Puppy Love is a Canadian not for profit organization, which reports under Accounting Standards for Not-fr-Profit...
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Puppy Love is a Canadian not for profit organization, which reports under Accounting Standards for Not-für-Profit organizations (Part III of the Handbook), and its mission is to provide dog food to those in need, and it uses donated funds to purchase and give away over $5 million in dog food each year. Puppy Love uses the deferral method of accounting for contributions. During the year, Puppy Love received a donation of dog food from a local pet supplier, which it used in its current year food giveaway operations. The food had a fair value of $130,000. The donor has disclosed that its cost of the donation is $73,000. What is the total contribution revenue that Puppy Love should record for the donated food, assuming that Puppy Love elects to record contributions of goods, when permitted? As a continuation of the previous question: On January 31, 2021, Puppy Love also received an endowment contribution of $113,000, with no restriction on interest earned. The endowment was investment in bonds and earned $5,000 in interest in 2021. What is the total revenue that Puppy Love should record in 2021 for the donation and its related interest? Puppy Love is a Canadian not for profit organization, which reports under Accounting Standards for Not-für-Profit organizations (Part III of the Handbook), and its mission is to provide dog food to those in need, and it uses donated funds to purchase and give away over $5 million in dog food each year. Puppy Love uses the deferral method of accounting for contributions. During the year, Puppy Love received a donation of dog food from a local pet supplier, which it used in its current year food giveaway operations. The food had a fair value of $130,000. The donor has disclosed that its cost of the donation is $73,000. What is the total contribution revenue that Puppy Love should record for the donated food, assuming that Puppy Love elects to record contributions of goods, when permitted? As a continuation of the previous question: On January 31, 2021, Puppy Love also received an endowment contribution of $113,000, with no restriction on interest earned. The endowment was investment in bonds and earned $5,000 in interest in 2021. What is the total revenue that Puppy Love should record in 2021 for the donation and its related interest?
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Related Book For
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
Posted Date:
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