This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A nongovernment, not-for-profit organization received donated services from a local volunteer. The ... (Read 27 times)

Starlight

  • Hero Member
  • *****
  • Posts: 567
on: Jul 5, 2018
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
Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

True


Starlight

  • Member
  • Posts: 567
Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

ecabral0

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Most fungi that pathogenically affect humans live in soil. If a person is not healthy, has an open wound, or is immunocompromised, a fungal infection can be very aggressive.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Preventive and Primary Care Services Preventive and Primary Care Services
Typical Organization of the CPT Manual Typical Organization of the CPT Manual
Participating in religious services is related to better coping skills, less severe stress ... Participating in religious services is related to better coping skills, less severe stress ...
A series of two PET scans. A scan was done when the volunteer’s eyes were either open (left) or ... A series of two PET scans. A scan was done when the volunteer’s eyes were either open (left) or ...
Trees provide ecosystem services to people Trees provide ecosystem services to people
An overview of the levels of organization in nature An overview of the levels of organization in nature
Video: What Are Carbohydrates? Importance of Carbs & High Carb Food

For a complete list of videos, visit our video library