Net asset classifications used on the financial statements

Assignment Help Financial Accounting

Reference no: EM131261481

Special issues may exist in the reporting of cash flow, contributions, exchange transactions, pledges, and contributions of service, when not-for-profits are involved. Typical problems encountered by not-for-profits may vary in nature. Discuss answers to the following questions and justify your response:

Discuss the differences between not-for-profit organizations and for-profit and from governmental entities

Discuss the net asset classifications used on the financial statements of not-for-profit organizations.

Reference no: EM131261481

Questions Cloud

Prepare statement of comprehensive income : The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Acker Inc.’s available-for-sale securities at December 31, 2014, was $190,000; its cost was $140,000. Prepare the journ..

Maturity as the? firms outstanding debt : Compute the cost of capital for the firm for the? following: Currently bonds with a similar credit rating and maturity as the? firm's outstanding debt are selling to yield 7.64 percent while the borrowing? firm's corporate tax rate is 34 percent.

Under the straight-line depreciation method : On August 5, Quattro Building Co. purchases equipment costing $1,000,000. The useful life of the equipment was estimated to be eight years, with an estimated residual value of $50,000. Compute the depreciation expense to be recognized each calendar y..

Cash-basis accounting and accrual-basis accounting : The following information is taken from the accrual accounting records of Kroger Sales Company: During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next 2 months (February and March). The supplies will be used ..

Net asset classifications used on the financial statements : Special issues may exist in the reporting of cash flow, contributions, exchange transactions, pledges, and contributions of service, when not-for-profits are involved. Discuss the differences between not-for-profit organizations and for-profit and fr..

Which bunching strategy in part will generate tax savings : Trevor is a single individual who is a cash-method calendar-year taxpayer. For each of the next two years (year 1 and year 2), Trevor expects to report AGI of $80,000, contribute $3,500 to charity, and pay $2,500 in state income taxes. Explain the co..

Statement of cash flows by the indirect method : Triumph Corporation is preparing its Statement of Cash Flows by the indirect method. Triumph has the following items for you to consider in preparing the statement: Identify each item as an Operating activity—addition to net income (O+), or subtracti..

Printer total deductible expenses for tax purposes : Printer Company pays a $25,000 annual membership fee to a trade association for paper wholesalers. The trade association estimates that 60% of its dues are allocated to lobbying activities. What are Printer’s total deductible expenses for tax purpose..

Contribution margin per unit and contribution margin ratio : The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2015. The drum sets sell for $500 each. The company has a 25% income tax rate. Prepare a contribution margi..

User Account

All Pages