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Natali5045456 [20]
3 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]3 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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Here we have,

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4 years ago
Who commanded allied troops in europe and was responsible for organizing the invasion of france?.
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Answer:In May 1944, the Western Allies were finally prepared to deliver their greatest blow of the war, the long-delayed, cross-channel invasion of northern France, code-named Overlord. General Dwight D. Eisenhower was supreme commander of the operation that ultimately involved the coordinated efforts of 12 nations.

Explanation:

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3 years ago
Assume the market for tea is perfectly competitive and in the long run equilibrium. Suppose the price of coffee, a substitute fo
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Answer: $184.34 

Bess issued four  checks with amounts $175.17, $175.53, $175.35,and $184.34. With the total amount she issued, she expected her balance based on her cash register to be $869.96, but as per bank statement, her balance is $1054.13.

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$184.34 is the best answer because it is the last he wrote and the discrepancy of 0.17 may be due to some bank charges Bess had not recorded.

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4 years ago
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