Research to cure disease .. Fund-raising costs.... Work to help disabled Administrative salaries.. $60,000 40,000 90,000
Q: From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability....
A: Bank statement: This is a periodic or monthly statement issued by bank reporting the account summary...
Q: Describe the margin of safety.
A:
Q: What is a special assessment project? How are special assessment projects reported?
A: Special assessment project: The special assessment project refers to the projects which are underta...
Q: The Zoe Corporation has the following information for the month of March: Cost of direct material...
A: Cost sheet is as follows Particulars Amount in $ Add - Direct Material 15313 Add - Direct Lab...
Q: Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data ...
A: Note: The information "For the January 15th sale, the company sold 1 unit that originally cost $200 ...
Q: State the three fundamental steps in the accounting process.
A: Accounting is a process of keeping record of all the transactions in the business and summarise them...
Q: Explain the uses of balance sheet.
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of credito...
Q: A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The ...
A: The correct answer is 4. $100,000 expenditure for construction should be recorded in the capital pro...
Q: Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inv...
A: cost of goods manufactured statement: Particulars Amount$ Direct material used Beg...
Q: Which of the following would trigger a subtraction in the indirect operating section? A. decrease in...
A: The correct option is B that is, gain on sale of investments as it is a non-operating gain that is i...
Q: Manufacturing Accounting is different from Financial Accounting...what is the nature and purpose of...
A: Departmental accounting is system of bookkeeping where the transactions of all the departments withi...
Q: On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, is...
A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...
Q: Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $479,400 ...
A: Introduction Medicare tax for high income tax payers is 0.9% for employees grosspay which exceed $20...
Q: w2 | Onlin X + A https://v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?inprogress=true ...
A: Introduction Internal Control is a process of assurance in achieving organisational objectives, in a...
Q: E20-3 (Preparation of pension Worksheet) Verde Company provides the following information about its ...
A: Prepare a pension worksheet: Items Annual pension expenses Cash Pension Asset / Liability Def...
Q: Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inv...
A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method that requires the reporting o...
Q: A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipul...
A: The correct answer is 3. i.e. Permanent Funds. This asset should be reported as permanent funds.
Q: Please be specific in identifying the different types of technologies used by MNCs in Financial Repo...
A: INTRODUCTION: Financial Reporting is noting but the financial statement of a company or an organizat...
Q: Explain the purpose of income statement.
A: Income statement: The financial statement which reports revenues and expenses from business operatio...
Q: Information for Gifford, Inc., as of December 31 follows: Administrative salaries $ 35,000...
A: Calculate the cost of goods manufactured: Direct material: Beginning raw material invent...
Q: Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporatio...
A: Goodwill: Goodwill is the good reputation developed by a company over years. This is recorded as an ...
Q: PowerTrain Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVs), the Mountai...
A: a. The report of contribution margin by-product is represented as below: Thus, the contribution mar...
Q: Differential Analysis for a Discontinued Product The condensed product-line income statement for Dis...
A:
Q: Define control decisions.
A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,...
Q: Professional Fees Earned Budget Day & Spieth, CPAs, offer three types of services to clients: au...
A: Budget: A budget is an estimation of revenues and expenses of a future period. The budgets are prepa...
Q: How are internal service funds reported on government-wide financial statements?
A: A government-wide financial statement is a comprehensive summary of all the major government funds, ...
Q: Wayman Corporation reports the following amounts in its December 31, 2018, income statement. $ 397,0...
A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,...
Q: Cardinal Company has finished goods inventory of 55,000 units on January 1. Its projected sales for ...
A: Production budget: Production budget is the estimation or projection of number of units the company ...
Q: Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the f...
A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...
Q: Explain consignment arrangement with example.
A: Goods in transit: Goods in transit can be described as the inventories which are shipped by the sell...
Q: 1. Calculate cost of ending inventory and cost of goods sold using periodic FIIFO, LIFO, and Weighte...
A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...
Q: Eclipse Construction Company is considering selling excess machinery with a book value of $280,000 (...
A: Requirement 1: Prepare the differential analysis of company EC as on April 16.
Q: The following unmarried individuals died in 2016. The estate of John Lexington has a taxable value o...
A: According to the federal state taxes law, persons who have an estate value after deductions worth ov...
Q: For problems 40 through 43, use the following introductory information: The City of Wolfe has issued...
A: a. Record the correct change in the fund balance in general fund. For government fund an expense sho...
Q: On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach cap...
A: 1. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2017...
Q: Exercise 11-7 Sell or Process Further Decisions [LO11-7] Dorsey Company manufactures three products ...
