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tester [92]
3 years ago
8

18. The following gifts are received in 2016 by a not-for-profit entity: I. $2,000 specified by the donor to be used to pay sala

ries. II. $10,000 specified by the donor for new conference room furniture. III. $5,000 specified by the donor to be held for one year before being expended. The salaries are paid in 2017 and the conference room furniture is purchased in 2016. The donor did not specify any time restriction on holding the conference room furniture. With respect to the donations received in 2016, what total amount should be recorded as an increase to Temporarily Restricted Net Assets
Business
1 answer:
xeze [42]3 years ago
4 0

Answer:

$7,000

Explanation:

Increase in Temporarily Restricted Net Assets = $2,000 + $10,000 + $5,000 = $17,000

Net increase in Temporarily Restricted Net Assets = Increase in Temporarily Restricted Net Assets - Amount of the conference room furniture purchased = $17,000 - $10,000 = $7,000

Note that the conference room furniture purchased is deducted because the donor did not stipulate a time restriction on holding the furniture.

Therefore, total amount should be recorded as an increase to Temporarily Restricted Net Assets is $7,000.

 

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A. calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 15-year annuity i
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3 years ago
Stu's Mellow Meter Miser (MMM) has recently experienced a sales decline due to the entry of a lower-priced competitor, Kelly's C
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3 years ago
Assume the following is the Budget Equation for a consumer: 170 Tequila + 32 Vodka = 2,810 What would be the intercept of the bu
Agata [3.3K]

Answer:

Explanation:

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y=Tequila\\x=Vodka

So:

170y+32x=2810

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