Renders volunteer legal services

Assignment Help Financial Accounting

Reference no: EM131292909

Daisy is an attorney who renders volunteer legal services to a Legal Aid Society, which provides legal advice to low-income individuals. The Legal Aid Society is a qualified charitable organization. During the current year she spends a total of 200 hours in this volunteer work. Her regular billing rate is $350 per hour. In addition, she spends a total of $600 in out-of-pocket costs in providing these services. She receives no compensation and is not reimbursed for her out-of-pocket costs.

What is Daisy's charitable contribution for the year because of these activities?

Reference no: EM131292909

Questions Cloud

Calculate the break even sales : Erin Shelton, Inc., wants to earn a target profit of $800,000 this year. The company’s fixed costs are expected to be $1,000,000 and its variable costs are expected to be 60 percent of sales. Erin Shelton, Inc., earned $700,000 in profit last year. C..

Defined benefit pension plan experienced : City of Dallas Police and Fireman Defined Benefit Pension Plan experienced a difference between its expected Projected Benefit Obligation and its actual Projected Benefit Obligation during the calendar year 2015. The actuary notified City of Dallas P..

What are the net present value-internal rate of return : Centaur Corporation is considering the purchase of an annex to one of its buildings. The annex will cost $10,000,000. Centaur estimates that the building annex will save it $900,000 in rent in its first year, and that the rent savings will increase b..

Audit risk model-state effect on control risk-inherent risk : Using the audit risk model, state the effect on control risk, inherent risk, acceptable audit risk, and planned evidence for each of the following independent events. In each of the events cirlce one letter for each of the three independent variables..

Renders volunteer legal services : Daisy is an attorney who renders volunteer legal services to a Legal Aid Society, which provides legal advice to low-income individuals. The Legal Aid Society is a qualified charitable organization. What is Daisy's charitable contribution for the yea..

Cash-method taxpayer-what is taxable income : Lori is a single, cash-method taxpayer . On April 11, 2013, Joyce paid $220 state income taxes with her 2012 state income tax return. During 2013, Lori had $2,600 in state income taxes withheld. On April 13, 2014, Lori paid $1,200 with her 2013 state..

Advantages and disadvantages of ortegas proposal : Nature’s Own manufactures organic fruit preserves sold primarily through health food stores and on the Web. The company closes for two weeks each December to enable employees to spend time with their families over the holiday season. What are the adv..

Capital gain from the sale of city atlanta bonds : Holly inherited $10,000 of City of Atlanta bonds in February. In March, she received interest of $500, and in April she sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings bonds that she had purchased several years ago. The accumulat..

What is tammys basis in the house : As a result of their divorce, Fred agrees to pay alimony to Tammy of $22,000 per year. The alimony payment ends upon Fred's or Tammy's death or in the event of Tammy's remarriage. In addition, Tammy is to receive the house that was purchased for $100..

User Account

All Pages