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Problem 1: A private not-for-profit entity has the following activities performed by volunteers who work at no charge. In which case should no contribution be reported?
Multiple Choice
Option 1: A carpenter builds a porch on the back of one building so that patients can sit outside.Option 2: An accountant does the organization's financial reporting.Option 3: A local librarian comes each day to read the newspaper to the patients.Option 4: A computer expert repairs the organization's computer.
Problem 2: A private not-for-profit entity receives a gift of new furniture from a retail department store. The furniture has a fair value of $2,100. The entity holds the furniture for several weeks. After a flood, the entity gives the furniture to several needy families. How should the NFP entity record these conveyances?
Option 1: No entries are required.Option 2: Record contribution revenue of $2,100 and community assistance expense of $2,100.Option 3: Record only a community assistance expense of $2,100.Option 4: Record only a contributed revenue of $2,100.
Draw capital allocation line for Inv-2 (equivalently draw the CML with different lending rate (5%) and borrowing rate (6%)) and show the approximate point
Which Shortage costs include? increased insurance costs on inventory and an increased rate of return on assets. / all costs that increase with increased current
Explain the difference between declining balance method and double declining balance method. When we use half-year convention method.
The company has earned (but not recorded) $6,000 of interest relating to an investment for the year ended December 31, 2014. A check for this amount will be received on January 9, 2015. How would the company record the related adjusting entry dated D..
Milton Company, The dividend rate is 12%, and the par value of the stock is $100. Compute the cost of capital of the stock to your firm.
Provide the journal entries for the transactions under the cost method. Note: Make separate journal entries for each of the two re-sell transactions.
Prepare the compound entry, if necessary, to correct the books at the end of 2001, assuming that the books have not been closed. Ignore taxes
Generate a quarterly budget for the upcoming year that includes sales, production, materials and labor budgets. Assume a 10% increase in sales.
Income statements for Yarrick Company for the years ending December 31, 2013, 2012, and 2011 are shown below. Prepare a common-size income statement and analyze the profitability of the company.
Provide journal entries to account for the impairment of Viti Ltd as at 30 June 2015. Show all relevant working where required. Calculate the amount of current tax expense. Use an appropriately labelled table for this task.
Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. What is the balance in Supplies account as of January.
Does the auditor(s) give a qualified opinion, an unqualified opinion, a disclaimer of opinion, or an adverse opinion? What does that opinion mean?
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