1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
krek1111 [17]
3 years ago
12

A not-for-profit art museum that has elected to capitalize its art collection receives a donation of a rare piece of Native-Amer

ican art. The donor paid $10,000 for the piece several years ago. Today the piece has an estimated value of $50,000. What entry should the museum make upon receipt of this donation
Business
1 answer:
Svet_ta [14]3 years ago
6 0

Answer and Explanation:

No  journal entry is required as the art museum has been elected so it is not capitalized also the value is increased i.e. from $10,000 to $50,000 so we should not capitalized it

So for this there is no requirement of passing the journal enry

 Hence, the same is to be considered

You might be interested in
Narciso Corporation is preparing a bid for a special order that would require 880 liters of material R19S. The company already h
bija089 [108]

Answer:

$5,456

Explanation:

A relevant cost can be defined as the cost that are said to be in form of a future cash cost that is relevant and important to a particular decision.

The relevant cost:

Current market cost 880 liters × Current market $6.20 per liter

= $5,456.

Therefore the relevant cost of the 880 liters of the raw material when deciding how much to bid on the special order will be $5,456

6 0
3 years ago
Wisconsin Farm Equipment Company sold equipment for cash. The income statement shows a loss on the sale of $ 10 comma 000. The n
tester [92]

Answer:

A. positive cash flow of $ 20 comma 900 from investing activities

Explanation:

book value - sales price = loss on sale

30,900 - sales price = 10,000

30,900 - 10,000 = sales price

sales price = 20,900

Assumming the purchase was on cash, it will be disclosure as cash generated from investing activities for 20,900

The reason is that cashflow do not focus on the gain or loss from the sale. It focus on the cash movements and this sale involve a cashinflow of 20,900

3 0
3 years ago
When a manager leaves his or her job to accept a job at another organization, the organization left behind is experiencing?
Butoxors [25]
<span>When a manager leaves his or her job to accept a job at another organization, the organization left behind is experiencing 'attrition'. Attrition means the reduction in employees in a company due to retirement and resignation. It may cause loss of employee talent and increased competition with rival companies.</span>
7 0
3 years ago
Adidea Corp. sold merchandise on credit. What accounts will the company use to document the transaction?
Sergeeva-Olga [200]
I Think The answer is d I hope it helps My friend Message Me if I’m wrong and I’ll change My answer and fix it for you
5 0
4 years ago
Observing children's needs and interests should affect the way you plan activities.
Leya [2.2K]
Answer is A, due to food allergies, but preferences CAN come into play. Allergies come first, though, along with medical issues.
8 0
4 years ago
Other questions:
  • 500 shares of 6%, $100 par convertible preferred stock were issued at $103 per share. Each share is convertible into 20 shares o
    14·1 answer
  • Jack and Scotty begin negotiations where Scotty will give Jack hockey lessons for a certain amount of money per week. While they
    10·1 answer
  • Assume the indirect method is used to compute cash flows from operations. For each item listed below, indicate the effect on net
    14·1 answer
  • You buy a share of The Ludwig Corporation stock for $21.40. You expect it to pay dividends of $1.07, $1.1449, and $1.2250 in Yea
    15·1 answer
  • The Securities Investor Protection Corporation is a government agency charged with administering the liquidation of failed secur
    10·1 answer
  • 6. You own a coal mining company and are considering opening a new mine. The mine will cost $120.0 million to open. If this mone
    9·1 answer
  • The Gorman Group issued $930,000 of 11% bonds on June 30, 2021, for $1,009,794. The bonds were dated on June 30 and mature on Ju
    8·2 answers
  • Which education and qualifications are most helpful for Maintenance, Installation, and Repair careers? Check all that apply. app
    12·2 answers
  • why shall professional groups shall not be allowed to assign their own professional codes of conduct and police themselves from
    11·1 answer
  • An increase in aggregate demand when the economy is operating at high levels of output is likely to result in:_____.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!