question archive Part 2: Analysis {3? marks] it is now February 12, 2020

Part 2: Analysis {3? marks] it is now February 12, 2020

Subject:AccountingPrice: Bought3

Part 2: Analysis {3? marks] it is now February 12, 2020. The draft income statement and balance sheet by department that you produced in Part 1 for January 2020 has been emailed out to the members a few days ago and some members expressed some questions and concerns. As a result. prior to holding a meeting in February, the Society's Board would like you answer the following questions relating to January's ?nancial results , so they have the information available to them for the upcoming meeting. Prepare a report to the Board that includes answers to the following questions that have been asked by members about the draft statements. Your report should be limited to 2 pages double spaced. You should use appropriate headings throughout your report so that the Board can easily determine which question is being answered 1. Summarize the January 2020 financial results by department [fund] and any implications of these results for homeowners using language and terminology that the members will understand. 2- Include in your report answers to the following questions that arose from the Society's members. a. We have a new fund this year, the endowment fund. i- Whydon't we have anyexpenses going through this fund? ii. Willwehaveexpensesgoingthroughthisfundinthefuture?why? b. Our hall is starting to require some exterior maintenance. i. How can the Society restrict some of the cash for future hall maintenance? ii. What does this type of restriction look like in the financial statements? iii. Can we make changes to the restricted balance if we decide we have restricted too much or too little? If so, how can this be done? c. The organization needs $100,000 to construct the new playground and iust started raising funds this year. i. How much do we have set aside right now? ii. How were these funds raised? iii. Given our current financial situation, what are some options for how we can fund the remaining capital needed for the playground this summer? Which option would you recommend and why? d. Hall rental is such a pain tor our Society because weddings and parties make so much noise and there is increased traffic in the community. i. Expenses that relate directly to hall rental include 100% ofianitorial fees, 90% of utilities and 20% of advertising tor the month. Given these expenses, how much net income did we generated from hall rental in January? Are there any other costs we might want to consider when assessing the results? ii- Currently we're not able to easily see hall revenues net of expenses in Sage 50. What are some options to better track this within our accounting software, which option would you recommend and why?

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