Explain or illustrate how each of the three preceding

Assignment Help Accounting Basics

Reference no: EM13611056

Mr. Larry Leininger donated $3,000,000 to a nongovernment VHWO on June 17, 20X8.

1. Assume that no restrictions are placed on the use of the donated resources.

a. Prepare the required June 17, 20X8, entry.

b. Prepare any entries necessary in 20X9 if $400,000 of the gift is used to finance VHWO operating expenses.

2. Assume that the donation was restricted to research.

a. Prepare the required June 17, 20X8, entry.

b. Prepare any entries required in 20X9 as a result of spending $400,000 for research during 20X9.

3. Assume that the donation was restricted for fixed asset acquisitions. a. Prepare the required June 17, 20X8, entry.

b. Prepare any entries required in 20X9 if $400,000 of the gift is used to purchase a new building.

The building is placed in service at year-end.

4. Explain or illustrate how each of the three preceding situations would be reported in the nongovernment VHWO's financial statements in 20X8 and in 20X9.

Reference no: EM13611056

Questions Cloud

Calculate the probability that at least 12 in a sample of : the national association of realtors released a survey indicating that a surprising 43 of first-time home buyers

For two forces whose magnitude are 400 u and 300 u find : for two forces whose magnitude are 400 u and 300 u. find the maximum and minimum magnitudes of their vectors. what

Suppose that a population is known to be normally : suppose that a population is known to be normally distributed with mean 2000 and standard deviation 230. if a random

If an equity investment is classified as held for trading : if an equity investment is classified as held for trading andit is being accounted for using the cost method is the

Explain or illustrate how each of the three preceding : mr. larry leininger donated 3000000 to a nongovernment vhwo on june 17 20x8.1. assume that no restrictions are placed

What is the distance of closest approach of the two : what is the distance of closest approach of the two particles? assume that the gold nucleus remains stationary and that

If the collar is given a speed of 4ms and the released at o : a collar having a mass of 0.75 kg and negligible size slides over the surface of a horizontal circular rod for which

Suppose after charging a 144 microf capacitor to 15 v you : suppose after charging a 14.4 microf capacitor to 15 v you connect it to another already charged capacitor of 7 microf

A resercher wishes to estimate with 90 confidence the : a resercher wishes to estimate with 90 confidence the proportion of adults who have high-speed internet access. her

User Account

All Pages