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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).

You might be interested in
If you put $2,620 in a savings account and make no further deposits, what type of calculation would provide you with the value o
riadik2000 [5.3K]

Answer:

future value of a lump sum:

Nominal(1+r)^n = FV\\2,620(1+r)^{28} = FV

Explanation:

when there is only a single deposits the formula will be the compounding interest future value of a lump sum

The deposits will generate incoem at a given rate r which, will make it increase their value over the course of time.

3 0
3 years ago
Virginia owns 100% of Goshawk Company. In the current year, Goshawk Company sells a capital asset (held for three years) at a lo
kumpel [21]

Answer:

a)  If Goshawk is a proprietorship, only $21000 long-term capital loss can be deducted in the current year. The remaining $19000 net capital loss is carried forward and then carried back

b)  If Goshawk is a C corporation, only $ 18000 long-term capital loss can be deducted in the current year. The remaining $22000 net capital loss is carried back and then forward of Item 2.

Explanation:

The gain or loss on the sale of a property is said to be the difference between between the realized value of goods and its adjusted basis. When there is a gain the realized value would be greater than the adjusted basis, while when there's loss the realized value would be less than the adjusted basis.

A) In this case, if Goshawk is a proprietorship, only $21,000 of the $40,000 long-term capital loss can be deducted in the current year. The loss will offset the short-term capital gain of $18,000 first; then, an additional $3,000 of the loss may be utilized as a deduction against ordinary income. The remaining $19,000 net capital loss is carried forward to next year and years thereafter until completely deducted. The capital loss carryover retains its character as long term.

B) If Goshawk is a C corporation, $18,000 short term capital gain can be set off for long term capital loss. Then the remaining $22,000($40,000 - $18,000) will be carried backwards

3 0
3 years ago
Increasing the capital available to the workforce, holding other factors constant, tends to ______ total output while ______ lab
Troyanec [42]

Increasing the capital available to the workforce, and holding other factors constant, tends to increase total output while increasing average labor productivity.

How does an increase in capital affect labor?

Increases in the capital stock's ratio to labor hours worked are referred to as capital deepening. When all other factors are equal, changes in this ratio have a strong correlation with changes in labor productivity. Labor productivity rises in response to a rise in capital per hour (also known as capital deepening).

What increases labor productivity?

The development of human capital, technological advancement, and capital investment all contribute significantly to labor productivity. By making direct investments in or offering incentives for advances in technology and human or physical capital, business and the government can raise the labor productivity of their workforces.

What is total output?

There are two approaches to calculating total output: as the value of all final goods and services produced, or as the value contributed at each stage of production.

Learn more about labor productivity: brainly.com/question/15410954

#SPJ4

6 0
2 years ago
What should you do if you start having a hard time paying your mortgage? Select all that apply. Use your credit cards for everyt
Black_prince [1.1K]

Answer:

-Notify your mortgage servicer

-Contact a Homeownership Advisor

-Cut other expenses where you can

Explanation:

If you start having a hard time paying your mortgage, you should:

-Notify your mortgage servicer that is the company to which you make the payments of your loan and it can offer you an option that can help you with the payments like a deferral.

-Contact a Homeownership Advisor as this is a professional that provides financial advise before and after you purchase a house and can help you with options to fix the problem.

-Cut other expenses where you can because you may be having expenses that are not necessary and if you decrease them, you can be able to pay your mortgage.

The other options are not correct because using your credit cards is worst because you will be paying a loan with a different loan that will probably have a higher interest rate and wait a few months and see if things turn around can result in you missing payments which will affect your credit score and you may end up losing your home.

6 0
3 years ago
The Stinson family owns a farm. Three alternatives exist for how to use the farm: a) Grow wheat. Wheat yield would be 70 bu/acre
Lesechka [4]

Answer:

Following are the solution to the given questions:

Explanation:

Please find the complete question in the attached file.

In this question, the Stinsons would prefer the most profitable alternative  

Formula:

Profit = Income - Costs = (price \times  amount) - Costs \ of \ production

In point A:

\to Profit = (70 \times \$3.5) - \$140

              = \$245 - \$140\\\\ = \$105 \ / \ acre

In point B:

\to Profit = (50 \times \$2.5) - \$150

              = \$125 - \$150\\\\ = - \$25 \ / \ acre \ (Loss)

In point C:

\to Profit = \$80 - \$35=\$45 \ / \ acre

5 0
3 years ago
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