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 75 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
Excellent


cam1229

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

For a complete list of videos, visit our video library