In United Togethers statement of activities for the year ended December 31, 20X2, what amounts should it

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 In United Together’s statement of activities for the year ended December 31, 20X2, what amounts should it report under the classifications of net assets with donor restrictions?

a. $0 and $55,000, respectively.

b. $55,000 and $0, respectively.

c. $30,000 and $25,000, respectively.

d. $25,000 and $30,000, respectively.

United Together, a labor union, had the following receipts and expenses for the year ended December 31, 20X2:

image text in transcribed

The union’s constitution provides that 10 percent of the per capita dues be designated for the strike insurance fund to be distributed for strike relief at the discretion of the union’s executive board.

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Advanced Financial Accounting

ISBN: 9781260165111

12th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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