The transactions described in the following questions occurred in a voluntary health and welfare organization during the year ended December 31, 20X8. For each transaction, indicate its effect(s) on the organization's statement of activities prepared for the year ended December 31, 20X8. List all effects of transactions affecting more than one class of net assets. Indicate your choice(s) by entering the letter corresponding to the effects listed here:Effects of Transactions on Statement of Activities A. Increases net assets with donor restrictions. B. Decreases net assets with donor restrictions. C. Increases net assets without donor restrictions. D. Decreases net assets without donor restrictions. E. Transaction is not reported on the statement of activities. A gain was realized
from the sale of securities that were permanently invested. The gain is restricted as to use.
What will be an ideal response?
Answer: C
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Retna purchased a new car from Brandy Motors and agreed to pay for it in monthly payments over a three-year period. Six months after purchasing the car, Retna ran into financial difficulties and could not afford to keep the car. She sold the car to Banks, who agreed to continue making the monthly payments until the car was paid off. If Banks fails to make payments as agreed, the party responsible
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