A donor contributed $500,000 to the city stipulating that the money be invested and that the earnings

Fantastic news! We've Found the answer you've been seeking!

Question:

A donor contributed $500,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the a band shell in the city's park. The $500,000 would most appropriately be recorded in a(an):

Endowment fund.

Agency fund.

Permanent fund.

Private-purpose trust fund.

Related Book For answer-question

Advanced Accounting

ISBN: 9781260247824

14th Edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

See More Books

Posted Date: Jan 21, 2024 08:57 AM

See More Questions

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...
The College of Central North (a small private not-for-profit entity) has the following events and transactions. a. On January 1, Year 1, the board of trustees votes to restrict $1.9 million of...
Permanent Fund and Related Special Revenue Fund Transactions Annabelle Benton, great-granddaughter of the founder of the Town of Benton, made a cash contribution in the amount of $500,000 to be held...
Assume C is a circle centered at the origin, oriented counterclockwise, that encloses disk R in the plane. Complete the following steps for the vector field F = (9y, - 2x). a. Calculate the...
Suppose Toys Plus uses the perpetual inventory system and buys $100,000 of LEGO toys on credit terms of 2/15, n/45. Some of the goods are damaged in shipment, so Toys Plus returns $12,500 of the...
You have recently started work as a management accountant at Zilber Hotels, reporting to the financial controller. Draft management accounts have been prepared for the year just finished, and the...
The ideal column has a weight $w$ (force/length) and is subjected to the axial load $\mathbf{P}$. Determine the maximum moment in the column at midspan. $E I$ is constant. Establish the...
Time-To-See Company began operations in January 2011 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. Time-To-See plans to open...
Acme Company has two divisions, East Division and West Division. Here are data regarding the current year: East Division West Division Sales revenue $560,000 $478,500 Variable costs 192,000 247,500...
The Davis Lamp Company (DLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and...
The Target case study illustrates many of the most significant challenges associated with cybersecurity and the depth and breadth of impact that a breach of data security can have on an organization....
You have been given the portfolio weights for T-Bill (WTBills) and a risky portfolio (WRisky) in a complete portfolio below. WTBills Whisky 1 0.8 0.6 0.4 0.2 0 The current T-bill rate is 1.5%. 0 0.2...
Internal controls: customers email or fax their purchase order document to pea blossoms sales staff. The information is keypunched into the companys mainframe computer, which checks the customers...
The company XYZ has an after-tax interest payment of $105,600, a reduction in debt of -$196,568, Payment of dividends of $11,000, and purchase of ST investment of -$28,600. XYZ didn't issue or...
Follow the below figure for question 7.1,7.2 and 7.3 (30 pts) Percent finer by weight 100 90 80 20 10 0.001 FINES 0.01 #200 0.1 Fine 7.2 Determine the USCS symbol for Soil B B SAND Medium Grain size...
Company XYZ's 2018 EBIT is $17,440. The tax rate is 40%. Based on the following balance sheets, what is the XYZ's 2018 FCF? Cash AR 2017 ST invest. 48,600 $9,000 2018 Total assets Accts. payable...
What is the best way to pay off a home mortgage as well as other liabilities? Income and expenses: Mr Jontray has an annual income of $180,000, Mrs. Jontray has an annual income of $155,000 with...
Do public and private companies follow the same set of accounting rules? Explain.
The accountants for a city are attempting to determine the proper reporting for a new transaction so that financial statements will be in conformity with U.S. generally accepted accounting...
What is a private placement of securities?
Alford Company and its 80 percentowned subsidiary, Knight, have the following income statements for 2021: Additional Information for 2021 Intra-entity inventory transfers during the year amounted to...
What are the main characteristics of the various systems of social differentiation within egalitarian and rank societies?
The United States and Canada are two of only 33 countries that have jus soli, the right to citizenship of any individual born on their soil. Why do you think this right is so limited, and do you...
What are the responsibilities of the governments toward the stateless? Do the United States and other powerful nations have responsibilities toward groups such as the Rohingya? Following the...

A donor contributed $500,000 to the city stipulating that the money be invested and that the earnings

Question:

Expert Answer:

The detailed answer for the above question is provided below The appropriate classification for this ... View the full answer

Advanced Accounting

Students also viewed these accounting questions