PRICE FOR BOTH PARTS PLEASE!
NFP Financial Reporting
You will have 2 deliverables for this assignment: (1) Part A: Excel Spreadsheet and (2) Part B: a 2-slide presentation not including title and reference slides.
Part A:
Snowflake 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.
- Volunteers contributed $20,000 of their time to help with mailing materials, answering phones, and other clerical functions.
- Salaries and fringe benefits of $224,600 were paid during the year, and an additional $14,200 of salaries and fringe benefits were accrued.
- 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.
Part A Deliverable:
In an Excel Spreadsheet prepare journal entries to record the transactions. 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.
Part B Deliverable:
- A 2-slide presentation with voice-over or speaker notes addressing the provided prompts (one slide per prompt) not including title and reference slides.
Requirements:
- Use terms, evidence, and concepts from class readings, including professional business language.
- Cite at least 2 sources for this assignment,
