Question: Peter Smith made a cash donation in January 2009, to World-Wide Helpers, a nongovernmental, nonprofit organization that raises contributions for others. Peter specified the beneficiaries

Peter Smith made a cash donation in January 2009, to World-Wide Helpers, a nongovernmental, nonprofit organization that raises contributions for others. Peter specified the beneficiaries for his contribution, but provided variance power to World-Wide Helpers to use the donation for beneficiaries not specified by Peter. How should World-Wide Helpers account for Peter’s cash donation?

a. As an increase in contribution revenue.

b. As an increase in liabilities.

c. As either an increase in contribution revenue or liabilities.

d. As neither an increase in contribution revenue nor liabilities.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Model Based Testing For Embedded Systems Questions!

Angela Mosley owns Innovative Designs. The trial balance of the firm for January 31, 20X1, the first month of operations, is shown below. INSTRUCTIONS 1. Complete the worksheet for the month. 2....

56. Peter Smith made a cash donation in January 2012, to World- Wide Helpers, a nongovernmental, nonprofit organization that raises contributions for others. Peter specified the beneficiaries for his...

Peter Smith made a cash donation in January 2012, to World-Wide Helpers, a nongovernmental, nonprofit organization that raises contributions for others. Peter specified the beneficiaries for his...

Rose Smith made a cash donation for a specific purpose in December 2009, to United Ways, a nongovernmental, nonprofit organization that raises contributions for others. Assume United Ways was (1) not...

53. Rose Smith made a cash donation for a specific purpose in December 2012, to United Ways, a nongovernmental, nonprofit organization that raises contributions for others. Assume United Ways was (1)...

Rose Smith made a cash donation for a specific purpose in December 2012, to United Ways, a nongovernmental, nonprofit organization that raises contributions for others. Assume United Ways was (1) not...

from pages 5-39 of Stanford's Health Care Report- any particular point that feel may be relevant or interesting in regards to financial status current or future for Stanford. Has to be least 200...

Using the Stanford Health Care Consolidated Financial Statements for 2014 ( pages 1-4 ), prepare a brief summary (3 -4 paragraphs) that highlights the current financial status of Stanford and any...

Case requirements 1.Imagine yourself in Nancy John's position. Recall that Nancy was openly critical of the previous Executive Director (ED). Using the fraud triangle as a guide, speculate on the...

Business and Society Stakehol... Chapter 18 The Community and the Corporation 395 396 Part Six Business and Its Stakeholders Salesforce.com, a cloud computing company based in San Francisco, develops...

You want to form a price-weighted technology stock index using Apple, Google, and Microsoft. Apples adjusted closing price for 2021 is $177.57 and for 2020 is $131.88; Googles adjusted closing price...

A gamma distribution for which both parameters and are unknown ( > 0 and > 0); T = , X; And T2 = E Xi- %3D

Assume that a canceled check for $ 3 9 0 has been incorrectly recorded by the bank as $ 9 3 0 . Select how the error would be included in a bank reconciliation and how it should be corrected....

What steps could a company take to avoid making product design and marketing mistakes when introducing new products into East Germany? How would you go about hiring a plant manager for a facility you...