Accounting which public charity has unrelated business income?(1) wear it proud , a charity which operates a retail store in which they sell donated merchandise. (2) Vets for pets, a charity which operates a snack bar on site forthe use of members.(3)spirit Boosters, a charity which raises funds by charging for parking during sporting events At thenearby stadium.(4)Operation Wilderness, a charity which operates a summer day camp that is staffed entirely by volunteers.
Q: INFORMATION Samcor Limited manufactures tables. The following information was extracted from the…
A: As multiple sub-parts have been posted, only the first three sub-parts will be answered as per the…
Q: Ripley Corporation's accumulated depreciation furniture account increased by $9,310, while $3,570 of…
A: Cash flow from operating activities is one of the three activities shown in the statement of cash…
Q: Determine the current ratio. Round to two decimal places. 1.59 4.89 1.52 None of the above 316
A: Introduction:- Ratio analysis used to analysis business performance. It gives idea of company…
Q: Benefit Cost Ratio of Project Cos (expressed to three decimal places). Internal Rate of Return of…
A: Computation of depreciation per year amount of Project Cos Initial Investment in Project Cos =…
Q: . Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3. . Determine budgeted…
A: The question is related to the budgeting costing. The budgeted cost of merchandise purchased can be…
Q: 1. Compute Lavender's fixed asset turnover ratio for 2016, 2017, and 2018. 2. During 2018, Zhu and…
A: Assets turn over ratio:- Assets turnover ratio is ratio between the value of the company sales…
Q: 4. Listed below are various types of accounting changes and errors. a) Nathalie Cole Inc. acquired…
A: While preparing the books of accounts there always remains a possibility of errors and omissions.…
Q: Required: 1. What is the overall contribution margin (CM) ratio for the company? 2. What is the…
A: Contribution margin (CM) or gross profit refers to the profit earns by the company for selling goods…
Q: Calculate Samantha's remuneration for 17 March 2022 - with the information provided attached.
A: Normal Wages = Working Hours in a Day x Wage Rate Per Hour Bonus = 50% x Hours Saved x Wage Rate Per…
Q: Year 5 Net cash flows Year 1 Year 2 Year 3 Year 4 Year 5 R10 000 R90 000 R90 000 R90 000 R90 000 R90…
A: Net Present Value- Net present value (NPV) is a tool used to calculate the current value of…
Q: 9 15 Purchased supplies on account for $1,100 from Digital Shot Company. Received $3,500 cash…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: How is it possible for a fixed cost that is traceable to a segment to become a common fixed cost if…
A: Introduction: A common cost is one that is incurred in respect to more than one section and so is…
Q: 3.2) Will the company be able to pay its short-term debts if business conditions are unfavourable?…
A: Introduction:- Current ratio denotes that a company’s ability to meet its short-term debt…
Q: S1] Assuming total cashflows are equal for both assets, the asset with more cashflows in the latter…
A: The cash flows need to be taken to present value to need to compare with appropriate discount rate
Q: Pulsar Plc is considering of exporting its products to the Swedish market. It expects to earn an…
A: Formula = Economic profit / ( loss) = Revenue Less : opportunity cost Less : explicit cost
Q: Over absorption overhead occurs when ?
A: Introduction: Overhead absorption is the number of indirect expenses attributed to cost components.…
Q: er uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point.…
A: In perpetual inventory system updates inventory on a continuous basis . Transactions related to…
Q: Calculate dividends, if any, declared during the year from the given information: Wallace Corp…
A: Computation of ending liabilities=Beginning liabilities - Liability decrease
Q: In additin to the above question: Prepare the company’s Stockholders equity section of the balance…
A: Introduction: Stockholders' equity is the total funds contributed by the shareholders of the company…
Q: Dazzle Corporation purchased a patent for P7,140,000 on January 2014. The patent is being amortized…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Patients use a self-serve kiosk to confirm their arrival at an outpatient clinic. They then proceed…
A: Direct labor per patient will be calculated by multiplying processing time (in minutes) with the…
Q: 2. Complete the below table to calculate income statement data in common-size percents. (Round your…
A: Common size financial statement refers to an analysis statement of the record of a company in a…
Q: 1. Business Organization Green Corporation (GC) is stock corporation engaged in the events…
A: Answer:- l Option recommended to BOD:- To sell additional preferred shares in the stock market.…
Q: If money is worth 8% annually, what annual payment is required to raise ₱ 18,811 after 2 years if…
A: Future Value of Annuity Due = (1 + r) x P x [{(1 + r)^n} - 1] / r
Q: Calculate the ratio (expressed to two decimal places) for 2021 to reflect each of the following:…
A: 1) An indicator of how profitable a company is relative to its total assets. Is return on asset…
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…
A: Working: 1) Loss on sale of investment Amount ($) Opening balance 121,590 (-)Sale value…
Q: Cost of goods sold Answer Net income before tax Answer Ending inventory Answer
A: In the given question, we have to convert the cost of goods sold, net income before tax, and ending…
Q: Find: Times Interest Earned Question: Given the times interest earned, will the company able to…
A: Time interest Earned Ratio :- = EBITDA / Interest Expense Where, EBITDA :— Earning before interest…
Q: Required information PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: During her lifetime, Elaine made several property transfers, including the following: a) The…
