Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Chapter 18, Problem 19Q
To determine
Determine the possible amounts that can be record for the equipments.
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Which of the following is needed for a fiduciary relationship to exist?
Multiple Choice
The assets are controlled by outside entities.
The assets are derived from the reporting entity’s own revenues, which are used to benefit others.
The assets are for the benefit of individuals and/or entities that are not part of the reporting entity.
The assets are derived from a pass-through grant for which the reporting entity has administrative responsibility.
For the following organizations, determine its UBTI and any related UBIT.
In Care, Inc., is a § 501(c)(3) exempt organization. It owns a convenience store and gas pumps, which it received as a bequest from a patron. The store/gas pumps entity is operated as StopBy, a C corporation. Because StopBy is profit- able, In Care hires a manager and several employees to run the entity. For the current year, StopBy’s profit is $640,000. All of this amount is distributed by StopBy to In Care to use in carrying out its exempt mission.
Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?
Chapter 18 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 18 - Prob. 1QCh. 18 - Prob. 2QCh. 18 - Prob. 3QCh. 18 - What are temporarily restricted net assets?Ch. 18 - What are permanently restricted net assets?Ch. 18 - Prob. 6QCh. 18 - Prob. 7QCh. 18 - Prob. 8QCh. 18 - Prob. 9QCh. 18 - Prob. 10Q
Ch. 18 - Prob. 11QCh. 18 - Prob. 12QCh. 18 - Prob. 13QCh. 18 - Prob. 14QCh. 18 - Prob. 15QCh. 18 - When should membership dues be considered revenue...Ch. 18 - Prob. 17QCh. 18 - Prob. 18QCh. 18 - Prob. 19QCh. 18 - Prob. 20QCh. 18 - Prob. 21QCh. 18 - Prob. 1PCh. 18 - Prob. 2PCh. 18 - Prob. 3PCh. 18 - Prob. 4PCh. 18 - A donor gives Charity 1 50,000 in cash that it...Ch. 18 - Prob. 6PCh. 18 - Prob. 7PCh. 18 - Prob. 8PCh. 18 - Prob. 9PCh. 18 - Prob. 10PCh. 18 - Prob. 11PCh. 18 - Prob. 12PCh. 18 - Prob. 13PCh. 18 - Prob. 14PCh. 18 - Prob. 15PCh. 18 - Prob. 16PCh. 18 - Prob. 17PCh. 18 - Prob. 18PCh. 18 - Prob. 19PCh. 18 - Prob. 20PCh. 18 - Prob. 21PCh. 18 - Prob. 22PCh. 18 - Prob. 23PCh. 18 - Prob. 24PCh. 18 - Prob. 25PCh. 18 - Prob. 26PCh. 18 - Prob. 27PCh. 18 - Prob. 28PCh. 18 - Prob. 29PCh. 18 - Prob. 30PCh. 18 - Prob. 31PCh. 18 - Prob. 32PCh. 18 - Prob. 33PCh. 18 - Prob. 34PCh. 18 - Prob. 35PCh. 18 - Prob. 36PCh. 18 - Prob. 37PCh. 18 - Prob. 38PCh. 18 - Prob. 39PCh. 18 - A private not-for-profit entity is working to...Ch. 18 - Prob. 41PCh. 18 - The University of Danville is a private...Ch. 18 - Prob. 43PCh. 18 - Prob. 44PCh. 18 - Prob. 45PCh. 18 - Prob. 46PCh. 18 - Prob. 47PCh. 18 - Prob. 48PCh. 18 - Prob. 49PCh. 18 - At the beginning of Year 1, the entity above...Ch. 18 - Prob. 51PCh. 18 - Prob. 52PCh. 18 - Prob. 53PCh. 18 - Prob. 54PCh. 18 - Prob. 1DYSCh. 18 - Prob. 2DYSCh. 18 - Prob. 3DYSCh. 18 - Prob. 4DYSCh. 18 - Prob. 5DYSCh. 18 - Prob. 6DYS
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- Which of the following is a distinguishing characteristic of proprietary funds? Select one: O a. They recognize revenues when they are measurable and available O b. They always earn sufficient revenues to cover their expenses O C They are legally prohibited from selling services to other governmental agencies O d. They charge fees for the services they providearrow_forwardNeed correct answer.with explanationarrow_forwardWhich of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is regularly carried on by the organization. B. The individuals who perform substantially all of the work are volunteers. C. The activity is carried on for the benefit of its members. D. The majority of the items sold have been donated to the organization.arrow_forward
- Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets. ABC Not-for-Profit XYZ Not-for-Profit Statement of Activities Unrestricted TemporarilyRestricted Unrestricted TemporarilyRestricted Revenues Program service revenue $ 6,195,000 $ 2,310,000 Contribution revenues 3,387,500 $ 756,000 3,260,000 Grant revenue 102,000 $ 1,031,000 Net gains on endowment investments 18,100 Net assets released from restriction Satisfaction of program restrictions 462,000 (462,000 ) 557,000 (557,000 ) Total revenues 10,062,600 396,000 6,127,000 474,000 Expenses Education program expenses 6,221,000 1,565,000…arrow_forward2. In accordance with ASC 958, contributions of services are recognized as increases in net assets without donor restrictions by a private, not for profit entity if which of the following criteria are satisfied? The services received create or enhance nonfinancial assets. The services require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donations The services will be performed within the current fiscal year. A) I or II B) I or III C) II or II D) I, II, IIIarrow_forwardA large private not-for-profit entity’s statement of activities should report the net change for net assets that are: choose the correct. Unrestricted Permanently restricted a) yes yes b) yes no c) no no d) no yesarrow_forward
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