A not-for-profit organization receives a restricted contribution of $20,000 to be used for a specific project. During the current year, $14,000 is spent toward the project with the balance to be spent next year. What should be the balance in the deferred contribution account at the end of the year, if the organization uses the deferred contribution method of reporting?
Do-Good Inc. is a newly formed not-for-profit organization. On January 1, 2018, its first day of operations, Do-Good purchased equipment costing $8,000. The equipment is estimated to have a useful life of 4 years, with no residual value at that time. This transaction was the only transaction that took place to date. The equipment was purchased from an unrestricted contribution of $8,000.
A) $20,000. B) $14,000. C) $6,000. D) Nil.
C) $6,000.
You might also like to view...
A promise to make a gift for a charitable or educational purpose is unenforceable unless and until the institution to which to promise was made incurs obligations by relying on the promise. This exception is usually justified on the basis of either ________ or ________.
A. the Statute of Frauds; the applicable statute of limitations B. estoppel; public policy C. criminal law; civil law D. substantial performance; forbearance
Gene's gross pay for the week is $1,400. His yearly pay is under the limit for OASDI
His yearly pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6% and that Gene's year-to-date pay has previously exceeded the $7,000 cap. His yearly pay is under the limit for OASDI. What is the total amount of payroll taxes that Gene's employer must record as payroll tax expenses? (Do not round your intermediate calculations. Assume a FICA – OASDI Tax of 6.2% and FICA – Medicare Tax of 1.45%.) A) $86.80 B) $58.80 C) $20.30 D) $107.10
The average number of days between paying for raw materials and getting paid for the product is referred to as?
a. Supply chain goods-to-cash cycle time b. Supply chain cash-to-goods cycle time c. Supply chain goods-to-goods cycle time d. Supply chain cash-to-cash cycle time
A shareholder's obligation to repay an illegally declared dividend depends on:
A) the shareholder's good or bad faith in accepting the dividend. B) the solvency or insolvency of the corporation and, in some instances, special statutory provisions. C) the shareholder's knowledge of the facts. D) All of these.