On December 15, 2016, a donor agrees to contribute $2 for every $1 that the agency raises in its capital campaign, up to $50,000. The capital campaign began on February 1, 2017 and as of June 30, 2...
On December 15, 2016, a donor agrees to contribute $2 for every $1 that the agency raises in its capital campaign, up to $50,000. The capital campaign began on February 1, 2017 and as of June 30, 2017 the organization has raised $10,000
How much should the organization record as a pledge receivable as of December 31, 2016?
Homework Answers
Since the donor agrees to contribute $2 for every $1 that the agency raises in its capital campaign, up to $50,000, the maximum receivables will be $1,00,000. So, the organization should record $1,00,000 as a pledge receivable as of December 31,2016. The agreement also came into effect from December 15,2016. Later the organization can reverse the receivables based on the actual receipt.
Add Answer to:
On December 15, 2016, a donor agrees to contribute $2 for every $1 that the agency raises in its capital campaign, up to $50,000. The capital campaign began on February 1, 2017 and as of June 30, 2...
On December 15, 2016, a donor agrees to contribute $2 for every $1 that the agency...
On December 15, 2016, a donor agrees to contribute $2 for every $1 that the agency raises in its capital campaign, up to $50,000. The capital campaign began on February 1, 2017 and as of June 30, 2017 the organization has raised $10,000 How much should the organization record as a pledge receivable as of December 31, 2016?
On January 1, 2016 Walker company began construction of its own building. Construction was completed on...
On January 1, 2016 Walker company began construction of its own building. Construction was completed on September 30, 2017. Walker incurred the following building construction costs: Payments for Construction 2016 January 1, 2016: $300,000 June 1, 2016: $600,000 October 1, 2016: $800,000 Payments for Construction in 2017 May 1, 2017: $675,000 September 30, 2017: $450,000 Walker had 3 loans outstanding during this entire period from January 1, 2016 through December 31 2017: $500,000 specific construction loan with interest rate of...
Question 4 On June 30, 2016, the market interest rate is 7%. Starship Enterprises issues $500,000...
Question 4 On June 30, 2016, the market interest rate is 7%. Starship Enterprises issues $500,000 of 8%, 20-year bonds at 110.625. The bonds pay interest on June 30 and December 31. Starship amortizes bonds by the effective interest method. 1. Record issuance of the bonds on June 30, 2016, the payment of interest at December 31, 2016, and the semi-annual interest payment on June 30, 2017 IMA Beever Corp's balance sheet reported the following shareholders' equity a. of December...
Exercise 13-6 Sarasota Corp., a public company following IFRS, began its 2017 fiscal year with a...
Exercise 13-6 Sarasota Corp., a public company following IFRS, began its 2017 fiscal year with a debit balance of $13,000 in its Income Tax Receivable account. During the year, Sarasota made quarterly income tax instalment payments of 7,520 each. In early June, a cheque was received from the Canada Revenue Agency for Sarasota's overpayment of 2016 taxes. The refunded amount was exactly as Sarasota had calculated it would be on its 2016 income tax return. On completion of the 2017...
We were unable to transcribe this imageDUNBAR CORPORATION TRIAL BALANCE AS AT JUNE 30, 2017 Credit...
We were unable to transcribe this imageDUNBAR CORPORATION TRIAL BALANCE AS AT JUNE 30, 2017 Credit Debit 8,900 28,000 1,200 100,000 Cash Accounts receivable Prepaid insurance Equipment Accumulated amortization Accounts payable Note payable Unearned revenues Common shares Retained earnings Sales & service revenue Salaries Rent Supplies expense Amortization expense Insurance expense Interest expense TOTAL 6,000 12,000 20,000 18.000 10,000 6.700 240,000 120,000 24,000 29,500 1,100 $312.700 $312.700 Required Prepare any adjusting entries required. Problem 2 The Dunbar Zoo operates a...
Walbash Company presents the following December 31, 2016, balance sheet: Walbash Company Sheet of Balances for...
