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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).

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Equipment in general governmental service that had been acquired several years ago by a special revenue fund at a cost of $40,00
vivado [14]

Answer:

D. A credit to Other Financing Sources for $5,000.

Explanation:

As the equipment is used for governmental service and sold, the journal entry to record the disposal is as follows:

Debit    Cash                                                 $15,000

Debit    Accumulated Depreciation             $30,000

Credit                 Equipment                                      $40,000

Credit                 Gain on sale of equipment            $5,000

Calculation: Book value of equipment = Cost price - Accumulated depreciation = $40,000 - $30,000 = $10,000

Therefore, Gain on sale of equipment = Disposal value - Book value = $15,000 - $10,000 = $5,000.

Therefore, option A is correct. Option B is also correct. Option C is also correct. Therefore, option D is not correct and it is the answer as it will not include in the journal.

7 0
3 years ago
The town of Chester has an economy composed entirely of two equally sized food companies. Both company Q and company R produce p
ExtremeBDS [4]

Answer:

C) abandon the production of jam to fully specialize in the production of peanut butter and then trade with Company Q for jam.

Explanation:

According to different theories about trade specialization, a company or even a country should specialize in producing only those products that they can make better than their competition, i.e. have a comparative or absolute advantage in their production.  

In this case, since Company R has a comparative advantage in the production of peanut butter, it should specialize in producing only that. In case they need jam, they should trade with Company Q in order to get some jam. Eventually Company Q  will only produce jam since they have a comparative advantage in jam production.

8 0
3 years ago
There are these Karens at my house putting their trash in front of MY HOUSE and what can i do?​
Artemon [7]
Call the cops or leave them be Karen’s
6 0
3 years ago
Read 2 more answers
An Office Manager uses a Periodic Review Inventory System: they check the inventory in the Office Supply Closet once every 10 da
adoni [48]

Answer:

880 blue ink pens

Explanation:

The computation of the inventory position is shown below:

= Current stock counted in the closet + already placed orders with the supplier

where,

Current stock counted in the closet is 220 blue ink pens

And, the  already placed orders with the supplier is 600 blue ink pens

Now placing these values to the above formula

So, the inventory position is

= 220 blue ink pens + 600 blue ink pens

= 880 blue ink pens

8 0
3 years ago
Transactional leadership ______.
borishaifa [10]

Answer:

Letter c is correct. <em><u>Is found in the bulk of leadership models.</u></em>

Explanation:

The transactional leadership style is characterized by organization, supervision and performance. It is a common leadership model in most leadership models because it is based on goal achievement.

The leader behaves like a boss, requires compliance with organizational standards, and analyzes the performance of each employee to determine the matching reward. Transactional leadership is compared to the principles of Scientific Management, there are no concerns of the manager with motivational factors that influence the team, but with the fulfillment of demands and optimal organizational flow.

Despite being a less flexible leadership model, the benefits of the model are gained through the performance reward system, which positively influences employee productivity.

6 0
4 years ago
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