An NFP organization receives supplies from a donor. At what amount is the donation reported in contribution revenue?
Q: What is different than traditional costing that uses a volume-based driver? Can you give me some…
A: There are many different types of costing methods, out of which the selection of costing method to…
Q: 11. Raphael Corporation’s balance sheet shows the following stockholders’ equity section.…
A: PAR VALUE OF SHARE : = TOTAL BOOK VALUE / NUMBER OF SHARES CORPORATION’S STOCK
Q: Flexible budget for selling and administrative expenses for a service company Social Media Inc. uses…
A: The selling and administrative expenses budget is prepared to estimate the selling and…
Q: The long-term asset account group is used for which of the following funds? Enterprise Capital…
A: Introduction: Long-term assets are investments in a firm that will benefit it for a long time.…
Q: Jackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk…
A: Taxable income refers to the income that is subject to tax after all the deductions, and exemptions.…
Q: Suppose an asset will pay £10,000 for sure in 10 years’ time and is priced at £5,000 today. Suppose…
A: Future value :— Future is the value of a current asset at a Future date based on an assumed rate of…
Q: Sheffield Limited has the following information available for accruals for the year ended December…
A: A journal entry is the act of recording any transaction, whether one that is economic or not. An…
Q: What is the operating income for Year 1? What is the operating income in Year 2? What is the change…
A: "As per guidelines, we are required to solve only first 3 sub-parts of a question." Operating Income…
Q: Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer…
A: Basic Formula: Unit sold = (Units at beginning + Unit Produced - Units at End) Ending…
Q: The following information is available for Bramble Corp. for the year ended December 31, 2022.…
A: Cash flow statement includes: Cash flows from Operating activities Cash flows from Investing…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $155 and $115,…
A: Contribution margin takes into consideration only variable expenses. Material cost is the total cost…
Q: Based on this information, the balance in the cash account at the end of January would
A: Cash books records all the transaction which impact the cash balance of the business and shows the…
Q: What is the company’s total amount of common fixed expenses? 3. Assume that Cane expects to produce…
A: Cost :— The Money you have to pay for something. The amount of money that a company spends on the…
Q: Zeke Company sells 25,000 units at $21 per unit. Variable costs are $10 per unit, and fixed costs…
A: Contribution margin is the difference of selling price and the variable cost per unit. It is the…
Q: Crane Corporation's master budget for the year is shown below: Sales (60,700 units) Cost of goods…
A: The term "flexible budget" refers to a budget that may be changed or amended depending on the…
Q: The following table includes quarterly working capital levels for your firm for the next year.…
A: Working capital is the amount of capital or funds needed for day to day operations of the business.…
Q: 5. As a result of a more intense effort by sales people, sales are increased by 10%; operating…
A: 1. The Margin, Turnover and ROI is calculated without considering the adjustments. 2. The above is…
Q: The manufacturing costs of Calico Industries for three months of the year are provided below: Total…
A: Variable cost changes with the change in the production units. Under the high low method, variable…
Q: Question 5.2…
A: Subscribers in 2021 - 14,000,000 Customer service representatives - 18 Hours worked - 71/2 Fixed…
Q: Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow.…
A: Common size income statement :— It is the income statement in which all Items of income statement is…
Q: Aline has three contracts from which to choose. The first contract will require an outlay of…
A: Note:- A project is selected on the basis of higher Net present value. So Net present value is…
Q: Selected sales and operating data for three divisions of different structural engineering firms are…
A: Margin :— It is the ratio of net operating income and sales. Turnover :— It is the ratio of sales…
Q: IAS 36 considers Accounting for Impairment in relation to Intangible Assets. Is this realistic in…
A: The impairment of the assets means a situation in which the market value of the asset is less as…
Q: B 83°F Mostly cloudy 83°F Mostly cloudy 83°F Mostly cloudy 83°F Mostly cloudy Service cost Compute…
A: Pension :— Pension is a retirement fund for an employee paid into by the employer, employee, or…
Q: c. The internal rate of return is between what two whole discount rates (e.g.. between 10% and 11%,…
A: The project can be evaluated based on discounted cash flow methods. The IRR method is used to…
Q: The unamortized excess account is a. the excess purchase cost that is attributable to goodwill. b.…
A: The unamortized excess account seems to be the account that is utilized to allocate the amount of…
Q: 12. Raphael Corporation’s balance sheet shows the following stockholders’ equity section.…
A: Introduction: The amount of assets remaining after all liabilities have been paid is referred to as…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Predetermined overhead rate is computed using estimated overhead costs and estimated activity…
Q: Overhead information for Cran-Mar Company for October follows: Total factory overhead cost incurred…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent…
A: Activity-based costing is used to distribute the overhead. This method is used to allocate the…
Q: Cash flows from operating activities with the indirect method include: A. changes in accounts…
A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…
Q: On July 1, 2020 Coronado's Greenhouse purchased a new delivery truck for $90,000. Coronado estimates…
A: Depreciation expense as per straight line method = (Cost - Residual value)/useful life
Q: QUESTION 3 The following year-end totals were taken from the records of Langston Company.…
