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vodomira [7]
3 years ago
10

The Bob Buckham Senior Center, a not-for-profit entity, serves a hot meal to senior citizens every Friday evening. All the food

is donated by a local supermarket. All the food preparation and serving is done by local volunteers. If the Center had to pay for the food, it would need to spend $10,000 a year. If it had to pay for the food preparation and service, it would need to spend $12,000 a year. How should it report these contributions in its financial statements?
Food | Food preparation and service

a. Disclose in the notes | Disclose in the notes
b. Disclose in the notes | Report $12,000 revenue and expense
c. Report $10,000 revenue and expense | Disclose in the notes
d. Report $10,000 revenue and expense | Report $12,000 revenue and expense
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
4 0

Answer:

c. Report $10,000 revenue and expense | Disclose in the notes

Explanation:

Not-for-profit entities must report the fair value of all the goods they receive as donations. in this case, they would have to report the $10,000 worth of food received from a local supermarket. But they are not required to report the value of volunteer work, they only have to disclose it on the footnotes of their financial statements.

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Answer:

B. personal appeals

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7 0
4 years ago
E-Eyes has a new issue of preferred stock it calls 20/20 preferred. The stock will pay a $20 dividend per year, but the first di
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Answer:

You would pay approximately $35.00 today

Explanation:

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From this calculation you have to pay 35 Dollars today.

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On January 15, 2021, Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract s
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Answer:

recorded on March 31, 2021.

Explanation:

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5 0
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Magenta Company purchased a machine from Pink Corporation on October 31, 2018. In payment for the $288,000 purchase, Magenta iss
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Answer:

$3,176 , it's two months of interests $1,588 + $1,588

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