Blog

Juno tells Malik she will give him her old car if he babysits her son weekday evenings for six months. Malik agrees. Juno and Malik have formed a(n)

Pablo, a minor, enters into a contract to buy two all-season passes from Chalet Ski Park. The contract will be made enforceable if Pablo

Crimson Nonprofit is forming a Statement of Activities.  Indicate which of the following activities would be reported in the “Without donor restrictions” column or in the “Donor Restrictions” column.

Select the appropriate amount from the right column that matches the description in the left column.  All entities have calendar year ends.  Pertinent information for this matching question follows: Total income taxes for the year are $5,000,000 with $100,000 estimated to be uncollectible.  Collections during the year via withholdings are $4,000,000.   In January of the following year, $500,000 is received from estimated payments.  $200,000 is received in March and April with payment of taxes in the following year. The city bought an ambulance for $100,000.  It has no salvage value and an estimated useful life of 10 years. Property taxes received April of the current year from last year’s levy were $300,000.  Property taxes levied for the current year are $5,000,000 with $100,000 estimated to be uncollectible.   Collections during the year for the current property tax levy are $4,000,000.  In January of the following year, $500,000 is received.  $200,000 is received in April and May. Payments of debt principal were $100,000 with $10,000 interest payments made.

A nonprofit benefited from voluntary services of two attorneys.  One served as a member of the Society’s board of directors, performing tasks comparable to other directors.  During the year, he attended 20 hours of meetings.  The other drew up a lease agreement with a tenant in a building owned by the nonprofit.  She spent five hours on the project.  The billing rate of both attorneys is $200 per hour.  In the year in which the services were provided, the nonprofit should recognize revenues from contributed services of

Crimson nonprofit received a $50,000 gift that the donor specified was to be used for food for the needy.  In the year Crimson spends the gift on food for the needy, what should be debited?

Under modified accrual, revenues cannot be recognized until they

Match the following departments of activities on the left to the type of fund that most likely would be used for each department on the right. 

Sue, a certified public accountant, donated 60 hours of her time to the Homeless Center, a nonprofit.  She spent 20 hours auditing their books and 40 hours serving food to the needy.  She normally earns $200 an hour as a CPA, and the Homeless Center normally pays $10 per hour to students when it cannot find volunteers.  How much should the Homeless Center report as contribution revenue for her services?

What is the “owners’ equity” section of the balance sheet for an enterprise fund called?