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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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A manufacturer of food products is looking at entering several new markets in developing countries. Before it does this, the com
Lorico [155]

Answer:

Option D

Explanation:

In simple words, the problem depicted in the given scenario is an example of low knowledge of the target audience. In the given case, the company did everything correct with respect to their procedures, like they made a question are in the local language and distributed to the target audience and collected the survey efficiently.

However while doing the procedure, they were unaware of the fact that their target audience was not literate enough. Hence we can conclude that the correct answer is D.

4 0
3 years ago
Suppose that there is currently a $2 per bottle of tax on vodka that is levied on consumers. Legislators have decided to give co
Nadusha1986 [10]

Answer:

There is no change in consumers' or producers' well being

Explanation:

Currently consumers of vodka were levied tax of $2. However, government decided to provide tax relief to consumers and shift the burden on producer. There will be no change in the well being of consumers and producers.

Tax is a cost that shifts demand curve if consumers pay tax. Supply curve shifts if producers pay tax. The overall effect, however remains the same. If producers pay tax, cost per unit vodka will increase which will be reflected increased prices. Similarly, if consumers pay tax, they will demand lesser. so there is no change overall.

5 0
3 years ago
PA15.
ser-zykov [4K]

Answer:

                                         Happy Trails

                        Income statement using variable costing

                                                                $                      $  

Sales                                                                         1,900,500                                                                                

Less: Variable costs:

Direct material (27,000 units x $15)        405,000  

Direct labour (27,000 units x $15)           405,000

Variable overhead (27,000 units x $3)   <u>81,000 </u>

                                                                  891,000

Less: Closing stock (8,000 units x $33)  <u>264,000</u>  

                                                                  627,000

Add: Variable selling and administrative <u>133,000</u>       <u>760,000 </u>

Contribution                                                                    1,140,500

Less: Fixed cost:

Fixed production cost (27,000 x $25)         675,000

Fixed selling and administrative expenses 300,000    <u>975,000 </u>

Net profit                                                                           <u>165,500</u>

                           Profit reconciliation statement

                                  Closing stock         Net profit

                                             $                         $

Absorption costing         464,000                365,500

Less: Marginal costing    <u>264,000</u>                <u>165,500 </u>

Difference                        <u>200,000</u>               <u> 200,000</u>

The difference of $200,000 in net profit is as a result of $200,000 difference in closing inventory.

Explanation:

In variable costing, variable costs are deducted from sales so as to obtain contribution margin. Net profit is the difference between contribution and fixed costs. Closing stock is the difference between production units and sales units. Closing stock is valued at marginal cost per unit in variable costing. Marginal cost per unit is the aggregate of all variable cost per unit.

3 0
3 years ago
What is total amount spent on wages and salary before any tax is being taken? [those ernings above £40000 are paying 40% income
vodka [1.7K]

Answer: hello your question is open ended hence I will give you a more general answer

answer : $12,000 * number of workers  or $24,000 * number of workers

Explanation:

Income taxes are taxes been levied directly on the  income earned by the tax payer.

According to Tax rules there is a certain amount of income an individual would have to earned before any tax will be taken, incomes below $12,000  are tax free ( for singles ) and $24,000 for married individuals ; Hence the Total amount spent on wages and salary before tax is being taken = $12,000 * number of workers or $24,000 * number of workers . ( unless otherwise stated )

3 0
3 years ago
The Bureau of Labor Statistics reported the consumer price index as 229.6 in December 2012, and 246.5 in December 2017. By what
slega [8]

Answer:7.4%

Explanation: In December 2017, the CPI stood at 246.5 up from 229.6 in December 2012. This is a 7.4% increase [(246.5-229.6) /229.6] *100=7.4

4 0
2 years ago
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