Reference no: EM13260053

For one of the following situations, indicate whether the organization should recognize the described contributed services as revenue (offset by a corresponding expense). Briefly justify your response or identify key issues.
1. Nellie Wilson, the noted country-western singer, performs a benefit concert for the Save-Our-Farms Association, a political advocacy group. Wilson, who would normally charge $80,000 per concert, did not accept a fee.
2. Camp Chi-Wan-Da, a summer camp for disadvantaged youth, benefits from the services of four physicians, each of whom spends two weeks at the camp providing medical services to the campers. The doctors receive free room and board, but no salary. Camp association standards require that a camp of Chi-Wan-Da's size have a physician either on the premises or on call.
3. The Taconic Music Festival, a performing arts association, needed new practice facilities. The architecture firm of Lloyd-Wright designed the facilities for the association without charge, and local merchants provided the building materials. All construction work was carried out by community volunteers, only a few of whom had professional experience in the building trades.
4. A neurologist serves on the board of trustees of the Neurological Disease Foundation, an organization that funds clinical research. He was asked to serve because of his expertise in the area of neurological research. He chairs the board's committee that selects grant recipients.
5. The Museum of Natural History benefits from the volunteer services of 20 docents (museum guides), who provide approximately 10,000 hours of service per year. The docents give tours, staff the information desk, and assist in the museum gift shop. Were it not for their voluntary services, the museum would have to hire employees, who would be paid at least $10 per hour