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Question - A certain foundation, a voluntary health and welfare organization, received the following contributions in 2020:
1. P5,000 from donors who stipulated that the money not be spent until 2022.
2. P10,000 from donors who stipulated that the contribution be used for the acquisition of equipment, none of which was acquired in 2020.
A trading securities was acquired during the year with a fair value of P5,000,000 to provide income for the maintenance of the foundation. The restricted securities was intended for endowment funds.
Required - Under the Statement of Financial Accounting Standards No. 117, how would the above affect the unrestricted net assets, temporarily restricted assets and permanently restricted net assets, respectively?
Your company worked on the projects shown as follows during the last year. Analyze the different profit centers based on their gross profit margins.
Define marketable securities ( also referred to as short- term investments). What characteristics of securities justify classifying them as financial assets
Assuming that Lilly Ltd. classifies Daisy Company's,Provide all the relevant journal entries for Lilly Ltd. regarding its investment in Daisy Company's shares.
Duke Associates, antique dealers, purchased the contents of an estate for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting.
Suppose Oleg's accountant neglected to make the adjustment for depreciation. What would be the effect on the income statement for the month of July?
Determine the amount of dividends that was paid each year (2015-2019) for the preference shareholders and ordinary shareholders
When should Magnus recognize revenue related to its catering service?
Compute the rate per page to be charged by the ISF, based on the following factors: Occupancy costs - Estimated at $50,000 per year
What indicators explain this trend? Which of these accounts are distinctive to each business? Why? Based on the presented financial ratios, can you determine if the firm is improving or deteriorating? Why or why not?
Prepare the necessary journal entries to correct the above transactions as of December 31 2021 assuming the books are still open
You transferred surplus cash out of the bank account to an investment account. Record this movement in a journal entry
What do each of these mean and how will each impact the audit process and the audit results? Which do you consider the more important risk?
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