Answer:
The action, which is an example of a service provided by an organization that receives charitable donations, is:
Creation of solutions to sustain our natural resources.
Explanation:
The above action is provided by the World Resources Institute. It is a research organization that creates solutions to sustain our natural resources. It is a nonprofit and depends on charitable donations received from individuals and organizations for its activities. It does not have any source of revenue for self-sustenance. The World Resources Institute is very active in over 50 countries, working to address the climate, food, water, energy, cities and transport, and forest issues.
Answer:
End of the year closing capital balance will be = $17,500 (CR)
Explanation:
<u>Income Statement</u>
$
Services Revenue $31,000
Wages Expenses ( $17,400)
Rent Expenses <u> ( $5,200)</u>
Profit <u> $8400 </u>
In summary , end of the year closing capital balance will be :
$10,800 (Capital as given) + $ 8400 (Retained Earning)-$1,700( drawings)
=$17,500
Entries include :
Capital Account (CR) $10,800, Drawings Account(DR) $1,700, Director's Current Account (CR) $1700, Cash or Bank (CR) $1700
Retained Earning (CR) $ 8400
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Answer: a. $35000
b. $20000
c. $20000
Explanation:
a. The realized gain will be:
= Fair market value - Adjusted basis
= $55000 - $20000
= $35000
b. The basis for LLC Interest will be will be thesame as the adjusted basis which will be $20000
c. The LLC basis for the contributed property will be $20000 as it's the cost of the adjusted basis .
=
Answer
Sales tax Payable = $780
Entry to record transaction is:
Dr: Cash $16,380
Cr: Sales Tax Payale $ 780
Cr: Sales $ 15,600
Explanation:
Coghlan Auto Supply sales are inclusive of tax so at first step it is necessary to segregate sales tax from the total sales of $16,380.
In order to calculate sales tax in Coghlan total sale divide the total sales figure with 1+the sales tax rate i.e (1+5%=1.05)
So the sales exclusive of tax will be: $ 16,380/1.05 = $15,600
Tax can be calculated now by subtracting Net sales by gross sales i.e $16,380-$15,600 = $780.