A: Cash Outflow - Cash Outflow is the amount going out of the organization. It shows in the negative…
Q: True or False 7. Corporations that avail of OSD are allowed to deduct the cost of sales or cost of…
A: Introduction: Rather than tracking all expenses to determine net income. Taxpayers can directly…
Q: On April 30, the end of the first month of operations, Joplin Company prepared the following income…
A: Answer:- Income statement meaning:- Income statement is basically part of the financial statement…
Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…
A: Dividends declared = Number of shares Outstanding ×Cash dividend per share = 74000×$2 =$148,000
Q: Additional information: 1. 2. 3. 4. 5. 6. Operating expenses include depreciation expense of $42,000…
A: Statement of Cash Flow - Statement of Cash Flow shows the movement of cash in the particular…
Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…
A: Introduction: A journal entry is a record of a business transaction in an organization's accounting…
Q: Neptune purchased a new storage facility on April 1, 2021. The new building cost $80,000. A new…
A: Depreciation is an amount charged on the fixed assets by which the asset value decreases over its…
Q: Required: a. Complete the income statements for both divisions and the corporation as a whole.…
A: The income or money that a business enterprise derives from its business activities is called…
Q: The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year…
A: The accumulated portion of a company's profits that are not paid out as dividends to shareholders is…
Q: During March, Sam Company had cash sales of $35,000 and sales on account of $210,000. In April,…
A: Sales may be for cash or on credit. If it is on cash, cash is instantly received on sale. On the…
Q: 1 ! Required information [The following information applies to the questions displayed below.]…
A: In order to determine the income(loss), the total cost (including both avoidable cost as well as…
Q: Why is it necessary for accountants to assume that business entity will remain a going concern?
A: Introduction: The concept of a going concern is crucial to accounting. It presupposes that a…
Q: 3 4 Sales Revenue 5 Sales Revenue 6 7 8 9 10 11 5 12 Gross Profit 13 16 17 14 Operating Activities…
A: Current ratio is the measure or ratio which is used to determine the liquidity position of an…
Q: 2............ 3............. 4............. 5............ (b) autred 80,000 90,000 80,000 20,000…
A: A capital budget is a tool for evaluating two or more projects. The tool helps business owners…
Q: Westerville Company reported the following results from last year’s operations: Sales $…
A: Investment is the amount of money invested in some kind of securities like bonds, shares or in…
Q: Hayden Company is considering the acquisition of a machine that costs $561,000. The machine is…
A: Cash payback period is the amount of period in which original investment amount can be recovered by…
Q: A bakery shop sells a cake. The case must be baked at the beginning of the day. Each unit of cake…
A: Here we need to use contribution margin formula to calculate profit. It is sale price less variable…
Q: Crane Company issued $1,730,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record…
A: When bonds are redeemed at par, we will Credit Cash Account.
Step by step
Solved in 2 steps
- For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be permanently held. Total expenses for Year 2 were $500,000 and reported under net assets without donor restrictions.…The amount of ‘College fees received from students’ by a Non-profit organization is shown in which of the following?Select one:a. Expenditure accountb. Income accountc. Liability accountd. Assets accountThe Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. 1. Computed interest of…
- Please answer with reason for all why the option is correct and why the other options are incorrect 13. An increase in net assets for a not-for-profit organization that would be labeled exchange revenue rather than support is: A. A donation. B. Special events. C. A pledge. D. Investment income.Please answer with reason for all why the option is correct and why the other options are incorrect 14. According to the FASB, net assets with donor restrictions are released from restrictions: A. At the end of each fiscal year. B. As assets are spent for the purposes intended by the donor. C. When funds are returned to the donor. D. When they are reclassified to permanently restricted net assets.Which of the following statements is correct? Multiple Choice A contribution receivable should be recognized as an asset when the amount can be reasonably estimated AND the ultimate collection is reasonably assured. A contribution receivable should be recognized as an asset when the amount can be reasonably estimated OR the ultimate collection is reasonably assured. Bequests are accrued at the time the donor advises the NFPO of the gift. Government funding is recognized as contribution revenue as long as the government is the direct recipient of the good or service. Group Ends
- Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.Donor-restricted contributions that have been given to a VHWO for the purpose of purchasing fixed assets should be recorded as increases toa. Unrestricted Net Assets.b. Temporarily Restricted Net Assets.c. Permanently Restricted Net Assets.d. Fund Balance—Restricted.The funds allocated to products and services used to satisfy citizens' needs are classified as ___________________ expenditures. a. Capital expenditure b. Consumption c. Utilization d. Transfer payments
- Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.Retirement programs, unemployment benefits, financial aid and other expenses that involve transfers of money are considered _________________. a. Capital expenditure b. Consumption c. Utilization d. Transfer paymentsA voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Choose the correct.a. Separates current unrestricted and current restricted funds.b. Separates program service expenses from supporting service expenses. c. Separates cash expenses from noncash expenses.d. Separates fixed expenses from variable expenses.