32. The Jones family lost its home in a fire. On De- cember 25, Year 4, a philanthropist sent money to the Amer Benevolent Society to purchase furniture for the Jones family. During January Year 5,...

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Extracted text: 32. The Jones family lost its home in a fire. On De- cember 25, Year 4, a philanthropist sent money to the Amer Benevolent Society to purchase furniture for the Jones family. During January Year 5, Amer pur- chased this furniture for the Jones family. Amer, a not-for-profit organization, elected early adoption of FASB Statement No. 116, Accounting for Contribu- tions Received and Contributions Made. How should Amer report the receipt of the money in its Year 4 financial statements? a. As an unrestricted contribution. b. As a temporarily restricted contribution. c. As a permanently restricted contribution. d. As a liability. 33. Glen Hope, a voluntary Health and Welfare or- ganization, received a cash donation from George Swinney to purchase equipment for the organiza- tion's kitchen. The donation was received in Year 5 but the equipment was not purchased until Year 6. For Year 5, Glen Hope should report the donation on the statement of activities as: a. Non-operating revenue b. Unrestricted revenue. c. Endowment fund revenue. d. Temporarily restricted revenue.