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Prepare journal entries to record the transactions in E12- 3.In E12- 3.For each of the following transactions, identify the net asset classification ( unrestricted, temporarily restricted, permanently restricted) that is affected in the NFPO financial statements for the year ended December 31, 2013. More than one net asset class may be affected in some transactions.1. Donor A gave the NFPO a cash gift of $ 50,000 in June 2012, telling the NFPO the gift could not be used until 2013. Identify the net asset classification( s) in the journal entry made at the start of 2013.2. Attorney Howard Gorman volunteered his services to Taconic Singers, an NFPO. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets $ 200 an hour for legal services, and Taconic normally pays $ 8 an hour when it hires ushers.3. Donor B sent a letter to an NFPO, saying she would donate $ 20,000 in cash to the NFPO, to be used for any purpose the NFPO trustees desired, provided the NFPO raised an equal amount of cash from other donors.4. Regarding the previous transaction, the NFPO raised $ 23,000 in cash from other donors and then notified Donor B of its success in meeting her condition for the gift.5. Donor C donates to a local museum a work of art having a fair value of $ 5,000, with the understanding that the museum will sell it at auction and use the funds for its general activities.6. Donor D advises a university that he has established an irrevocable charitable remainder trust, administered by his attorney, whereby his wife will receive income from the trust as long as she lives. At her death, the remaining trust assets will be distributed to the university as a perma-nent endowment. The university actuary estimates the fair value of the university beneficial interest to be $ 400,000.7. By December 31, 2013, the fair value of investments held in perpetuity by an NFPO increased by $ 30,000
Compute the budgeted profit at the expected volume of 600.000 units under both the old and the new product. Compute the budgeted break-even points under both the old and the new production
newbury bikes co. is a wholesaler of motorcycle supplies. an aging of the companys accounts receivable on december 31
If Hoffman accepts the special order, the company would not have to pay its salespeople their normal commission of $2 per unit, but the company would incur a shipping cost of $3 per unit on the items in the special order. If Hoffman accepts the sp..
presented below is information related to the accounts receivable accounts of gulistan inc. during the current year
enter question here grandiose growth has a dividend growth rate of 20. the discount rate is 15. the end-of-year
Estimate how much of the $262,310 of overhead cost in June was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $262,310 consisted of utilities and supervisory salaries.
indicate whether the user would most likely find the information by looking at the income statement the balance sheet
ABC declared and paid a $5,000 dividend in June. The June beginning balance in ABC's Cash Account was $35,000 and the June ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on ABC's June 30th Balance Sheet should b..
Dustin and Penny are husband and wife and always have lived in Washington. At the time of Dustin's prior death in 2009, he was insured in the amount of $600,000 with Penny as the designated beneficiary.
create an argument for or against the use of either the rolling budget or the continuous budget on the planning process
How does the write-off of a nun collectible account receivable and the recovery of a previously written-off account receivable effect net income?
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
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