A: As per the Federal rules any gift given in the year 2022 exceeding $16,000 to a single person will…
Q: The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda…
A: Partnership is the collaboration of two or more persons to run a business so as to share profits. It…
Q: Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $134,110 has an…
A: Formula for depreciation in straight line method = Asset cost - salvage value / useful life…
Q: What is evergreening in banking and why it may arise as an equilibrium choice of banks. Carefully…
A: Answer:- Evergreening:- Evergreening technically refers to the practice of "managing" the balance…
Q: The following information was extracted from the accounting records of Alpha Enterprises for the…
A: Income statement: It is a financial statement that calculates the net income generated by a…
Q: Use the information provided below to calculate the following manufacturing variances for March…
A:
Q: The basic annual salary of Martha is R576 000. She is entitled to an annual bonus of 90% of her…
A: The effective hourly rate is the hourly wage rate of the employee. The effective hourly rate…
Q: Ed wants to have $30,000 in 20 years. He opens a savings account in a bank which pays 7.2% interest…
A: Interest - The sum that the borrower pays to the lender above the principal amount and is fixed at a…
Q: You have just been employed as the manager of a business which has been in operation for five (5)…
A: The bank reconciliation statement is prepared to match the bank balance as per bank records to the…
Q: Required: Prepare a cash collection summary from sales for the first quarter of 2021.…
A: Cash budget :- it is a document which manages the Cash flow of the business.it show the net effect…
Q: Fanning Corp. incurs the following annual fixed costs: Depreciation $80,000 Officers' salaries…
A: Lets understand the basics. Costs are divided into three types. (1) Variable cost (2) Fixed cost (3)…
Q: The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods…
A: Here only question 2.4 is asked to be solved. Hence I am solving that question only.…
Q: Prepare the company’s Post-Closing Trial Balance as at December 31, 2021
A: Post closing trail balance is the trail balance which as the name suggests is the post closing of…
Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $104,000, allowance…
A: Allowance for uncollectible accounts is considered a contra asset account. It is prepared against…
Q: Use the information provided below to calculate the following manufacturing variances for March…
A: Variance analysis is one of the important technique of management accounting. Under this analysis,…
Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS…
A: Under Average costing, the cost of goods sold is calculated by multiplying average cost with the…
Q: ERGO Corp. has ordinary share capital with par value of ₱50, and preference share capital with par…
A: Share premium: It is the amount which exceed the Face value of share. The share premium account can…
Q: Charger Company's most recent balance sheet reports total assets of $27,000,000, total liabilities…
A: Debt to equity ratio: Debt to equity ratio is a financial ratio which is calculated by dividing the…
Q: 1. Business Organization Green Corporation (GC) is stock corporation engaged in the events…
A: Ans. b To sell additional preferred shares in the stock market Reason: The Green Corporation has…
Q: GMA Corp. has the following information in its shareholders’ equity: Ordinary Share Capital, ₱100…
A: Contributed capital is the total amount contributed towards purchase of all shares of a company.…
Q: BFAR Corp. has 500,000 shares authorized and has the following information at the end of its first…
A: Shares are a type of securities, the holders of which get rights to participate in the profits of…
Accounting
Step by step
Solved in 2 steps
- A private not-for-profit entity has the following activities performed by volunteers who work at no charge. In which case should no contribution be reported? Choose the correct.a. A carpenter builds a porch on the back of one building so that patients can sit outside.b. An accountant does the organization’s financial reporting.c. A local librarian comes each day to read to the patients.d. A computer expert repairs the organization’s computer.a) Modern Day Gospel Fellowship is a non-denominational charity organisation established in 2001. The charity’s aim is to provide support to children from disadvantagedbackgrounds. The support comes in two folds i.e. academic such as scholarships and related academic activities and sports such as tennis, swimming and football. The aim is to provide total well-being to humanity.Modern Day Gospel Fellowship has detailed constitution which explains how the charity’s income can be spent. The constitution also notes that the administration expenditure cannot exceed 6% of annual income.The charity’s income is derived wholly from voluntary donations which includes: • Cash collected from public donations by volunteers.• Cheques sent to the charity’s head office.• Donation from generous individuals. Some of these donations have specific clauses attached to them indicating that the initial amount donated (capital) cannot be spent. However, the income (interest) from the donation can only be…Which of the following is an example of an unrelated business activity for an exempt organization? All are qualified as tax-exempt organizations under IRC 501(c)(3). Raising Readers, Inc, a literacy program run by volunteers, conducts a bake sale, also run by the volunteers, every month. Meridian Medical Clinic, Inc, a small medical facility located in a rural area, has a small cafeteria for the benefit of the medical personnel and patients. House our Heroes, Inc, an organization to provide shelter for homeless veterans, operates a thrift store that sells donated goods. Boots and Spurs, Inc., an equine rescue organization, operates a food truck in the business district on weekdays throughout the year.
