Previous order questions for reference 118739
| [ERT JET CE J LIVEETS TI rand Canyor X @ chen_2ebuds X Rr 157 Ell 1 X oO C rv transactions using the accounting equation. PL 272 of 384 Assignments ( 1. The Seaside Humane Society has performed the following transactions. Summarize the TABLE 25.4 New Town Finance Department: Debits and Credits New Town Finance Department 2-Jan received $10,000 in education revenues from state Cash - State Education Revenues, education 5-Jan spent $5,000 in cash on supplies Expenses, Supplies Cash 8-Jan received $3,000 in property tax revenues from private company Cash — Property tax, commercial Revenues, commercial $10,000 $10,000 5,000 5,000 3,000 3,000 Oe MO®O0O0R0 @ chen ze bude x | [Bl Grand Canyor x Transaction A: A generous cash donation of $25,000 was received. Transaction B: The Society purchased a new piece of medical equipment (an asset) for $10,000 and will pay for it in 90 days, creating a liability. Transaction C: Payroll was distributed, resulting in a decrease of cash in the amount of $2,000. What are the balance sheet totals after these transactions, assuming the Society had beginning balances of zero? 2. The Little League Organization performed the following transactions. Summarize the transactions using the accounting equation. Transaction A: Registration for the upcoming baseball season generated $35,600 in regis- LN | REET JE CS JP UIVEETS SI Ree EN E North Americ: x | @ chen 2e buds x | [B Grand Cany Rr ll | X Oo cC 8-Jan received $3,000 in property fax revenues ) commercial 3,000 Transaction A: Registration for the upcoming Revenues, commercial 3000 baseball season generated $35,600 in regis- 14-Jan paid salaries of employees tration fees. All fees are paid in cash. Salaries expense 8,000 . Cash ’ goo0 Transaction B: The League purchased new baseballs and uniforms on credit from the local sports store. The transaction total was $12,453. sis 157 | % rv 272 of 384 Transaction C: Landscaping services in the amount of $5,632 were purchased with cash to prepare the fields for play. ‘What are the balance sheet totals after these transactions, assuming the League had beginning balances of zero? o 3. The local homeless shelter had the following transactions. Summarize the transactions using the accounting equation. & [a ESTEREE PIA +R A] TS RE ET TE UC 273 of 384 Transaction A: Utility bills were paid using cash and totaled $1,345. Transaction B: The city provides a subsidy of $1 for each breakfast provided by the shelter. A bill was generated and delivered to the city for 6,000 eligible meals. Transaction C: Volunteers and staff will be painting the inside of the shelter this weekend. Supplies were purchased on credit from the local hardware store, and the total cost was $1,500. Transaction D: Cash was used to pay the credit debt on the paint and supplies. What are the totals in the accounting equation after these transactions? What are the ending balances on the balance sheet if the shelter had the following beginning balances: assets = $20,000; liabilities = $5,000; net assets = $15,000? Additional Readings Coe, C. K. (2007). Governmental and nonprofit financial management. Vienna, VA: Management Concepts. Finkler, S. A. (2010). Financial management for public, health, and not-for-profit organizations (3rd ed.). Upper Saddle River, NJ: Prentice Hall. E=) [a ESTEREE ALY +R A] PC rv 273 of 384 Transaction A: Utility bills were paid using cash and totaled $1,345. Transaction B: The city provides a subsidy of $1 for each breakfast provided by the shelter. A bill was generated and delivered to the city for 6,000 eligible meals. Transaction C: Volunteers and staff will be painting the inside of the shelter this weekend. Supplies were purchased on credit from the local hardware store, and the total cost was $1,500. Transaction D: Cash was used to pay the credit debt on the paint and supplies. What are the totals in the accounting equation after these transactions? What are the ending balances on the balance sheet if the shelter had the following beginning balances: assets = $20,000; liabilities = $5,000; net assets = $15,000? Additional Readings Coe, C. K. (2007). Governmental and nonprofit financial management. Vienna, VA: Management Concepts. Finkler, S. A. (2010). Financial management for public, health, and not-for-profit organizations (3rd ed.). Upper Saddle River, NJ: Prentice Hall. —] [a ESTEREE PLY +R A]