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Q1. A minister receives an annual salary of $16,000 in addition to the use of a church parsonage with an annual rental value of $6,000.the minister accepted this minimal salary because he felt that was all the church could afford to pay. He plans to report these amounts on his income tax return but he is uncertain how to treat the cash gifts he receives from members of his congregation. These gifts were made out of love and admiration for him. During the year the congregation developed a regular procedure for making gifts on special occasions. Approximately two weeks before each special occasion when the minster was not present, the associate pastor announced before the service that those who wished to contribute to the special occasion gifts could do so by placing in envelopes and giving them to the associate who would give them to the minister. Only cash was accepted to preserve anonymity. The church did not keep a record of the amounts given nor the contributors, but the minister estimates that these gifts amount $10,000 in the current year. How should he treat these gifts?
Q2. Sara receives $5,500 per year scholarship to attend the state university .Sarah spends $4,000 for tuition, $500 for required textbooks and $1,000 for room and board. Sara also has a part time job on campus earnings $3,000 which covered the balance of her room and board and supply expenses. How much does Sara include in her gross income?
Budgeting involves computation of cash budget - which is also its minimum required cash balance. There is an outstanding loan of $2,000 on March 1. Prepare a cash budget for March, April, and May.
Now that the current liabilities have been completed for the audit, the audit senior has asked you to review the long-term liabilities for any potential issues. After reviewing the long-term liability documents, you noticed the following potential..
The most noteworthy item on the income statement is net income. The most noteworthy item on the cash flow statement is not net cash flow." Explain this comment and if you agree, what might be?
You are reviewing the December 31, 2009 financial statements of Ellie's Antiques that is considering an initial public offering of their shares. The following items come to your attention:
Did the foreign currencies increase or decrease in dollar value from the date of the transaction to the settlement date?
How would these capital expenditures for recreation center appear on the Town of Dex's government-wide statements of net activities and assets and prepare journal entries to record preceding information in Town of Dex Recreation Center Construction ..
How many additional shares of common stock could Carnival Corporation sell? How are shares that have not yet been issued included in the company’s balance sheet? Do they represent an asset of the company?
how much money would you have to pay each year in 8 equal payments, starting 2 years from today, to repay a $20,000 loan received from a relative today, if the interest rate is 8% per year?
A company's cash flow on total assets ratio equals 16%. If average total assets equal $2,937,500 and total cash flows equal $600,000, illustrate what is the amount of cash flows from operations?
question choose a public university system and review the audit report and financial statements for the system.prepare
This is the remaining balance of a twelve-month advertising campaign purchased on August 31 in the current year. Assuming the cost is spread equally over each month how much did this advertising campaign cost in total?
Bruno Manufacturing Inc. has sales of $2,371,200 for the first quarter of 2010. In making the sales, the company incurred the following costs and expenses. Complete CVP income statement for the quarter ended March 31, 2010.
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