An organization receives a contribution

Assignment Help Financial Accounting
Reference no: EM13912608

Preparing Journal Entries

Instructions:

In each of the following scenarios, an organization receives a contribution in-kind. Prepare journal entries, as necessary, to give them accounting recognition. For each, tell why you made an entry or why you did not.

1. A local not-for-profit art museum receives advertising for its yearly benefit from radio station WLOU. The airtime would have cost the museum $1,000.

2. Volunteers for ''Breakfast on Bikes,'' a voluntary health and welfare organization, deliver hot meals to the elderly three times a week. Each of the ten volunteers works about six hours per week. All of the volunteers have permanent jobs with pay averaging $36.10 an hour.

3. Lynn Simms, a local CPA, maintains the books and records of her church. Although her normal billing rate is $120 per hour, she accepts no payment from the church. She works on church matters approximately four hours a week.

4. A construction company allows a not-for-profit community association to use its bulldozer at no cost to clear land for a new baseball park. If the association had to rent the bulldozer it would have incurred costs of $2,400.

Paper Requirements:

Submit your responses to the following questions in a 1-2 page document in MS Word. Label each question clearly. Please include computations in a table.

For written answers, please make sure your responses are grammatically correct and free from spelling errors.

Reference no: EM13912608

Questions Cloud

What is highest number of messages sent by correct processes : What is the highest number of messages sent by correct processes in Algorithm 15.4 in executions that decide on O? Answer both for the case where the general is correct and the case where the general is faulty.
Determine asset classes for the mutual fund : Determine asset classes for the mutual fund and compare its market performance to the Dow 30 organization. Explain how such classifications and the current investment environment affect decisions concerning portfolio composition.
Shery crow equipment company : Sheryl Crow Equipment Company sold 500 Rollomatics during 2014 at $6,000 each
Fixed manufacturing overhead costs : The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product.
An organization receives a contribution : an organization receives a contribution in-kind. Prepare journal entries, as necessary, to give them accounting recognition
What will be the long-term asset total : JK company has the following balances on the 2008 B/S: current assets = 70,000, long-term assets = 250,000, current liability = 40,000, long-term debt = 130,000, and stockholders equity = 150,000. The company has an operating lease contract. It pr..
Western manufacturing produces a single product : Prepare an appropriate performance report for the manufacturing department.
Show how the box can be used to factor n : That is, given a quadratic residue y, the box outputs an x with x2 = y (equation is modulo n). Show how the box can be used to factor n.
Find both variance and standard deviation : Complete row 3 of the table and find the mean for the random variable, "mu". Complete row 4 of the table and find both variance, and standard deviation

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd