Option #1: NFP Financial Reporting

Part A requires an excel spreadsheet

Part b is 3-5 Page word doc. APA REQUIRED to include introduction and conclusion with in text citations.

Paying for 5 docs. 4 page word doc acceptable.

Part A:

The COVID-24 Food Kitchen provides
hot meals to homeless and low-income individuals and families. It is
the policy of the Food Kitchen to use restricted resources for which the
purpose has been met before resources without donor restrictions. The
COVID-24 Food Kitchen had the following revenue and expense transactions
during 20X1.

1. The Food Kitchen received a $10,000 federal grant for the purchase of institutional kitchen equipment.
2. A local grocery store donated fresh produce with a fair value of $250. The food was used immediately.
3. Volunteers from a local civic group
   donated 150 hours to preparation and serving meals. The estimated fair
   market value of the labor was $1,200.
4. A local philanthropist donated ,500 which was to be used for the purchase of food for Thanksgiving dinner.
5. The Food Kitchen received ,000 of cash donations without restrictions.
6. The kitchen spent $5,200 on food for preparation of the Thanksgiving dinner.

Required:

Prepare journal entries to record the
transactions. Submit your responses to the questions in an Excel
spreadsheet. Label each entry clearly.

Part B:

1. What are
   the distinguishing characteristics between a public charity and a
   private foundation? What is a public support test and how does it
   relate to public charities and private foundations?
2. Distinguish between program services expenses and supporting services
   expenses. Why is it important that not-for-profit organizations report
   expenses for program services separately from those for supporting
   services?

Required:

• Submit your responses to the items in a 3-5-page Microsoft Word document.
• Ensure your responses are well-written.
• Be sure to follow the formatting guidelines outlined in the CSU Global Writing Center (Links to an external site.) .
• Include at least two scholarly references in addition to the course textbook. The CSU Global Library (Links to an external site.) is a good place to find these references.