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A not for profit agricultural society received a gift on 1/1/14 of a tractor. The society plans to use it to cut grass in its 3000 acre demonstration agricultural farm. The gift had been purchased by the donor for $50,000 but had a fair value of $60,000 at the time of donation. The tractor is expected to last 10 more years. How should the donation be recorded by the society (which would be classified an “other-not-for-profit organization”?
A. Dr. Fixed Assets $50,000 Cr. Contributions – temporarily restricted $50,000 B. Dr. Fixed Assets $60,000 Cr. Contributions – temporarily restricted $60,000 C. Dr. Fixed Assets $50,000 Cr. Contributions – unrestricted $50,000
D. Dr. Fixed Assets $60,000 Cr. Contributions – unrestricted $60,000
What was the total amount of manufacturing costs assigned th those units that were completed and transferred out of the process in Semptember?
question american produce company brought a truckload of cantaloupes weighing 4000 pounds for 1200. american
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square footage requirements and effective utilization.your firm is preparing to open a new retail strip mall and you
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You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the steps you might take to resolve this dilemma.
Explain how Christine should treat each of the five transactions listed above according to the appropriate accounting concepts and Christine has been supplying nurses to a small, private hospital for three months but has not yet received her commiss..
Concept of Double entry system and it application - Describe how the double-entry system is applied in accounting for the following transaction
Lujack had no short-term investments prior to the current period. Prepare the December 31, 2008, year end adjusting entry to record the market adjustment for these entries.
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