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Natali5045456 [20]
2 years ago
5

A flood damaged several vans belonging to a nongovernmental, not-for-profit organization. A professional mechanic repaired the v

ans at no charge, restoring them to the condition they were in just prior to the flood. How should the van repairs be recognized in the financial statements?a. Only a note disclosure would be required. b. As both an increase in the equipment account and an increase in contributions from donated services.c. As a decrease in accumulated depreciation- equipment, and an increase in contributions from donated services.d. As an increase in expenses and an increase in contributions from donated services.
Business
1 answer:
Westkost [7]2 years ago
5 0

Answer:

b. As both an increase in the equipment account and an increase in contributions from donated services.

Explanation:

When the flood damages the vehicles there was a loss in the value of the organisation's equipment. The actor of restoring it to its previous state will require an addition to equipment account. So there will be an increase in equipment.

The services provided by the mechanic were free and will be recorded as a donated service. This is an increase in contributions from donated services.

There is no expense recorded as the services were performed for free.

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Answer:

<em>Net operating income  $8,950</em>

Explanation:

<em>The overall impact on the net operating income is the amount of increase in contribution from the addtional sales less the increase in monthly advertising budget. </em>

<em>                                                          $</em>

Contribution = ($75 × 190) =     14,250

Fixed cost - advertising       <u>    ( 5,300)   </u>    

Net operating income          <u>     8950</u>

Please, note that the fixed costs of $194,000 per month are not relevant for this decision. Simply because they would be incurred either way and that are not completely traceable to the increase sales.

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3 years ago
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Art [367]
It is called a Corporation
6 0
3 years ago
Which of the following is true?
kifflom [539]

Answer:

the correct option is c) change in the money wage and other resource prices does not shift the long run aggregate supply

Explanation:

First of all aggregate supply can be defined as the sum total of all the goods and services that are supplied in the economy during a defined period of time.

In the given question the option C is right because it is assumed that in the case of long run aggregate supply , the supply curve tends to remain static because any kind of change in the aggregate demand causes only temporary changes in the total output of the economy and the slope of the curve remains vertical. It is also assumed that the economy is being used at optimal as only factors like labor, capital, and technology can bring in aggregate supply.

Options a) and b) can't be true because if the supply curve is gonna shift , it is first going to shift in short run aggregate supply then long run aggregate supply , not the other way around.

6 0
3 years ago
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Answer:

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Other income that can flow from a household are those that are made through bank transactions, for scholarship payments, credit cards, or other types of transactions that allow households to make a profit.

4 0
3 years ago
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