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Kara enters into a contract to buy a thoroughbred from Rancho Mesa. Kara can disaffirm the contract

Ocean Inc., a seafood distributor, agrees to buy from Paul, a commercial fisher, any “overstock” of fish that he catches in excess of the legal limit. This agreement is most likely

Jerica is a minor. She can enter into any contract an adult can, provided

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