1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Tpy6a [65]
3 years ago
8

A donor gave $75,000 to a nongovernmental, not-for-profit charity with instructions that the funds be transferred to Sam Smith,

an individual who lost his home in a fire. The not-for-profit would:
Business
1 answer:
yulyashka [42]3 years ago
6 0

Answer:

B) Record the $75,000 cash and credit a liability

Explanation:

Possible options:

  • A) Record the $75,000 cash and credit temporarily restricted revenue.
  • B) Record the $75,000 cash and credit a liability
  • C) Do either (a) or (b), depending upon the policy of the not-for-profit
  • D) Not record the transaction.

Non-for-profit charities must record all cash donations, but since the funds were donated for an specific purpose, their use is restricted. Therefore, the charity must record a liability (which has a normal credit balance).

You might be interested in
Del Norte Brick Co. is located near the intersection of Texas, New Mexico, and Mexico. Improved access to the company’s property
OLEGan [10]

Answer:

Depreciation for year 3 = $115518

BV = $57798

Explanation:

The modified accelerated cost recovery method employees a classification-based approach to depreciating certain assets, once classified are assigned respective rates of depreciation. for example, assets classified under automobiles, trucks and machinery are treated under 5-year MACRS and will be depreciated at 20%, 32%, 19.2% and so on.

In this question the bridge across Rio Grande being built by Del Norte Brick co is treated under 3-year MACRS, for which the rates are as follows:

33.33% for the first year

44.45% 2nd year

14.81% 3rd year

7.41% 4th year

We have been asked to determine 3rd years' depreciation and book value, determined as follows:

Depreciation year 1: $780000 33.33% = $259974

Depreciation year 2: $780000 44.45% = $346710

Depreciation year 3: $780000 14.81% = $115518

So the depreciation for year 3 = $115518

The book value is calculated as follows:

<em>Book value = cost - accumulated depreciation</em>

BV = $780000 - $722202

BV = $57798

6 0
3 years ago
Under what circumstances might a long-term strategic alliance with a key supplier enable a company to capture most of the benefi
denpristay [2]

Answer:

It would be better to enter a new business area by acquisition when a company is considering implementing horizontal integration or when they are pursuing vertical integration and the company is lacking the distinctive competencies to establish a quick presence and reputation. Acquisition allows a company to purchase quicker than it takes to establish its own company that is similar. Also, acquisitions are less risky because there is less commercial uncertainty and the company is able re-search the turn get are interested and get have unpublished reputation, lastly, they are attractive because there are high barriers to entry

Explanation:

7 0
3 years ago
An organizational resource that is being protected is sometimes logical, such as a Web site, software information, or data. Some
kicyunya [14]

Answer:

The correct answer is (a)- asset.

Explanation:

An asset is a resource with value that someone owns with the intention of generating a future benefit (whether economic or not). In accounting, it represents all the assets and rights of a company, acquired in the past and with which they hope to obtain future benefits.

They have in common that they are the result of past events and are capable of generating economic returns in the future. All assets have the potential to bring money to the business, whether through use, sale, or exchange. Examples of assets are a premises, a van, a patent, a computer, raw materials, financial investments or collection rights.

4 0
3 years ago
Read 2 more answers
In the long run equilibrium, a monopolistic competitor will produce to the point at which A) actual average total costs are at t
Artemon [7]

Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.

Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.

3 0
3 years ago
_______________ ensures that all relevant financial information is reported. (select an option)
Wewaii [24]

Answer:

B. Full disclosure principle

Explanation:

Full disclosure principle ensures that all relevant financial information is reported

7 0
3 years ago
Other questions:
  • Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
    6·1 answer
  • How many method(s) of distributing goods and services can satisfy all wants.?
    10·2 answers
  • Carlin and Marley, an accounting firm, provides consulting and tax planningservices. For many years, the firm's total administra
    14·1 answer
  • Medoc Company provides the following information about its single product Targeted operating income 54 comma 790 Selling price p
    8·1 answer
  • Equilibrium below and above minimum wage
    8·1 answer
  • In a period of rising prices, the inventory method which tends to give the highest reported inventory is
    11·1 answer
  • ________ is a written document in Of a transaction
    10·1 answer
  • Blue rorschach inc. has an immediate requirement for 80 laptops and contracts with zenzo electronics for 80 osn laptops at $550
    14·1 answer
  • 1. What is the "Term" for the Lease and Financing of a Car mean?
    5·1 answer
  • Economic models that make unrealistic assumptions may be useful in analyzing some economic problems.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!