Reference no: EM133280932

Assignment - Financial Reporting Worksheet

Part A - Snow Flake Community Symphony Orchestra had the following transactions for the year:

A fund drive raised $210,000 cash and $150,000 in pledges that will be paid within one year.

A business donated rent-free space for the organization that would typically rent for $48,000 per year.

1. Volunteers contributed $20,000 of time to help with mailing materials, answering phones, and other clerical functions.

2. Salaries and fringe benefits of $224,600 were paid during the year, and an additional $14,200 of salaries and fringe benefits were accrued.

3. The Symphony incurred the following expenses during the year: Utilities - $4,700; Supplies - $5,250; and telephone $9,600. There were no supplies at the end of the year and accounts payable of $3,400 remained on the books.

Required - Prepare journal entries to record the transactions in an Excel spreadsheet. Label each entry clearly and use Excel formulas for all calculated numbers.

Part B - What criteria must be met before a not-for-profit organization can record donated services? If the criteria are met, how should donated services be recorded? Give examples to support your answer.