A: Financial Gain/Loss is calculated in the table given below Product A (amount in pound) Product ...
Q: Blue Devil Inc. sold goods to Black Mountain Corp. for $50,000 on March 1, 2020, accepting Black Mou...
A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at ...
Q: Petty Cash Fund Prepare journal entries for each of the following: a. Issued a check to establish a ...
A: A petty cash fund account is maintained by an organization and different departments of the organiza...
Q: Homepage - Minnesota State Un x * My Home CengageNOWv2 | Online teachin x /ilrn/takeAssignment/takeA...
A:
Q: Distinguish between fixed cost and variable cost.
A: Fixed Costs: These are the costs that remain constant in total dollar amount irrespective to the cha...
Q: The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on Decem...
A: Here, The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on...
Q: Define financial statements.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting a...
Q: A city constructs curbing in a new neighborhood and finances it as a special assessment. Under what ...
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting a...
Q: Flapjack Corporation had 7,664 actual direct labor hours at an actual rate of $12.20 per hour. Origi...
A: Definition: Direct labor variances: The difference between the actual labor cost in the producti...
Q: Screenshot of question is attached. thanks in advance
A: Partnership It is that form of organization which is owned and managed by two or more persons who ...
Q: In order to get the lowest profits possible in periods of rising inventory costs, the company should...
A: Inventory costing is an accounting concept that has direct consequence on company’s gross profit and...
A voluntary health and welfare entity has the following expenditures:
How should the charity report these items?
a. Program service expenses of $100,000 and supporting service expenses of $160,000.
b. Program service expenses of $160,000 and supporting service expenses of $100,000.
c. Program service expenses of $170,000 and supporting service expenses of $90,000.
d. Program service expenses of $190,000 and supporting service expenses of $70,000.
Step by step
Solved in 2 steps with 2 images
- Reasons detailing how a max $20,000 scholarship would improve someone's situation.The NYC has the following activities: the NYC operated transportation-$10,000, NYC operated hospital-$20,000 and NYC operated Café-$30,000. How much should be accounted for in the NYC Enterprise Fund? $10,000 $20,000 $30,000 $60,000A Charity institution capital fund of the non profit organization has OMR 900,000. The income earning @ OMR 250,000 and OMR60,000 expenses. What is the excess value of income statement?Select one:a. OMR 160,000b. OMR 650,000c. OMR 190,000d. OMR 590,000
- A non-profit organization received S80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O . S80,000 O d. $62,000A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Choose the correct.a. Revenues of $33,500.b. Public support of $33,500.c. Public support of $32,000 and a $1,500 increase in the fund balance.d. Public support of $32,000 and revenue of $1,500.A private not-for-profit health care entity has the following account balances:Revenue from newsstand . . . $ 50,000Amounts charged to patients . 800,000Interest income . . . . . . . . . . . .. .30,000Salary expense—nurses . . . . 100,000Provision for bad debts . . . . . 10,000Undesignated gifts . . . . . . . . . 80,000Contractual adjustments . . . . 110,000What is reported as the organization’s net patient service revenue? Choose the correct.a. $880,000b. $800,000c. $690,000d. $680,000
- A not-for-profit medical center performs services in the current year at a charge of $1 million. Of this amount, $200,000 is viewed as charity services because no collection was expected at the time of the work. The direct costs of that work were $80,000 and the indirect costs were $50,000. What amount of these costs has to be disclosed? Choose the correct.a. $50,000b. $80,000c. $130,000d. $280,00066. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…4. Non-Profit Conceras: The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020. Rs. Rs. 9,000 20,000 Receipts Payments Utilities Expenses Free Supply of ration General Expenses Opening Balance 10,000 Rent Revenue 50,000 Donations 40,000 12,000 10,000 Salary Expenses Other Revenues 18,000 Furniture 10,000 Additional information. ) Prepaid Salaries Rs. 3,000 lI) Unearned Rent Rs. 5,000 ili) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.
- Why is the answer $720,000? Can someone walk me through this?The Fox Point Humane Society, a VHWO caring for lost animals, had the following financial inflows and outflows for the year ended December 31, 2018:Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000Cash received that is designated for 2019 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Contributions pledged for 2018, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Contributions pledged for 2019, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Sales of pet supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Pet adoption fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Outflows:Kennel operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…The Fox Point Humane Society, a VHWO caring for lost animals, had the following financial inflows and outflows for the year ended December 31, 2018:Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000Cash received that is designated for 2019 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Contributions pledged for 2018, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Contributions pledged for 2019, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Sales of pet supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Pet adoption fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Outflows:Kennel operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
