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Dallas Art Museum received the following contributions in 2012. Draw journal entries to record these events and any year-end adjusting journal entries resulting from the events.
(a) Unrestricted pledges of support were received in the amount of $110,000. All of these are due within the year and it is estimated that 8% will ultimately prove to be uncollectible.
(b) 1,500 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $25. The member year runs from July 1 to June 30.
(c) A local carpenter donated supplies and labor with values of $24,000 and $5,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets.
(d) On March 1, 2012 a local businessman made a pledge payable in a future period. The pledge is restricted in purpose and has a present value of $140,000 (effective interest rate of 8%).
Based on your review of the financial data for every company, show the accuracy and reliability of the data for making investment decision.
Evaluate Becky's bad debt deduction for 2012? For 2013? What forms are used to record the bad debt on her tax return?
Sinking fund payments for issue of debentures - Which of the two methods should Carter use to meet the current sinking-fund payment due shortly and find the market price of the bonds be?
Determine how reasonable it is to consider that the inflow of foreign investment into Australia would have been restricted if Australia, throughout the decision of the Financial Reporting Council, had not made the decision to adopt IFRS from 2005.
Create the operating activities section of the company's statement of cash flows, considering use of: Prepare the financing and investing activities sections of the statement of cash flows.
Evaluate the Gregson absorption costing gross margin and profit and Gregson variable contribution margin and profit?
Sinking fund payments for issue of bonds - What is the lowest level to which O'Dowell's EBIT can drop in the first year the bonds are issued without violating the covenants of the loan? O'Dowell's tax rate is 40%.
Analysis of unfavorable income variance and standard variable manufacturing costs per unit and the budgeted monthly fixed manufacturing costs established for the current year
A neurologist serves on the board of trustees of the Neurological Disease Foundation, an organization that funds clinical research. He was asked to serve due to his expertise in neurological research, and he chairs the committee of the board that ..
How to report in tax return at the end of year for both the buyer and seller? Do we need to report anything in Schedule k or k-1 or Form 8949 or Schedule D.
Evaluate the equivalent units of production with respect to direct materials and direct labor. Evaluate both the direct labor cost and the direct materials cost per equivalent unit.
If company is optimistic about its China venture, and anticipates continued investment and growth, are restrictions on capital outflows from China a problem? Particularly if the source of funds are from China?
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