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Eddi Din [679]
3 years ago
6

The Turtle Society, a nongovernmental not-for-profit entity (NFP), receives numerous contributed hours from volunteers during it

s busy season. Chris, a clerk at the local tax collector’s office, volunteered 10 hours per week for 24 weeks transferring turtle food from the port to the turtle shelter. His rate of pay at the tax office is $10 per hour, and the prevailing wage rate for laborers is $6.50 per hour. What amount of contribution revenue should Turtle Society record for this service?
A. $1,560
B. $0
C. $2,400
D. $840
Business
1 answer:
tia_tia [17]3 years ago
6 0

Answer:

B) $0

Explanation:

The IRS doesn't allow not-for-profit organizations to record any revenue from volunteer service, the same happens with individuals, since it doesn't allow them to deduct monetary value for their volunteer service.

The organizations can record certain expenses related to the volunteer work, e.g. travel expenses, food, etc.

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The Ayayai Corp. purchased $7990 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inven
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Explanation:

The adjusted journal entry is shown below:

Corp Laundry supplies Expense A/c Dr $6,580

       To Corp Laundry supplies A/c $6,580

(Being the corp supplies expense is recorded)

It is computed below:

= Purchased value of laundry supplies - still on hand

= $7,990 - $1,410

= $6,580

The answer is correct but The options that are given are incorrect.

8 0
3 years ago
Comprehensive income is defined as: Net income plus other comprehensive income. Changes in equity for a period resulting from al
SVEN [57.7K]

Answer: Changes in equity for a period from all sources except those by non-owner sources.                            

Explanation: In simple words, comprehensive income refers to those transactions that were not realized before so they later get recorded in the income statement.

These transactions usually results in increase in shareholders equity. Usually such transactions involve unrealized gain or loss from available for sale securities or foreign currency transactions.

8 0
2 years ago
Nalpas Inc., an apparel company, manufactures clothes for men, women, and children. It further divides its core customers accord
cricket20 [7]

<u>Full question:</u>

Nalpas Inc., an apparel company, manufactures clothes for men, women, and children. It further divides its core customers on the basis of demographic variables such as income, ethnic background, and family life cycle. In this context, these demographic variables are examples of _____.

a. positioning bases

b. segmentation bases

c. product classes

d. market positions

<u>Answer:</u>

In this context, these demographic variables are examples of segmentation bases

<u>Explanation:</u>

Segmentation bases are the dimensions that can be applied to fragment a market. A segmentation basis is described as an assortment of variables or features used to select dormant customers to analogous groups. Demographic segmentation is one of the usual recommended and commonly used varieties of market segmentation.

Segmenting based on identifiable group attributes, such as age, profession, matrimonial status and so on. Because demographic information is analytical and accurate, it is normally almost easy to reveal using various sites for market research.

5 0
3 years ago
The diamond framework is NOT LIKELY to answer which of the following questions about competing on an international basis? A. Whe
Ghella [55]

Answer:

E

Explanation:

The diamond framework is one of the five major strategic options for entering foreign markets and it is not likely to answer questions on What are the disadvantages of allowing foreign competition?

4 0
3 years ago
According to _____________, as an entity separate and distinct from its owners, the corporation acts under its own name rather t
mario62 [17]

Answer:

According to _____________, as an entity separate and distinct from its owners, the corporation acts under its own name rather than in the name of its stockholders.

C) Separate legal existence

Explanation:

This separate legal existence means that before the law, a corporation is a distinct person, just like every other person, with rights and obligations.  It can enter into binding contracts.  It can perform business activities within the ambits of the law.  It has its own name and personality that is not intertwined with those of the owners or stockholders.  It enjoys a continuous lifespan that can only be liquidated under the laws.

3 0
2 years ago
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