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3 years ago

The basis of accounting used by not-for-profit organizations in their external financial reports is

Business

1 answer:

beks73 [17]3 years ago

3 0

Answer:

The correct answer here is A) industry specific basis of accounting.

Explanation:

The term nonprofit accounting means a unique way of recording and reporting the business transactions which are taken up by the nonprofit organizations. There are various basis of accounting, which a non for profit organization can use like cash basis ( where income and expenses are recognized when they occurred , and this type of accounting is more suitable for smaller nonprofits organizations ) , accrual basis ( where income and expenses are recorded when they are earned not received ) , modified cash basis ( is a mixture of both cash and accrual basis of accounting ). But when a not for profit organization is preparing their external financial report, the basis of accounting would be industry specific.

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If you buy a share of stock for $15 and sell it two years later for $18.50, what is the annual percent return (on a compounded b

nadya68 [22]

Answer:

11%

Explanation:

Compounding is the method used to determine the future worth of an amount today while discounting is the method used to determine the present value of a future amount.

Both are related by

Fv = Pv(1 + r)^n

where Fv is the future amount

Pv is the present value

r = rate

n = time

As such,

18.5 = 15 (1 + r)^2

1.2333 = (1 + r)^2

1 + r = 1.11

r = 0.11

the annual percent on returns is 11%

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3 years ago

Which of the following, identified in an analysis of the general environment, is an opportunity for an entrepreneur who wishes t

kvasek [131]

Answer:

a. The average age of the population in his community is high.

Explanation:

As the average age of the population in his community is high, it is an opportunity for an entrepreneur who wishes to open a business providing "Fitness for Life" physical conditioning services (strength, balance, and flexibility training) in a city of 100,000 people because people will be more interested in the physical conditioning services and they will be attracted towards it as when the age rises, people become more interested in the health related activities, therefore, chances are very high that this will pose a serious and profitable opportunity for the entrepreneur in that particular city. He or she can definitely capture this opportunity very handsomely and profitably.

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3 years ago

Zhang company reported cost of goods sold of $841,000, beginning inventory of $38,400 and ending inventory of $46,900. the avera

Hunter-Best [27]

Zhang company suggested price of goods bought of $841,000, establishing inventory of $38,400 and ending inventory of $46,900. the common stock amount is $42560.

Average stock is the average amount or price of your stock over two or more accounting periods. It is the mean cost of inventory over a given quantity of time. That price may additionally or may additionally now not equal the median fee derived from the identical data.

<h3>What is the average inventory level?</h3>

The average inventory degree refers to the number of units, now not the monetary fee of these units. Determining average stock degree is simpler than identifying the average inventory cost. There's one less calculation: you do the identical thing, however assign no value to products. You're simply averaging their quantity.

Learn more about average inventory amount here:

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4 0

1 year ago

82% of companies shop their products by truck. 47% of companies ship their product by rail 40% of companies shop by truck and ra

hram777 [196]

Answer: 0.89

Explanation: add the 82% and 47% then subtract the 40, answer is 89.

3 0

2 years ago

duffy company has a fiscal year ending on september 30, 2020. the adjusted trial balance at the end of the year is as follows: d

RUDIKE [14]

The preparation of a classified statement of financial position (balance sheet), closing entries, and post-closing trial balance is as follows:

a. Statement of Financial Position (Balance Sheet)

As of September 30, 2020

Assets:

Current Assets:

Cash $37,400

Inventory 4,200

Supplies 6,200

Accounts Receivable 11,000

Prepaid Insurance 3,900 $62,700

Long-term Assets:

Land 70,000

Equipment 120,000

Accumulated Depreciation (18,600)

Patent 80,000

Other assets 13,800 $265,200

Total assets $327,900

Liabilities and Equity:

Current Liabilities:

Accounts payable 42,000

Interest payable 19,600

Salaries and wages payable 6,000

Unearned rent revenue 4,100 $71,700

Long-term Liabilities:

Mortgage payable (due 2024) 79,000

Total liabilities $150,700

Equity:

Capital 109,700

Retained earnings 67,500 $177,200

Total liabilities and equity $327,900

b) Closing Journal Entries:

Debit Sales revenue $240,500

Credit Statement of Financial Performance $240,500

Debit Statement of Financial Performance $123,500

Credit Cost of goods sold $123,500

Debit Rent revenue $14,400

Credit Statement of Financial Performance $14,400

Debit Expenses:

Depreciation Expense $7,800

Insurance Expense $18,000

Supplies Expense $14,400

Interest Expense $12,000

Salaries and Wages Expense $21,900

Credit Statement of Financial Performance $74,100

Debit Credit Statement of Financial Performance $57,300

Credit Retained Earnings $57,300

c) Post-Closing Trial Balance

Account Titles Debit Credit

Cash $37,400

Inventory 4,200

Supplies 6,200

Accounts Receivable 11,000

Prepaid Insurance 3,900

Long-term Assets:

Land 70,000

Equipment 120,000

Accumulated Depreciation $18,600

Patent 80,000

Other assets 13,800

Accounts payable 42,000

Interest payable 19,600

Salaries and wages payable 6,000

Unearned rent revenue 4,100

Mortgage payable (due 2024) 79,000

Capital 109,700

Retained earnings 67,500

Totals $327,900 $327,900

Data and Calculations:

Trial Balance

Cash $37,400

Inventory 4,200

Supplies 6,200

Accounts Receivable 11,000

Prepaid Insurance 3,900

Land 70,000

Equipment 120,000

Patent 80,000

Other assets 13,800

Accumulated Depreciation- Equipment $18,600

Cost of goods sold 123,500

Depreciation Expense 7,800

Insurance Expense 18,000

Supplies Expense 14,400

Interest Expense 12,000

Salaries and Wages Expense 21,900

Accounts payable 42,000

Mortgage payable (due 2024) 79,000

Interest payable 19,600

Salaries and wages payable 6,000

Unearned rent revenue 4,100

Dividends 4,800

Capital 109,700

Retained earnings, Oct. 1, 2019 15,000

Sales revenue 240,500

Rent revenue 14,400

Totals $548,900 $548,900

Statement of Financial Performance (Income Statement)

For the year ended September 30, 2020

Sales revenue $240,500

Cost of goods sold 123,500

Gross profit $117,000

Rent revenue 14,400

Total income $131,400

Expenses:

Depreciation Expense 7,800

Insurance Expense 18,000

Supplies Expense 14,400

Interest Expense 12,000

Salaries and Wages Expense 21,900

Total Expenses $74,100

Net Income $57,300

Statement of Retained Earnings:

Retained earnings, Oct. 1, 2019 $15,000

Net income 57,300

Dividends (4,800)

Retained earnings, Sept. 30, $67,500

Learn more: brainly.com/question/13408214

6 0

2 years ago