Unrestricted gifts and endowment income of a private university are reported as:
A. increases in the fund without donor restrictions on the statement of changes in fund balances.
B. revenues without donor restrictions on the statement of activities.
C. increases in the fund without donor restrictions on the statement of activities.
D. revenues without donor restrictions on the statement of current funds revenues, expenditures, and other changes.
Answer: B
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The Vernon Corporation was formed on January 2, 2018. The company sold 20,000 shares of $8.00 par value stock for $20.00 per share. On July 1, 2018, Vernon bought back 4,000 shares of stock for $24.00 per share. The treasury stock was resold on September 1, 2018 for $32.00 per share.Which one of the following is the correct entry to record the resale of treasury stock?
A.
| DR Cash | 128,000 | ? |
| CR Treasury stock | ? | 96,000 |
| CR Retained earnings | ? | 32,000 |
B. DR Cash 128,000 CR Common stock 128,000
| DR Cash | 128,000 | ? |
| CR Common stock | ? | 128,000 |
C.
| DR Cash | 128,000 | ? |
| CR Treasury stock | ? | 96,000 |
| CR Paid-in capital from treasury stock | ? | 32,000 |
D.
| DR Cash | 128,000 | ? |
| CR Treasury stock | ? | 96,000 |
| CR Gain on sale of treasury stock | ? | 32,000 |
The common law of contract allows for gap-filling terms that are implied in the contract
Indicate whether the statement is true or false
The pledging cost of accounts receivable is normally 2 to 5 percent above the prime rate
Indicate whether the statement is true or false
Vacation benefits are a type of ________ liability.
What will be an ideal response?