Reference no: EM132532810
Questions -
Q1. A donor, Haley Puddin, puts an entry into her last will and testament to leave Kudzoo University in Mississippi $15,000,000 on October 10, 2018 to be used to pay for a new classroom building named after her late husband, Buford Puddin. The university was immediately informed of this bequest by the donor's attorney on October 21, 2018. The donor dies on January 2, 2019. The university receives the check for the bequest on May 4, 2019. The classroom building planning and construction began December 3, 2019 and was placed into operation in January 2, 2021. When should the $15,000,000 bequest be recognized by Kudzoo University?
A. October 21, 2018.
B. January 2, 2019.
C. May 4, 2019.
D. January 2, 2021.
Q2. Cathleen Hallmark, president of the save-the-professor foundation, a non-for-profit, spends 80 percent of her time on presidential and board-related duties, which half of that time is also spent fundraising. She spends the remaining 20 percent of her time working on mission-oriented activities. On the statement of activities, Cathleen Hallmark's salary and benefits:
A. Should all be recognized as management and general expenses.
B. Should be subdivided as half in fundraising and half in management and general expenses.
C. Should be subdivided as 20 percent in program expenses, 40 percent in management and general, with the remainder in fundraising expenses.
D. Can never be allocated to program expenses.
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Calculate the thickness of plates and section
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When should the bequest be recognized by Kudzoo University
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