In Problem 17, which of the following statements is true about reporting a revenue in connection with

Question:

In Problem 17, which of the following statements is true about reporting a revenue in connection with this gift?

a. A revenue will be reported.

b. Revenue is reported but only if the asset is reported.

c. If the asset is not capitalized, the city recognizes no revenue.

d. As a gift, no revenue would ever be reported.

Data from Problem 17

The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the governmentwide financial statements?

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

Step by Step Answer:

Related Book For answer-question

Fundamentals Of Advanced Accounting

ISBN: 9781260575927

8th Edition

Authors: Joe Ben Hoyle

See More Books

Question Posted: Mar 29, 2021 01:51 AM

See More Questions

Which of the following statements is true about the role of gifts given to U.S. citizens from foreigners? a. Gifts are only included in the balance of payments if the gift is over $1,000,000. b....
Which of the following statements is true about managerial accounting? It provides more detailed information than financial accounting does. It is primarily for internal users such as stockholders...
Which of the following statements is true about health savings accounts (HSAs)? Select one: a. Taxpayers may take tax and penalty free distributions from HSAs to purchase automobiles after age 65. b....
The following matrix is row-equivalent to the augmented matrix of a linear system. Describe the solution set of that system. 1 0 1 5 0000 0013 0000 Find all possible values of a for which the...
Understand true and false positives and negatives.
The following data were provided by the accounting records of NewFort Limited at year- end, 31 December 20X9: Analysis of selected accounts and transactions: a. Sold plant assets for cash; cost, $...
Defendant Monty J. Person began working for Garage Solutions, LLC, in March 2015. Three months into his employment, Person was sent by the owner of Garage Solutions, Mark Fontenot, to Rexburg, Idaho,...
High-low method, regression analysis. Anna Martinez, the financial manager at the Casa Real restaurant is checking to see if there is any relationship between newspaper advertising and sales revenues...
Crystal Corporation earned net income of $ 9 0 0 , 0 0 0 in 2 0 2 3 . It has a complex capital structure as follows: 1 2 , 0 0 0 shares outstanding of 8 % , $ 1 0 0 preferred stock, and 1 7 0 , 0...
Prove that Then show that the regions under the hyperbola over the intervals [1, 2], [2, 4], [4, 8], . . . all have the same area (Figure 3). bla 1 1 L = = dx = fi = = dx te - Ja x X dx for a, b 0.
Assume in Problem 17 that the city reports the work as a capital asset. Which of the following is true? a. Depreciation is not recorded because the city has no cost. b. Depreciation is not required...
The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the...
At present, the nominal interest rate is 7 percent, and the expected inflation rate is 5 percent. The current year is the base year for the price index used to calculate inflation. a. What is the...
Tony dies intestate, survived by Lisa, his mother; Grace, his wife; Abby and Selena, his two daughters; and Brock, his grandson. Brock is the son of Cliff, Tonys son, who has already died. Under...
Hadji executes a will that leaves all his property to Dave. Two years later, Hadji executes a will that leaves all his property to Nora. The second will does not expressly revoke the first will....
The FDA has decided to switch an OTC drug to prescription only. The manufacturer has sued the FDA to prevent the switch. What must the FDA prove in court in order to prevail in this lawsuit?
Blevco Pharmacy and Dietco, the manufacturer of an OTC diet product, entered into a contract whereby in local promotional television ads, Dietco would tout Blevco as the place to purchase the...
Are economists typically more concerned about the limits to growth imposed by environmental degradation or those imposed by resource scarcity? Explain, noting the role of negative externalities in...
(a) If z1 = a1 + b1i and z2 = a2 + b2i, find |z1 - z2| interpret the result geometrically. (b) Use part (a) to show that the complex numbers 12, [6 + 2i, and 8 + 8i are vertices of a right triangle.
XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: Gross revenue from operations Cost of goods sold $420,000 ($180,000) $9,000 LT capital gain .LT capital...
Benns adopts the equity method for its 100 percent investment in Waters. At the end of six years, Benns reports an investment in Waters of $920,000. What figures constitute this balance?
Benns adopts the equity method for its 100 percent investment in Waters. At the end of six years, Benns reports an investment in Waters of $920,000. What figures constitute this balance?
Patrick Corporation acquired 100 percent of OBrien Companys outstanding common stock on January 1, for $550,000 in cash. OBrien reported net assets with a carrying value of $350,000 at that time....
Develop, debug and test the python script. As part of this process, you must demonstrate the following: Translate the written pseudo code from 1c into the finalised python script using the required...
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash...
A soap bubble, when illuminated at normal incidence with light of 563 nm, appears to be especially reflective. If the index of refraction of the film is 1.33, what is the minimum thickness the soap...

In Problem 17, which of the following statements is true about reporting a revenue in connection with

Question:

Step by Step Answer:

Sculpture does not meet certain criteria to be re...View the full answer

Fundamentals Of Advanced Accounting

Students also viewed these Business questions