All of the extremophiles belong to the domain of
Category: Uncategorized
The City of Weston is preparing its budget for calendar year…
The City of Weston is preparing its budget for calendar year 2012. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected: $7,000,000 Allowance for uncollectible property taxes: 5% of the levy Total assessed value of property at the beginning of 2012 $65,000,000 Expected reduction in assessed value from appeals $200,000 Assessed value of City property, not subject to tax $1,400,000 Senior citizen exemptions $1,000,000 Required: Compute the millage rate (in decimal form to four places)
John’s Not For Profit for disabled children are promised ple…
John’s Not For Profit for disabled children are promised pledges (without restrictions that would equal $800. In the past they have only received 80% of the pledges promised. How much contribution revenue should be reported with donor restrictions?
Linnaeus assigned organisms a two-part name called a binomia…
Linnaeus assigned organisms a two-part name called a binomial.
The town established a Central printing fund for the purpose…
The town established a Central printing fund for the purpose of printing items for the entire government. The General Fund made an initial capital contribution of $120,000 to the fund. What account(s) should you DEBIT in the General Fund?
The following expenditures were made by Green Services, a so…
The following expenditures were made by Green Services, a society for the protection of the environment:Printing of the annual report $12,000Unsolicited merchandise sent to encourage contributions 25,000Cost of an audit performed by a CPA firm 3,000 What amount should be classified as fundraising costs in the society’s statement of activities?
Home Care, Inc., a nongovernmental voluntary health and welf…
Home Care, Inc., a nongovernmental voluntary health and welfare entity, received two contributions in Year 4. One contribution of $250,000 was restricted for use as general support in Year 5. The other contribution of $200,000 carried no donor restrictions. What amount should Home Care report as donor-restricted support in its Year 4 statement of activities?
Birdlovers, a nongovernmental not-for-profit entity, incurre…
Birdlovers, a nongovernmental not-for-profit entity, incurred $5,000 inmanagement and general expenses during the year. In Birdlovers’ statement ofactivities for the year ended December 31, the $5,000 should be reported as
A labor union had the following receipts and expenses for th…
A labor union had the following receipts and expenses for the currentyear ended December 31: Receipt Descriptions: Amounts Per capita dues 680,000 Initiation fees 90,000 Gift restricted by donor for loan purposes for 10 years 30,000 Gift restricted by donor for loan purposes in perpetuity 25,000 Expense Descriptions: Amount Labor negotiations 500,000 Fundraising 100,000 Membership development 50,000 Administrative and general 200,000 Management sales of organizational supplies 60,000 Additional information: The union’s constitution provides that 10% of the per capitadues are designated for the Strike Insurance Fund to be distributed for strike reliefat the discretion of the union’s executive board. In the statement of activities for the year ended December 31, what amountshould be reported as donor-restricted support?
During the current year, a voluntary health and welfare enti…
During the current year, a voluntary health and welfare entity received $300,000 in pledges. Of this amount, $100,000 has been designated by donors for use next year to support operations. If 15% of the pledges without donor-imposed restrictions are expected to be uncollectible, what amount of support that increases net assets without donor restrictions should the entity recognize in its current-year financial statements?