Restricted Fund Method of Accounting Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Restricted Fund Method of Accounting Assignment
XYZ is a local charity that commenced operations on January 1, 2020. XYZ uses the restricted fund method of accounting for contributions. XYZ has a general fund, a capital fund and an endowment fund. For the following partial data provided, prepare the journal entry to record that transaction.
You should provide a description for each entry and/or support (as needed). Specify which fund or funds must be used to record the entry. a) A recent campaign raised cash of $10,000 and pledges of $10,000 for current year operations. Approximately 94% of the pledges are expected to be collected.
Use the allowance method. Consider how the journal entry would change given there was no evidence to support a 94% collection rate. b) Government grants amounted to $50,000, half of which was received. The balance is expected by late 2021. The grants may be applied to any of the organization’s programs. c) Revenue deferred earlier in the year in the amount of $5,000 was recognized. d) Accounts payable and wages payable amounting to $10,000 and $5,000 were paid. e)
Total Wage costs amounted to $60,000 (25% of these expenses are still payable at the end of 2020) which breaks down as follows: Program 1 = $40,000 Program 2 = $10,000 Administration = $10,000 f) A wealthy local businessman donated $100,000 to be held in endowment, with the interest earned to be unrestricted. g)
The investments in an endowment fund earned interest in the amount $3,000. There is no restriction on how they can be used. h) Cash contributions of $200,000 restricted for the purchase of a building was received in the operating year. The building was also purchased in the year at a cost of $200,000. Amortization expense for the building amounted to $10,000. i)
A campaign was run late 2020 to raise money for next year’s operations. A total of 89,000 was collected and total administration costs were $31,000. j) The charity was fortunate to have many volunteers. Not having the volunteers would have resulted in the charity having to pay $55,000 for extra help. k) A local investor donated a rare book collection in May 2020. The collection is valued anywhere from $100,000 – $200,000. l) The charity received advertising services in September 2020 (to promote the campaign run at the end of the year). Approximate value of the advertising was $2,000.
REQUIRED:
- a) Prepare the necessary journal entries to reflect the transactions. 10 marks
- b) Section 4433 (Tangible Capital Assets) contains a compromise provision applicable to small NFPOs. Explain briefly what this is referring to (e.g. address the threshold and what alternatives exist). 2 marks
- c) If XYZ had only one fund (a general / operating fund) and used the deferral method for recording contributions, prepare the journal entries for the transactions that would change from part a. 3 marks
- Restricted Fund Method of Accounting Assignment
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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