During the year ended June 30, 2020, Hopkins College, a private college, received a federal government grant of $800,000 for research on the role of music in improving math skills for students. Expenses that were not capital in nature for this research amounted to $100,000 during the same year. Under FASB standards, which of the following best represents how Hopkins College would report this nonexchange transaction in the net assets section for the year ended June 30, 2020? Without Donor RestrictionsWith Donor Restrictions A. $0 $800,000 B. $0 $700,000 C. $100,000 $700,000 D. $800,000 $0
A. Choice A.
B. Choice B
C. Choice C.
D. Choice D.
Answer: B
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Jessica, a minor, rented an apartment in Greenwich Village for $500 a month. She signed a one-year lease. After living there for three months, Jessica decided to move to another apartment complex. She is liable for the reasonable value of three months' rent at Greenwich Village, but not for the remaining nine months' rent. This is in accordance with the ________ provision of capacity to contract by minors.
A. emancipation B. disaffirmation C. necessaries D. adjudication
In a perpetual inventory system, the sale of items for cash consists of two entries. One entry is a debit to Cash and a credit to Sales. The other entry is a debit to
a. Work in Process Inventory and a credit to Finished Goods Inventory. b. Finished Goods Inventory and a credit to Cost of Goods Sold. c. Cost of Goods Sold and a credit to Finished Goods Inventory. d. Finished Goods Inventory and a credit to Work in Process Inventory.
Elizabeth worked as a salesperson in a carpet store. She was in the midst of divorce proceedings and needed some money. Elizabeth sold her wedding ring. Elizabeth is considered a merchant with regard to the sale of the ring
a. True b. False Indicate whether the statement is true or false
Explain the advantages and disadvantages of equity financing.
What will be an ideal response?