A <u>donation</u> is the making of a gift especially to a charity or public institution.
A charitable corporation or charity is an agency whose primary targets are philanthropy and social properly-being. The criminal definition of a charitable agency varies among international locations and in a few times regions of the united states of America.
The definition of charity is an act or feeling of kindness or goodwill or a voluntary gift of cash or time to those in want. An instance of charity is a donation of ten dollars a month to a nearby meals bank.
A charity helps human beings recognize that it's miles feasible to bless others in a global full of uncertainties and chaos. Giving to charity offers a deeper which means to live and facilitates us to see our purpose to the humans in our society. Giving is one of the vital meanings at the back of a charity.
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Answer:
-$3,770
Explanation:
The computation of the net income or net loss using the cash method for May month is shown below:
= Received cash for meals served to customers - prepaid rent paid - electricity paid for cash - paid cash for kitchen equipment
= $1,650 - $2,400 - $220 - $2,800
= -$3,770
As the journal entry for prepaid rent is
Prepaid rent A/c Dr $2,400
To Cash A/c $2,400
(Being the cash is paid in advance)
Bartering is like trading and because now things are a little more expensive <span />
Answer:
1. $550,000
Explanation:
1. It is given in the question that the stated interest rate and the market interest rate both are having the same rate, i.e, 12%.
Hence, the bonds are issued at the face value that is $550,000.
2. The Journal entries are as follows:
(i) On January 1,
Cash A/c Dr. $550,000
To bonds payable $550,000
(To record the bond issuance)
(ii) On December 31,
Interest Expense A/c Dr. $66,000
To cash A/c $66,000
(To record the first interest payment on December 31 assuming no interest has been accrued earlier in the year)
Workings:
Interest expense = $550,000 × 12%
= $66,000
Answer:
d. 2,854.05 shares
Explanation:
$74,000/22,000 = [$74,000 − 128,000(.075)]/X
X = 19,145.94 shares
Shares repurchased = 22,000 − 19,145.94
Shares repurchased = 2,854.05 shares