- Community Assist for Refugees (CAR) is a not-for-profit organization that assistsrefugees with various services including language and cultural training, transportation,a food bank, and translation services. Some selected transactions for CAR arepresented below.a.CAR received a $20,000 cheque from a local radio station. The letter that came withthe donation says that it can be used by CAR on whatever needs are most urgent.b.CAR received a $25,000 donation from the Literacy Fund for a new homeworkambiance piglet the project serpested o star /in a ew moning,.(C.CAR received a $55,000 endowment contribution from Dr. Koe for a scholarshipd. CAR received a donation of 50 student desks for its homework assistance projectfrom City Office Supplies Ltd. The student desks are valued at $40,000 and areexpected to last 10 years. e. The city donated a tract of land,valued at $50,000 to CAR which plans to raise funds to constract a new center on the land. f.Assume that the homework as istance…Which of the following activities regularly conducted by a tax-exempt organization will result in unrelated business income?A. Selling items made by persons with disabilities as part of their rehabilitation when the organization is involved exclusively in their rehabilitation.B. Operating a grocery store staffed almost entirely by persons with mental health conditions as part of a therapeutic program.C. Regularly holding a casino night fundraiser that is open to the public but staffed entirely by unpaid volunteers.D. Selling pet boarding and grooming services to the general public when the organization is involved in preventing cruelty to animals.A private not-for-profit entity has the following activities performed by volunteers who work at no charge. In which case should no contribution be reported? A carpenter builds a porch on the back of one building so that patients can sit outside. An accountant does the organization’s financial reporting. A local librarian comes each day to read to the patients. A computer expert repairs the organization’s computer.
- Which of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needs do in 30 minutesA donor gave $75,000 to a nongovernmental, not-for-profit charity with instructions that s be transferred to Sam Smith, an individual who lost his home in a fire. The not-for-profit w A) A. Record the $75,000 cash and credit revenue with donor restrictions. B) B. Record the $75,000 cash and credit a liability. C) C. Not record the transaction, because the money is going directly to the intended D) D. Do either of the choice A or B, depending upon the policy of the not-for-profit.Kanlungan, Inc., is a registered non-stock, non-profit entity with the purpose of helping the poor mainly by gathering donations from benevolent donors and distributing the same to the needy. On one occasion, Kanlungan, Inc., used a certain amount of donation to purchase a commercial stall. Kanlungan designated some of its staff to operate the commercial stall to generate income to boost the funds of the organization. Is the income from the stall taxable? a. No, as long as it is used for the main purpose of the organization. b. No, as long as the organization is tax exempt, its transactions remain tax exempt as well. c. Yes, the income is from an unrelated source hence, taxable. d. Answer not given.
- Which of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needs plz do in 30 minutesThe Fleming Foundation is a charitable organization founded by Gaylord Fleming and Sandy Fleming. The Flemings intended for the charity to provide programs in health care for older persons, particularly those in poverty. The two main program divisions of the foundation are mental health and housing for elderly individuals. In addition to these programs, the foundation also provides health care educational programs and has a significant fund-raising effort to help the foundation grow and accomplish the goals of the founders. The foundation is organized into two operating departments-education and program management. These departments are supported by two service departments-information technology (IT) and administration. To summarize, there are four departments (two service departments and two operating departments) and two programs (mental health and housing for older adults). The service department costs are allocated to the operating departments, and then the operating department…The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations from generous individuals. Some of these donations have specific clauses attached to them indicating that the initial amount donated (capital) cannot be spent and that the income (interest) from the donation must be spent on specific activities, for example, provision of sports equipment. The rules regarding the…