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stellarik [79]
3 years ago
8

During the current year, the Finn Foundation, a nongovernmental not‐for‐profit organization, received a $1,000,000 permanent end

owment from Chris. Chris stipulated that the income must be used to provide recreational activities for the elderly. The endowment reported income of $80,000 in the current year, and it was spent on recreational activities for the elderly. The foundation has adopted a policy to recognize donor‐restricted contributions whose restrictions are met in the same reporting period as contributions without a donor restriction. What amount of contribution revenue with donor restriction should Finn report at the end of the current year?
Business
1 answer:
Yuliya22 [10]3 years ago
6 0

Answer: $1,000,000

Explanation:

We are informed from the question that in the current year, the Finn Foundation, a nongovernmental not‐for‐profit organization, received a $1,000,000 permanent endowment from Chris.

We are further told that the endowment reported income of $80,000 in the current year, and it was spent on recreational activities for the elderly.

The amount of contribution revenue with donor restriction that Finn should report at the end of the current year should be the $1,000,000 gotten from Chris.

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Explanation:

Restaurants; hotel guests are not always predictable. Sometimes they will use the hotel restauraunts, and other times they will dine out. A successful strategy is to show guests the restaurants and explain the cuisine before they go to their rooms, which has prompted more guests to dine in the restaurants during their stay.

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Workings are attached.

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