This topic contains a solution. Click here to go to the answer

Author Question: A nongovernment, not-for-profit organization received donated services from a local volunteer. The ... (Read 76 times)

Starlight

  • Hero Member
  • *****
  • Posts: 567
A nongovernment, not-for-profit organization received donated services from a local volunteer. The volunteer works as a receptionist for the organization. The market value of service is 5,000 .
 
  How should this activity be reported be in the statement of activities?
  a. Not be reported
  b. Unrestricted support - 5,000
  c. Restricted support - 5,000
  d. Both unrestricted support and program expense - 5,000

Question 2

At year-end, the balance in the prepaid insurance account, prior to any adjustments, is 6,000 . The amount of the journal entry required to record insurance expense will be 4,000 if the amount of unexpired insurance applicable to future periods is 2,000.
 a. True
  b. False
 
   Indicate whether the statement is true or false



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

miss_1456@hotmail.com

  • Sr. Member
  • ****
  • Posts: 289
Answer to Question 1

A

Answer to Question 2

True




Starlight

  • Member
  • Posts: 567
Reply 2 on: Jul 5, 2018
:D TYSM


zacnyjessica

  • Member
  • Posts: 345
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

For a complete list of videos, visit our video library