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...
-
Draw a graph that shows what happens to the Markowitz efficient frontier when you combine a risk-free asset with alternative risky asset portfolios on the Markowitz efficient frontier. Explain why...
-
Devon was running by his house and was hit by a moving van. He received the following payments as a result of a lawsuit: Compensatory damages of $650,000 Punitive damages of $750,000 Medical...
-
A technician is laser aligning a motor-generator set. The first set of readings calls for 0.025 inch under all four feet. The next set of readings calls for 0.050-inch shims to be added to all four...
-
IT auditors need people skills as well as technical skills. One such skill is the ability to interview effectively. Discuss some techniques or tools that might help an interviewer get the best...
-
In your own opinion, what makes the filed of Applied Behavior Analysis different from other approaches to understanding and changing human behavior?
-
Using d3.v3.min.js (https://d3js.org/d3.v3.min.js) to create index.html. The following should be written in HTML: 1. Generate and plot 50 objects: 25 circles and 25 upward-pointing equilateral...
-
Implement the following pseudo-code in ARM assembly. R5 = 0 R3=0x0000AA00 R0= 70 R1 = 21 while R0 R1 do R5 = (R5 + R3) < < 2 R1 = R1 +3 end while
-
Identify two inherent conflicts in the current audit model and explain: (a) Why these conflicts threaten the future of the audit function. (b) How they might be resolved.
-
Estimate the deflection at midspan of the truss in Figure P13.12, treating it as a beam of constant cross section. The area of both the top and bottom chords is \(10 \mathrm{in} .{ }^{2} . E=29,000...
-
To what extent are parties to exchange only concerned with economic value?
-
It is commonly said that Japanese firms employ 10 times as many engineers per operations worker as US firms and 10 times fewer accountants. What effect would you expect this to have on their...
-
Raj consumes only cheese and crackers. a. Could cheese and crackers both be inferior goods for Raj? Explain. b. Suppose that cheese is a normal good for Raj while crackers are an inferior good. If...
-
3. Consider the DFA shown in Figure 1. 96 a 91 a 93 a a b b Figure 1: DFA for Problem 3. (92 P (94) (a) Construct a table describes the state transition function 6 of this DFA. (b) Write out four...
-
Q1) What is the a3 Value Q2) What is the a7 Value Q3) What is the a4 Value Q4) What is the b3 Value Q5) What is the b2 Value Q6) What is the sign of 2nd constraint? A pastry chef at a bakery wants to...
-
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.
-
Mr. Smith wants to buy a car and is deciding between brands A and B. Car A costs \(\$ 20,000\), and Mr. Smith estimates that at the rate he drives he will sell it after 2 years and buy another of the...
-
Consider a continuous-time environment, with \(e\) as a variable outside of the market. (a) Suppose the final payoff is \(V\left(x_{e}, T ight)=x_{e}(T)\). Find \(V\left(x_{e}, t ight)\). (b) Find a...
-
Mr. Jones was considering a new grapefruit venture that would generate a random sequence of yearly cash flows. He asked his son. Gavin, "People tell me I should use a cost of capital figure to...
Study smarter with the SolutionInn App