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

Author Question: A government establishes a Permanent Fund to account for a donation. The earnings from the donation ... (Read 98 times)

azncindy619

  • Hero Member
  • *****
  • Posts: 562
on: Jul 5, 2018
A government establishes a Permanent Fund to account for a donation. The earnings from the donation are to be used to purchase books for the library.
 
  How should the donation be reported in the Permanent Fund statement of revenues, expenditures and changes in fund balance?
  A. Special Item.
  B. Revenue.
  C. Other financing source.
  D. Capital contribution.

Question 2

Computer equipment used in the business office of a not-for-profit organization was sold for 9,000 . The original cost of the equipment was 21,000, and accumulated depreciation at the date of the sale was 15,000 .
 
  How will the gain be reported?
  a. Not-for-profit organizations do not recognize gains.
  b. Unrestricted gain of 3,000
  c. Temporarily restricted gain of 3,000
  d. Permanently restricted gain of 3,000
  e. Temporarily restricted revenue of 9,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kkenney

  • Sr. Member
  • ****
  • Posts: 352
Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

B


azncindy619

  • Member
  • Posts: 562
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

kilada

  • Member
  • Posts: 311
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

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.

A permanent epicardial pacemaker. The pulse generator can be placed in subcutaneous pockets in the s A permanent epicardial pacemaker. The pulse generator can be placed in subcutaneous pockets in the s
In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai
In the summer of 1793, a yellow fever epidemic struck Philadelphia, killing nearly 4,000. Tens of th In the summer of 1793, a yellow fever epidemic struck Philadelphia, killing nearly 4,000. Tens of th
Temporary and permanent pacemakers. Temporary and permanent pacemakers.
How to create a table of values displaying commission and earnings (Question 2) How to create a table of values displaying commission and earnings (Question 2)
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Video: Renal Failure

For a complete list of videos, visit our video library