20. ABC Organization, a not-for-profit entity, received thefollowing donations during 20x1:Land with fair value of P10,000,000 to be sold toacquire a bus.• Shares of stocks with fair value of P3,000,000 to beretained indefinitely. The dividends from the shareswill be used to support current operations.As a result of the donations above, how much shouldABC report as increase in temporarily restricted netassets?O A. 10,000,000B. 13,000,000C. 3,000,000D. 0

Unrestricted net assets are the assets donations made to not-for-profit organizations that can be…

Answered: 20. ABC Organization, a not-for-profit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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X Corporation applied for its rehabilitation and submitted a rehabilitation plan which called for the entry by it into a joint venture agreement with Y Corporation. Under the agreement, Y Corporation was to lend to X Corporation its credit facilities with certain banks to obtain funds not only to operate X Corporation but also for a part thereof in the amount of P1 million as initial deposit in a sinking fund to be augmented annually in amounts equivalent to 10% of the yearly income from its operation of the business of X Corporation. From this fund the creditors of X Corporation were to be paid annually, starting from the second year of operations, with the entire indebtedness to be liquidated in 15 years. The creditors of X Corporation objected to the plan because Y Corporation would be taking over the business and assets of X Corporation. Could the court approve the plan despite the objections of the creditors of X Corporation and could the creditors be compelled to follow the plan
Using the information provided in points bellow "..." calculate the net chargeable gain arising on the disposal of the freehold warehouse and shares in The City Limited, on the basis that any reliefs available are claimed. "On 25 April 2022 The City received proceeds of £250,000 for the sale of a warehouse which had been used for trading purposes. The original warehouse cost £25,000 when it was first acquired in December 1978 and was valued at £55,000 in March 1982. The sale was due to the company downsizing and The City bought a smaller replacement warehouse in October 2021 for £200,000 On 10 March 2022 The City sold its 100% investment in Lisbonnete Limited for £20,000. The expenses associated with the sale amounted to £5,000 and the original cost of the shares (in July 1992) was £80,000. Lisbonnete Limited was an active trading company throughout the period that it was owned by The City Limited."
Am120.
Santa Maria College, Inc. a proprietary educational institution, spent P 20,000,000 for the construction of a new school building. The estimated useful life of the building is 50 years. The i 20,000,000 spent by the proprietary educational institution, choose the best answer: O d. Capitalized and expensed outright at the option of the Bureau of Internal Revenue. O. Capitalized or expensed outright at the option of Santa Maria College, Inc. O a. Must be claimed as expense in the year of completion. O b. Capitalize and claim annual depreciation over the 50 years.
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b
Manji
RST Charities received equities securities valued at $100,000 as an unrestricted gift. At year end, the securities had a fair market value of $110,000. By what amount did these transactions increase RST's net assets? A.) $100,000 B.) $105,000 C.) $110,000 D.) $115,000
10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 20x1, the fund balance is P2,800,000. In its December 31, 20x0 and December 31, 20x1 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 20x1 totaled P750,000. How much is the retirement benefits expense in 20x1? a. 250,000 b. 700,000 c. 750,000 d. 800,000
Both the managing director and regional manager of Trail Ltd have the benefit of the useof company cars which may also be used for private purposes. The total benefit for theuse of the cars are estimated at R350 000 per year, of which 35% is for private use and65% for business purposes. The total amount that should be disclosed in remunerationas other benefits should be:1. R122 5002. R227 5003. R245 0004. R455 000
Bey Company provided the below information for the current year:· Fair value of plan assets, January 1: 8,750,000· Fair value of plan assets, December 31: 9,950,000· Pension benefits paid to retired employees: 600,000· Interest income on plan assets: 900,000· Contributions to the fund: 700,000· Remeasurement gain/loss on plant assets: ??How much is actual return on plant assets? a. 200,000 b. 1,000,000 c. 1,100,000 d. 900,000

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