Leaf Private College is sponsored by a religious group. Volunteers from this religious group regularly contribute...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Leaf Private College is sponsored by a religious group. Volunteers from this religious group regularly contribute their skilled services to Leaf and are paid nominal amounts to cover their commuting costs. If Leaf did not receive these volunteer services, it would have to purchase similar services. During 2019, the total amount paid to these volunteers was $10,000. The gross value of services performed by them, as determined by reference to lay-equivalent salaries, amounted to $400,000. What amount should Leaf record as expenses in 2019 for these volunteers' services? a. $410,000 b. $400,000 c. $10,000 d. So Leaf Private College is sponsored by a religious group. Volunteers from this religious group regularly contribute their skilled services to Leaf and are paid nominal amounts to cover their commuting costs. If Leaf did not receive these volunteer services, it would have to purchase similar services. During 2019, the total amount paid to these volunteers was $10,000. The gross value of services performed by them, as determined by reference to lay-equivalent salaries, amounted to $400,000. What amount should Leaf record as expenses in 2019 for these volunteers' services? a. $410,000 b. $400,000 c. $10,000 d. So
Expert Answer:
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
Students also viewed these accounting questions
-
If Muhundan did not receive the outstanding teacher award, then Muhundan did not speak at the teachers conference. Suppose both of the following statements are false. p: Muhundan spoke at the...
-
If Muhundan did not receive the outstanding teacher award, then Muhundan spoke at the teachers conference. Suppose both of the following statements are false. p: Muhundan spoke at the teachers...
-
During 2012 volunteer pinstripers donated their services to General Hospital at no cost. The staff at General Hospital was in control of the pinstripers' duties. If regular employees had provided the...
-
The shear shown is used to trim electronic-circuit-board laminates. Neglecting the thickness of the shearing blade and knowing that a vertical 3-kN shearing force at E is required to cut the...
-
The chocolate crumb mystery. This story begins with Problem 60 in Chapter 23. As part of the investigation of the biscuit factory explosion, the electric potentials of the workers were measured as...
-
How are corporate assets tested for impairment?
-
Consider an LRC circuit with \(L=1.00 \mathrm{H}, R=1.00 \times 10^{2} \Omega, C=\) \(1.00 \times 10^{-4} \mathrm{~F}\), and \(V=1.00 \times 10^{3} \mathrm{~V}\). Suppose that no charge is present...
-
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis...
-
please see attached picture. i need with answering this. Auto Save @ Sif : File Home Insert Page Layout Formulas Data Review View Help Calibri - 12 -AA 29 Wrap Text General Paste Bru- - O- A - Merge...
-
To answer this question, you must obtain data from the Bureau of Economic Analysis (BEA), http://www.bea.gov, on the U.S. balance of payment (BOP) tables. Go to interactive tables to obtain annual...
-
Q1a. Briefly explain the main difference between a periodic and a perpetual inventory system. Identify which type(s) of business would be likely to use each of these inventory systems and explain...
-
Observation may include the use of ethnographic techniques, such as watching customers interact with a product in a real-world environment. Discuss how this is an effective way to gain consumer...
-
Taking into account these sources of customer data, discuss how the data that is gathered can be utilized to gain a first mover advantage, or help to sustain a competitive advantage if implemented....
-
1. What is the rational for the company having board of directors and in which legislation describes boards' and functions and responsibilities? 2. Describe how each of following regulatory...
-
A 40-year-old person buys a 20-year deferred 15-year term annuity contract for a single upfront premium of $700,000. Interest earnt by the insurance company is assumed to be 6% over the life of the...
-
A laptop has a listed price of $895.95 before tax,If the sales rate is 7.75% find the total cost cost with sales cost included. Andrew bought tacos and left 25% tip at $2 What was the price of the...
-
To calculate the market value of common stock, you multiply the ________________ by the market price per share. ANSWER Unselected number of authorized common shares Unselected number of preferred and...
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
Indicate the part [(a) through (e)] of the general fund statement of revenues, expenditures, and changes in fund balance affected by transactions (1) through (7). a. Revenues b. Expenditures c. Other...
-
Carleton Agency, a VHWO, conducts two programs: Medical Services and Community Information Services. It had the following transactions during the year ended June 30, 2019, shown. 1. Received the...
-
Rodriquez is one of your tax clients and has come to you seeking your input about a potential investment opportunity. Your client has the opportunity to acquire a 30% interest in the capital of a...
-
A You are presented with the following information from the Seneley group of companies for the year to 30 September \(19 X 6\) : \section*{Additional information:} (a) The authorised, issued and...
-
A You are to draw up a consolidated balance sheet as at 31 December \(19 \times 3\) from the following: At the balance sheet date S1 owed P \( 2,000\) and S2 \( 500\), and P owed S2 \( 1,800\). P had...
-
A You are presented with the following summarised information relating to Block plc for the year to 30 September \(19 X 8\) : \section*{Additional information:} 1 Block purchased 80 per cent. of the...
Study smarter with the SolutionInn App