How much Leigh report as temporarily restricted assets

Assignment Help Accounting Basics
Reference no: EM132560239

Question - On December 30, 2017, Leigh Museum, a not-for-profit entity, received a $5,800,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows:

The museum is to sell shares valued at $4,400,000 and use the proceeds to erect a public viewing building.

The museum is to retain shares valued at $1,400,000 and use the dividends to support current operations.

As a consequence of its receipt of the Day Co. shares, how much should Leigh report as temporarily restricted net assets on its 2017 statement of financial position?

a. $0

b. $1,400,000

c. $4,400,000

d. $5,800,000

Reference no: EM132560239

Questions Cloud

Discuss about the complex threat platforms : A hybrid threat is mixed-variety or a complex threat. Use the current readings, the Web, IT magazines, the CU digital library, and/or other reliable.
What liability will be reported at end of the second year : If this landfill is judged to be a governmental fund, what liability will be reported at the end of the second year on fund financial statements
How to show the necessary adjusting journal entries : How to Show the necessary adjusting journal entries for the information. The intangible asset was capitalized from the cost of research and development
Concepts of capitalism and socialism : Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.
How much Leigh report as temporarily restricted assets : As consequence of its receipt of Day Co. shares, how much Leigh report as temporarily restricted net assets on its 2017 statement of financial position
Earthquake on water quality and water quantity : Is water quality better in rural or urban Nepal? What was the effect of 2015 earthquake on water quality and water quantity?
What conditions of a bond issuance does a discount arise : Why does GAAP find the effective-interest method of discount amortization preferable? How are discounts reported on the face of the financial statements?
How you apply scenarios of data science technologies : You have to mention the current working field as etl datastage developer, and write on how you apply scenarios of data science technologies like hadoop.
What is advice to client : The number of students who actually passed is known, so that he can report income and refund in the same year. What is your advice to your client?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is dollar general''s free cash flow

Because GAAP does not define ratio metrics,Using the formula in the Course Packet, what is Dollar General's free cash flow for the fiscal year ending 2/1/2019?

  Explain the most important step in the conversion process

Identify the most important step in the conversion process. Suggest the key advantages and disadvantages of automating a manual accounting system.

  Determine the amount of the dividends to be allocated

Problem - Cash Dividends. Determine the amount of the dividends to be allocated to preferred and common stockholders for each year 2012 to 2014

  Evaluating leaders in a specific leadership position

List three to five specific skills, abilities, behaviors, attitudes, and/or knowledge areas you believe are important for success in the position.

  What is the variable cost per unit

Natali Vision sells 5,000 pairs of sunglasses per month at $40 each with a desired profit margin of 25%. What is the variable cost per unit

  What are the benefits to investors of owning preferred stock

What are the benefits to investors of owning preferred stock?Why are some advantages and disadvantages of firms's use of long-term debt?

  Discuss your ethical and legal options

Discuss your ethical and legal options. What steps would you take to resolve the current situation

  The variable costs for food and bound handouts will be 20

1. the federation of student societies fess wants to offer a one-day training course to help students in job hunting

  Compute the companywide break-even point in dollar sales

Piedmont Company segments its business into two regions-North and South. Compute the companywide break-even point in dollar sales

  The accounting profession follows a set of quidelines for

the accounting profession follows a set of quidelines for measurement and disclosure of financial information called

  Determine the following for burke company

Burke Company earned $12,000 of service revenue on account during 2013. The company collected $9,800 cash from accounts receivable during 2013.

  What was the amount of yuji taxable estate

When Yuji died in March 2013, his gross estate was valued at $8 million. What was the amount of Yuji's taxable estate? Provide two possible answers

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