A not-for-profit society received a $100,000 donation in 2020. The donor stated that it be used...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A not-for-profit society received a $100,000 donation in 2020. The donor stated that it be used only to purchase books for the society's library facilities. None of the donation was spent in 2020. $12,000 was spent on books in 2021. What should be reported for the fund with donor restrictions in the December 31, 2020, statement of financial position? A) $100,000 B) $112,000 C) $88,000 D) $12,000 A not-for-profit society received a $100,000 donation in 2020. The donor stated that it be used only to purchase books for the society's library facilities. None of the donation was spent in 2020. $12,000 was spent on books in 2021. What should be reported for the fund with donor restrictions in the December 31, 2020, statement of financial position? A) $100,000 B) $112,000 C) $88,000 D) $12,000
Expert Answer:
Answer rating: 100% (QA)
Option a is correct option Fund of 100000 reported in the statement of ... View the full answer
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date:
Students also viewed these accounting questions
-
The land account may be used only to explain a use of cash, but not a source of cash. Comment.
-
General Hospital, a not for profit acute care facility, has the following cost structure for its inpatient services: FIxed costs $10,0000,00 Variable cost per inpatient day $200 Charge (revenue) per...
-
Tanya Tassle owns Born Again Bags, a not for profit business that is registered for GST. Born Again Bags supports the diversion of post-consumer material (waste) into reusable bags to replace plastic...
-
A certain university has decided to introduce the use of plus and minus with letter grades, as long as there is evidence that more than 60% of the faculty favor the change. A random sample of faculty...
-
Assess the risk-return relationship in T-bills (Tables) during each decade since 1950.
-
Draw the schematic of the PC board layout in Figure 690 showing resistor values and identify the series-parallel relationships. Which resistors, if any, can be removed with no effect on R T ? Data in...
-
In probability-proportional-to-size sampling, each invoice: a. Has an equal probability of being selected. b. Can be represented by no more than one dollar unit. c. Has an unknown probability of...
-
M. Rozow of Covington Manufacturing Co. is paid at the rate of $20 an hour for an eight-hour day, with time-and-a-half for over- time and double-time for Sundays and holidays. Regular employment is...
-
Income Statements For the Years Ended December 31, 2020 and 2019 2020 2019 $ $ Operating revenues- Note 1 ? 1,944,000 Less: Cost of goods sold 968,000 960,000 Gross Profit 1,124,800 984,000 Operating...
-
PHB Company currently sells for $ 32.50 per share. In an attempt to determine whether PHB is fairly priced, an analyst has assembled the following information: The before - tax required rates of...
-
The success of global management strategies often requires overcoming obstacles including those resulting from a changing workforce. To what extent, if any, do you believe the modern workforce should...
-
What is the correlation between stocks X and Z? State of the Economy Probability of Occurrence Stock X Expected Return Stock Y Expected Return Stock Z Expected Return Recession 35% 25% -10% 15%...
-
Suppose: Your gross salary is currently 45K annually. Your boss offers you to switch to a market-based contract: $30 K if the market is down or $80 K if the market is up, the market is equally likely...
-
Determine in each situation when capital investment analysis would be used. Purchase of a new delivery truck, which has an estimated useful life of five yearsDetermine if each statement would relate...
-
Prepare a financial statement analysis report containing: i. Business Activity Analysis includes a. Planning Activity (Planning) b. Financing Activities (Financing) c. Investment Activity (Investment)
-
Create a 3 sentence conclusion for the following statement. Title: An In-depth Analysis of Securities Fraud: Prevalence, Impact, and Mitigation Strategies Securities fraud, a deceptive practice in...
-
Examining the benefits from delivery and antenatal services by income group. The income group is divided into 5 quintiles as shown in the table below: Central Hospital Regional Hospital District...
-
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
-
What is a lockbox system?
-
HELP started the year with the following account balances (shown in alphabetical order): Accounts Receivable ..............$ 300,000 Cash ........................135,000 Accounts Payable...
-
Is the information on the balance sheet, activity statement, and cash flow statement independent of one another or connected? Explain.
-
Entrepreneur magazine ranks franchises. Among the factors that the magazine uses in its rankings are growth rate, number of locations, start-up costs, and financial stability. A recent ranking listed...
-
The following 20 observations are for two quantitative variables, x and y. a. Create a scatter chart for these 20 observations. b. Fit a linear trendline to the 20 observations. What can you say...
-
The file colleges contains the following data for the sample of 102 private colleges: year founded, tuition and fees (not including room and board), and the percentage of undergraduates who obtained...
Study smarter with the SolutionInn App