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endowment fund reported $60,000 net decrease in market value
and $30,000 investment income.The organization spent $45,000
on the mental health program during the year. What amount of
change in temporarily restricted net assets should the
organization report?
Question 19
A not-for-profit voluntary health and welfare organization
received a $500,000 permanent endowment. The donor stipulated
that the income must be used for a mental health program. The
endowment fund reported $60,000 net decrease in market value
and $30,000 investment income. The organization spent $45,000
on the mental health program during the year. What amount of
change in temporarily restricted net assets should the
organization report?
Question 20
Lema Fund, a voluntary welfare organization funded by
contributions from the general public, received unrestricted
pledges of $200,000 during 2005. It was estimated that 10% of
these pledges would be uncollectible. By the end of 2005, $130,000
of the pledges had been collected. It was expected that $50,000
more would be collected in 2006 and that the balance of $20,000
would be written off as uncollectible. What amount should Lema
include under public support in 2005 for net contributions?
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ACC 577 Week 1 Quiz (100 % Correct Answers)
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