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Sati [7]
3 years ago
5

True or False: Contributions received in a prior period and restricted by the donor for construction of a building were reported

as increases to "temporarily restricted net assets" in the period received. When the building is constructed in a subsequent period a not-for-profit would report "contributions" for the amount released from restrictions.
Business
1 answer:
noname [10]3 years ago
7 0

Answer:

The correct answer is False.

Explanation:

If the contribution is for the subsequent acquisition of assets, in the same way as in the previous point it is carried as deferred income and amortized in line with the depreciation of the acquired asset, as amortization of deferred contributions.

Permanently restricted contributions are taken to this category in net assets and correspond to those that are represented in assets that must be kept in perpetuity.

Unrestricted contributions used in the year are taken directly to income; if they are not used in the year they are taken as part of the net assets without restrictions.

If the board of directors or equivalent body decides to allocate an unrestricted contribution item for a special purpose, it is carried as an internally restricted net asset.

Contributions with temporary restrictions are carried as part of the temporarily restricted net asset.

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Characteristics of Production Process, Cost Measurement Vince Melders, of EcoScape Company, designs and installs custom lawn and
Ugo [173]

Answer:

1) Job-order costing

2)$ 7.2 per direct labor hour

3)$ 7.941 per direct labor hour

4)Cost of installation= $ 4108.23

Explanation:

In job order costing the cost accounting procedures are designed to assign costs to each job. Then the costs assigned to each job are averaged over the units of production in the job to obtain an average cost per unit.

A process costing system accumulates all production costs for a large number of units of outputs and then these costs are averaged over all the units.

1) As each job is different, requiring different materials and labor for installing the systems Job-order costing will be used.

2) If normal costing is used then the  Overhead cost are $50,328

Number of direct labor hours are 6,990

The overhead rate=Overhead costs/ Number of direct labor hours

The overhead rate=$50,328/6,990= $ 7.2 per direct labor hour

3) The average actual wage rate = Actual Overhead costs / Number of direct labor hours

The average actual wage rate = $48,043.05/ 6,050=$ 7.941 per direct labor hour

4) Direct materials=$3,540

Direct labor hours= 30

Actual Direct Labor rate =  ($66,550/6,050 )= $ 11

Direct Labor = ($66,550/6,050 )*30 =11*30=$ 330

Overheads 30 *7.941= $ 238.23

Cost of installation= $3,540 +$ 330+$ 238.23= $ 4108.23

5 0
2 years ago
Sony's design of its new plasma television sets with smoked-glass control panel covers and other visual changes would be classif
Lynna [10]

Answer:

The correct answer is letter "A": functional.

Explanation:

Functional changes are implemented in products to improve the benefits of an existing good or service or to fix a recurrent problem the same product used to have. In the case of Sony's design for the new plasma television, it would allow the television's remote control to be easier to use, improving the consumer experience with the good.

5 0
3 years ago
Wisconsin Farm Equipment Company sold equipment for cash. The income statement shows a loss on the sale of $ 10 comma 000. The n
tester [92]

Answer:

A. positive cash flow of $ 20 comma 900 from investing activities

Explanation:

book value - sales price = loss on sale

30,900 - sales price = 10,000

30,900 - 10,000 = sales price

sales price = 20,900

Assumming the purchase was on cash, it will be disclosure as cash generated from investing activities for 20,900

The reason is that cashflow do not focus on the gain or loss from the sale. It focus on the cash movements and this sale involve a cashinflow of 20,900

3 0
3 years ago
A college of business building that has classrooms on the first floor, faculty offices on the second floor, and graduate assista
AVprozaik [17]

Answer:

<em><u>Functional </u></em>

Explanation:

<em>Function</em><em>.</em><em> </em><em>a </em><em>relationship</em><em> </em><em>in </em><em>which </em><em>f</em><em>or </em><em>every </em><em>input</em><em> </em><em>there </em><em>exactly</em><em> </em><em>one </em><em>output</em><em>.</em>

5 0
2 years ago
The set of skills and knowledge needed to make informed decisions about
Diano4ka-milaya [45]
True
I’m pretty sure
4 0
3 years ago
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