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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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inna [77]

Answer:

The solution to the following problem is done below.

Explanation:

a) Journalize the entries to record the admission of adam to the partnership.

Account Title                                                                          Dr            Cr

Kala, Capital                                                                         20,000

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Kala, Capital                                                                                           8,000

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Account Title                                                                          Dr            Cr

Leah, Capital                                                                        13,500

Denton, Capital                                                                                    13,500

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