Contributions of fixed assets may affect more than one type

Assignment Help Financial Accounting
Reference no: EM13376614

Contributions of fixed assets may affect more than one type of fund. Discovery Barn, a not-for-profit science center for children, received a contribution of $3 0,000 explicitly designated for the acquisition of computers. During the year, it acquired $21,000 of computers, which it estimated would have a useful life of three years. It is the policy of the organization to charge an entire year's depreciation in the year of acquisition. Prepare all required journal entries, being certain to indicate the type of fund in which each entry would be made.

Reference no: EM13376614

Questions Cloud

Part-1university loan funds can readily be accounted for : part-1university loan funds can readily be accounted for within the general framework applicable to not-for-pro?t
Investment losses cannot be accounted for as the mirror : investment losses cannot be accounted for as the mirror image of investment gains. on december 31 2013 the child crisis
Investment losses need not impair the principal of : investment losses need not impair the principal of not-for-profits endowment funds. in 2014 the rubin center for the
For purposes of external reporting not-for-profits unlike : for purposes of external reporting not-for-profits unlike governments in their governmental fund statements do not
Contributions of fixed assets may affect more than one type : contributions of fixed assets may affect more than one type of fund. discovery barn a not-for-profit science center for
Should exchange transactions be accounted for differently : should exchange transactions be accounted for differently than contributions? in december 2 01 4 the consumer
A portion of the stockholders equity section from the : a portion of the stockholders equity section from the balance sheet of walland corporation appears as
On the first day of its fiscal year ramsey company issued : on the first day of its fiscal year ramsey company issued 35000000 of 10-year 9 bonds to finance its operations.
Bison industries is in its first year of operations bison : bison industries is in its first year of operations. bison purchased the following assets during 2012 on january 1

Reviews

Write a Review

Financial Accounting Questions & Answers

  What are consequences of these problems for investors

What are the likely causes of these problems and what are consequences of these problems for investors, Czech companies, and the Prague Stock Exchange?

  Find out the price of the bonds at january

On December 31, 2011, the fair value of the bonds was $668,000 as determined by their market value in the over-the-counter market. Find out the price of the bonds at January 1, 2011, and prepare the journal entry to record their issuance.

  Produce a consolidated cash flow statement

Equipment that was worn out and obsolete was sold for $10,000 at the end of the year. The equipment originally cost $600,000 and had a net book value of $65,000 on the date it was retired - Using the information above, produce a consolidated cash flo..

  Phillips company bought 40 ownership in jones bag company

phillips company bought 40 ownership in jones bag company on 1st january 2001 at underlying book value. in 2001 2002

  Discuss standards that inherent in gri

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler and discuss the standards that are inherent in Global Reporting Initiative (GRI).

  Prepare all of the financial statements in proper form

Review the adjustment/correction process including sophisticated topics from accounting and prepare all of the financial statements in proper form - The lease payments are $10,000 each. Dillard guarantees a residual value of $10,000. An incremental ..

  Honey butter inc manufactures a product that goes through

honey butter inc. manufactures a product that goes through two departments prior to completion. the following

  Preparation of journal entries to record stock dividend and

preparation of journal entries to record stock dividend and stock split.klein corporations stockholders equity section

  Multiple choice questions related to basic accounts1which

multiple choice questions related to basic accounts.1.which of the following elements must exist for there to be a

  Calculation of ratio analysisyour company had the following

calculation of ratio analysis.your company had the following balance sheet and income statement information for

  Describe the relevant revenue and cost considerations

Should Kellogg use the scrap and process the product further? Describe the relevant revenue and cost considerations and other relevant issues in your response.

  Adria lopez created success systems on october 1 2013 the

adria lopez created success systems on october 1 2013. the company has been successful and its list of customers has

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd