Reference no: EM1357324
Some, but not all, contributions of goods and services are given accounting recognition. 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 $16.10 an hour.
3. Lynn Simms, a local CPA, maintains the books and records of her church. Although her normal billing rate is $60 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 $1,400.
|
Write java application to input three integers from user
: Write Java application that inputs three integers from user and displays sum, average, product, smallest, and largest of the numbers.
|
|
Explain this policy be consistent with profit maximization
: Management charges higher highly rates in the winter, when its average occupancy rate is 85 percent. Explain can this policy be consistent with profit maximization.
|
|
Describe the characteristics of portfolio
: Your portfolio consists of $50,000 invested in Stock X and $50,000 invested in Stock Y. Both stocks have an expected return of 15 percent, a beta of 1.6, and a standard deviation of 30 percent.
|
|
Explain what is the hardest challenge or barrier
: Barrier or Challenge to Change - Explain what is the hardest challenge or barrier to overcome when implementing a change in strategy?
|
|
Government and nonprofit accounting
: Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
|
|
Implement controls for global operations
: Control systems for global operations fall under direct coordinating mechanisms and indirect coordinating mechanisms. How are these controls implemented?
|
|
Illustrate what effect will this have on its optimal price
: The company's settlement obligations are expected to raise its average total cost per pack by about $60. Illustrate what effect will this have on its optimal price.
|
|
Explain the correct net requirement
: Explain the correct net requirements and Develop an MRP planning schedule showing gross and net requirements and order release and re-ceipt dates.
|
|
Significant inherent risk
: Suppose your Customer, General Television, produces televisions and during the current year acquired Micro Engineering, Inc., which manufactured flat panel plasma screens for computers so that it could compete in the market for flat panel televisions..
|