis.' At 31 March 20X1, there were subscriptions owing of $1,000 and subscriptions in advance of $500. During the year ended 31 March 20X2, subscriptions of $10,000 were received, including subscriptions relating to the previous year of $800 and subscriptions in advance of $600. What amount should be included for subscriptions in the year ended 31 March 20X2? A $8,100 B $8,900 C $9,100 D $9,900c) A Club collects annual subscriptions of K20 from each member. It is club policy to accrue subscriptions owing at the end of each year and also to adjust for subscriptions received in advance. It is also club policy not to accept part-payments of subscriptions from any member. On 1 January 2002, members owed K360 for 2001. On 31 December 2001, members paid K80 for the year 2002. During the year 2002 the club received cash for subscriptions amounting to K7 420; of which K6 920 was for 2002 and K140 for 2003 while the outstanding subscriptions at 31 December 2001 were also fully paid. At 31 December2002, some members had not paid their 2002 subscriptions amounting to K500. Required:i. Determine the amount of subscriptions to be charged to the Income and Expenditure account of the club for the year 2002.ii. How many members had prepaid their subscriptions at the end of 2001?iii. How many members fully paid their subscriptions during the year under review? iv. How many members have so…
- For Chairtable contributions: the company contributed $205,200. How do you calculate the $12,540?At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets and $9,000,000 of liabilities (including deferred revenues of $300,000). What is the balance of Cramer’s net assets?a. $5,700,000b. $6,000,000c. $6,300,000d. $15,000,000A corporation will make the following disbursements: a. Php 50, 000 on December 31, 1991 b. Php 100,000 on December 31, 1992 c. Php 200,000 one December 31, 1993 To accumulate these sums, a singking fund(annuity) is established by making equal year-end deposits starting December 31, 1986 up to the end of 1993. If the fund earns 9% interest compounded annually, what is the required amount of the annual deposit?
- Barrett Historical Society, a nonprofit organization, charges a $100 annual membership. Of this amount, $25 is designed to cover quarterly newsletters, and the remainder is considered to be a contribution. What standard(s) should Barret consider in recording membership revenue for these two components? ASU 2018-08 (nonexchange transactions) would be used to report both components - $25 for newsletter and $75 contribution. Topic 606 (exchange transactions) would be used to report both components - $25 for newsletter and $75 contribution. ASU 2018-08 (nonexchange transactions) would be used to report $25 for newsletter and Topic 606 (exchange transactions) would be used to report $75 contribution. Topic 606 (exchange transactions) would be used to report $25 for newsletter and ASU 2018-08 (nonexchange transactions) would be used to report $75 contribution.Return on plan Assets? For Skysong Corporation, year-end plan assets were $ 2,000,000. At the beginning of the year, plan assets were $ 1,764,000. During the year, contributions to the pension fund were $ 113,000, and benefits paid were $ 184,000.A non-profit organization received S80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O . S80,000 O d. $62,000
- ABC put up a qualified retirement plan approved by the BIR. It appointed B Corp. to administer the plan, which called for the payment of P200,000 to cover the retirement of employees for past services rendered and a yearly contribution of P50,000. The following amounts were paid for the first three years of the plan's operation: Contribution for Services Past Years P 100,000 60,000 40,000 Current Years First year. Second year. Third year.. P 50,000 50,000 50,000 1. The pension expense for the first year is a. P 150,000 b. Р 15,000 с. Р 60,000 d. P 105,000 2. The pension expense for the second year is a. P110,000 b. P 11,000 с. Р 56,000 d. P 66,000 3. The pension expense for the third year is а. Р 90,000 b. Р 9,000 с. Р 54,000 d. P 70,000Assume the financial statements of a non-profit organization had the following financial data at 12-31-22: Change in net assets yr/yr $550,000 Revenue & Gains $10,550,000 Beginning year net assets $4,830,000 1)How much were the expenses for the year? 2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under: a. Unrestricted b. Temporarily restricted c. Permanently restrictedA corporation will make the following disbursements: a. Php 50, 000 on December 31, 1991 b. Php 100,000 on December 31, 1992 c. Php 200,000 one December 31, 1993 To accumulate these sums, an ordinary annuity is established by making equal year-end deposits starting December 31, 1986 up to the end of 1993. If the fund earns 9% interest compounded annually, what is the required amount of the annual deposit?
