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arlik [135]
3 years ago
11

The Victoria Fund, a child welfare fund, received $50,000 in cash in 2018. The donor requires the gift be held in perpetuity and

that the income from investing this money may be used for its program of promoting adoption of young girls. How should the gift be reported in the Victoria Fund's financial statements?
Business
1 answer:
maw [93]3 years ago
3 0

Answer:

The $50,000 must be reported as assets with donor restrictions.

Explanation:

Donor imposed restrictions can be temporary or perpetual; the $50,000 are perpetually restricted since they must be invested and the income received should be used for its program of promoting adoption of young girls.

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When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Os
Vlada [557]

Answer:

The correct answer is $50,000.

Explanation:

According to the scenario, the given data are as follows:

Nova contributed land of value = $200,000

Nova contributed land of Basis= $50,000

Nova contributed cash = $100,000

Oscar Contributed cash = $300,000

So, we can analyze the Padgett's tax basis in the land by using following method:

As we know Nova contributed land of Basis is the only tax basis in the land for Padgett's.

So, Padgett’s tax basis in the land = Nova contributed land of Basis

Padgett’s tax basis in the land = $50,000.

4 0
3 years ago
Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated
sertanlavr [38]

Answer: (a) Materials = $2 and Labor = $2.8

(b) Materials = $11,94,000 and Labor = $16,71,600

Explanation:

(a) Standard cost :

Standard cost is evaluated as a per unit amount.

For Materials,

=  \frac{1194000}{597000}

= $2

For Labor,

=  \frac{1671600}{597000}

= $2.8

(a) Budgeted cost :

Budget cost are evaluated as the total amount.

Therefore, for this year the budgeted cost are Materials = $11,94,000 and Labor = $16,71,600

5 0
3 years ago
There are many buyers and sellers in the market for trumpets.
ra1l [238]

If the economy's income rises, the price of a normal good like a trumpet will rise and the quantity will increases.

If the number of trumpet producers on the market increases, this means that there will be an increase in supply, which can mean greater availability of these goods and, consequently, a reduction in price.

In a situation where there are few substitutes for trumpets, demand will be relatively inelastic, as consumers are not as sensitive to price changes due to low availability.

<h3 /><h3>What is the law of supply and demand?</h3>

They are economic concepts related to the quantity of a good available in the market and its price, which are determined by the law of supply and demand, impacted by economic forces, such as income, producers, and policies for example.

Therefore, the greater the supply than the demand, the lower the prices, and the lower the supply, the higher the prices.

Find out more about supply and demand here:

brainly.com/question/1222851

#SPJ1

3 0
2 years ago
Each of the following are advantages of bonds except: multiple choice bonds do not affect owner control bonds require payment of
tresset_1 [31]

Answer:

bonds require payment of periodic interest and par value at maturity bonds.

Explanation:

A bond can be defined as a debt or fixed investment security, in which a bondholder (investor or creditor) loans an amount of money to the bond issuer (government or corporations) for a specific period of time. The bond issuer are expected to return the principal (face value) at maturity with an agreed upon interest (coupon), which are paid at fixed intervals.

The disadvantages of bonds are listed below as;

1. Bonds typically require a payment of periodic interest.

2. Bonds require a payment of the principal amount.

3. Bonds can decrease a person's return on equity.

4. The payments of a bond by the bond issuer may become burdensome when cash flow and income are quite low.

4 0
3 years ago
Suppose the price level and value of the U.S. Dollar in year 1 are 1 and $1, respectively. Instructions: Round your answers to 2
Nookie1986 [14]

Answer:

0.74

Explanation:

Data provided  in the question

Price level = 1.35

According to the given situation, the computation of the new value of the dollar is shown below:-

The New value of the dollar = 1 ÷ Price level

= 1 ÷ 1.35

= 0.74074

or

= 0.74

Therefore for computing the new value of the dollar we simply applied the above formula.

3 0
3 years ago
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