In 2017, Susan tells The Art Museum, a private not-for-profit organization, that she has named the museum in her will. When should the organization recognize the contribution revenue?
A. When the Museum receives the contribution.
B. Ratably over a five year period beginning in 2017.
C. All in 2017.
D. Only after Susan dies and the will is declared valid.
Answer: D
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In selecting an advertising agency, all of the following issues should be taken into consideration except:
A) company organization. B) national responsiveness. C) area coverage. D) buyer perception. E) franchise or company owned status.
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What effect will the following closing entry have on the retained earnings account? Service Revenue22,800? Interest Expense 1750?Operating Expenses 17,500?Retained Earnings 3550?
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