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Liula [17]
3 years ago
10

Which of the following is NOT a typical characteristic of a Minstrel

Business
1 answer:
zhannawk [14.2K]3 years ago
6 0

Answer:

B

Explanation:

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The following are the 20X2 transactions of the Midwest Heart Association, which has the following funds and fund balances on Jan
abruzzese [7]

Answer:

Midwest Heart Association

1. Journal Entries:

1. Debit Pledges Receivable $700,000

  Credit Pledges Revenue $700,000

To record unrestricted pledges received.

1. Debit Uncollectible Expense $56,000

  Credit Allowance for Uncollectibles $56,000

To record 8% of uncollectible pledges.

2. Debit Temporarily restricted net assets $150,000

   Credit Pledges Receivable $150,000

To record receipt of restricted use grants.

3. Debit Unrestricted net assets $520,000

   Credit Pledges Receivable $520,000

To record current pledges collected

3. Debit Allowance for Uncollectible $26,000

   Credit Uncollectible Expense $26,000

To record the write-off of $30,000 remaining uncollected pledges.

4. Debit Office Equipment $15,000

   Credit Unrestricted net assets $15,000

To record the purchase of office equipment

5. Debit Building Mortgage $3,000

   Credit Unrestricted net assets $3,000

To record the payment of mortgage on buildings.

6. Debit Unrestricted net assets $27,200

   Debit Temporarily restricted net assets $5,400

   Credit Interest and dividends Revenue $32,600

To record the receipt of interest and dividends.

6. Debit Permanently restricted net assets $1,000

   Debit Unrestricted net assets $5,000

   Credit Sale of Endowment Investment $6,000

To record the sale and gain of endowment investments.

7. Debit Depreciation Expense:

  Community services $ 12,000

  Public health education $7,000

  Research $10,000

  Fundraising $15,000

  General and administrative $9,000

Credit Accumulated Depreciation $53,000

To record depreciation expense for the year.

8. Debit Other expenses:

 Community services $ 250,600

 Public health education $100,000

 Research $81,000

 Fundraising $39,000

 General and administrative $61,000

Credit Unrestricted net assets $531,600

To record other expenses.

Debit Clerical services expense $2,400

Credit Donated clerical services $2,400

To record the receipt of donated clerical services.

b. Statement of Activities for the year ended December 31, 20X2:

Revenue:

Pledges                                  $700,000

Interest and dividends              32,600

Sale of Endowments                   6,000   $738,600

Depreciation expense:

  Community services           $ 12,000

  Public health education        $7,000

  Research                              $10,000

  Fundraising                          $15,000

  General & administrative      $9,000       53,000

Other expenses:

 Community services        $ 250,600

 Public health education     $100,000

 Research                               $81,000

 Fundraising                          $39,000

 General and administrative $61,000      531,600

Clerical services expense                          $2,400

Change in net assets                              $151,600

Explanation:

a) Data and Calculations

1. Unrestricted net assets

Beginning balance           $ 281,000

Pledges receivable            520,000        

Office equipment                (15,000)

Building mortgage               (3,000)

Interest and Dividends       27,200

Sale of Endowment              5,000

Other expenses              (531,600)

Ending balance             $278,600

2. Temporarily restricted net assets

Beginning balance            $ 87,000

Restricted use grants      $150,000

Interest and Dividends          5,400

Ending balance               $242,400

3. Permanently restricted (endowment) net assets

Beginning balance          $ 219,000

Gain from Endowment           1,000

Ending balance               $220,000

b) Midwest Heart Association's Statement of Activities is the financial statement that shows the revenues and expenses of the association, including the change in net assets during a period.  It is like the income statement of a profit-making entity that shows revenue and expenses.  While the excess in revenue over expenses is called net income for a profit-making entity, it is called change in net assets for a non-profit-making organization like Midwest Heart Association.

5 0
3 years ago
What is the most accepted time frame associated with the MOV SEP code?
shusha [124]

The inference is that the most accepted time frame associated with the MOV SEP code is 60 days or 2 months.

<h3>What is an inference?</h3>

An inference is the conclusion that can be deduced based on an information.

In this case, the inference is that the most accepted time frame associated with the MOV SEP code is 60 days or 2 months. This is the period when you can sign for health insurance.

Learn more about inference on:

brainly.com/question/25280941

#SPJ1

3 0
1 year ago
Which function of the management process requires a manager to establish goals and standards and to develop rules and procedures
Mama L [17]

Answer:

The planning function of management includes establishing goals and standards, developing rules and procedures, and developing plans and forecasting

Explanation:

Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.

7 0
3 years ago
Suppose 20.0 g pieces of gold and iron, both initially at 100oC, are added to different containers of water, both initially at 2
Sauron [17]

Answer:

  • The final temperature in the container with Gold is 27.49 ⁰C
  • The final temperature in the container with Iron is  33.01  ⁰C

Therefore, the highest final temperature is obtained in the container with Iron.

Explanation:

Q = mcΔT

Where;

Q is the quantity of heat gained or lost

m is the mass of the metals or water

c is the specific heat capacity

ΔT is the change in temperature, T₂ - T₁

T₂  is the final temperature and T₁ is the initial temperature

Heat lost by metals at 100°C is equal to heat gained by water at 25°C

-Q_{metal} = Q_{water}

-Q_{Au} = Q_{H_2O} \\-Q_{Fe}  = Q_{H_2O}

Specific heat capacity of water = 4.18 J/g°C

Specific heat capacity of gold = 0.129 J/g°C

Specific heat capacity of iron  = 0.45 J/g°C

⇒For Gold

-20*0.129*(T₂ - 100) = 18*4.18 (T₂ - 25)

-2.58T₂ +258 = 75.24T₂  - 1881

77.82T₂  = 2139

T₂  = 2139/77.82

T₂ = 27.49 ⁰C

⇒For Iron

-20*0.450*(T₂ - 100) = 18*4.18 (T₂  - 25)

-9T₂  +900 = 75.24T₂ - 1881

84.24T₂ = 2781

T₂  = 2781/84.24

T₂ = 33.01  ⁰C

Therefore, the highest final temperature is obtained in the container with Iron.

5 0
3 years ago
Which formula best describes the amount an insurance company will pay you for your loss?
Aleksandr-060686 [28]
A) Payment = Loss - Deductible
because you always need to pay your deductible so you won't get this amount of money back
6 0
3 years ago
Read 2 more answers
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