Walbash Company presents the following December 31, 2016, balance sheet: Walbash Company Sheet of Balances for Year Ended December 31, 2016 Current Assets $ 44,300 Long-term investments13,600 Property, plant, and equipment123,500 Intangible assets7,700 Other assets13,600 ______ Total assets $202,700 Current liabilities $ 66,600 Long-term liabilities 24,100 Contributed capital 17,000 Unrealized capital 22,500 Retained earnings 72,500 ______ Total equities $202,700 The following information is also available: 1. Current assets include cash, $3,800; accounts receivable, $18,500; notes receivable (maturity date July 1,...
CHAPTER 10 Reporting the Results of Operations: The Activity 10-17. Use Problems 10-15 and 10-16 to...
CHAPTER 10 Reporting the Results of Operations: The Activity 10-17. Use Problems 10-15 and 10-16 to prepare an activity statement (operating statement), a comparative statement of financial position (balance sheet), and a statement of cash flows (using the indirect method). What do you learn from these statements, and what questions do they raise? 10. Puy 10-15. The American Research Council for Humanities (ARCH) had the following financial events during the current year: 1. January 12. Received a $300,000 payment from...
Dart, Inc. began business on January 1, 2014. Its pretax financial income for the first 2...
Dart, Inc. began business on January 1, 2014. Its pretax financial income for the first 2 years was as follows: 2014 $240,000 2015 $560,000 The following items caused the only differences between pretax financial income and taxable income. In 2014, the company collected $240,000 of rent; of this amount, $80,000 was earned in 2014; the other $160,000 will be earned equally over the next two years. The full $240,000 was included in taxable income in 2014. Depreciation of property,...
Excercise 3-11 and 3-13 Problem 3-12 Atkins Advertising Agency began busll during its first month of...
Excercise 3-11 and 3-13
Problem 3-12
Atkins Advertising Agency began busll during its first month of operations are as a. Acquired its articles of in a. Acquired is arickes of incorporation from the state and issued 100,000 sh 3 56Probleri 3 shares of capital in exchange for $200,000 in cash. b. an office building for $150,000 in cash. The building is valued at S e at the bank for $125,000. Purchased reeing to pay the remainde c. Signed a three-year...
can you please mark the explanations while answering this practice problem? 1. 2. 3. etc Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The busine...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
On January 1, 2016 Walker company began construction of its own building. Construction was completed on September 30, 2017. Walker incurred the following building construction costs: Payments for Construction 2016 January 1, 2016: $300,000 June 1, 2016: $600,000 October 1, 2016: $800,000 Payments for Construction in 2017 May 1, 2017: $675,000 September 30, 2017: $450,000 Walker had 3 loans outstanding during this entire period from January 1, 2016 through December 31 2017: $500,000 specific construction loan with interest rate of...
Question 4 On June 30, 2016, the market interest rate is 7%. Starship Enterprises issues $500,000 of 8%, 20-year bonds at 110.625. The bonds pay interest on June 30 and December 31. Starship amortizes bonds by the effective interest method. 1. Record issuance of the bonds on June 30, 2016, the payment of interest at December 31, 2016, and the semi-annual interest payment on June 30, 2017 IMA Beever Corp's balance sheet reported the following shareholders' equity a. of December...
Exercise 13-6 Sarasota Corp., a public company following IFRS, began its 2017 fiscal year with a debit balance of $13,000 in its Income Tax Receivable account. During the year, Sarasota made quarterly income tax instalment payments of 7,520 each. In early June, a cheque was received from the Canada Revenue Agency for Sarasota's overpayment of 2016 taxes. The refunded amount was exactly as Sarasota had calculated it would be on its 2016 income tax return. On completion of the 2017...
We were unable to transcribe this imageDUNBAR CORPORATION TRIAL BALANCE AS AT JUNE 30, 2017 Credit Debit 8,900 28,000 1,200 100,000 Cash Accounts receivable Prepaid insurance Equipment Accumulated amortization Accounts payable Note payable Unearned revenues Common shares Retained earnings Sales & service revenue Salaries Rent Supplies expense Amortization expense Insurance expense Interest expense TOTAL 6,000 12,000 20,000 18.000 10,000 6.700 240,000 120,000 24,000 29,500 1,100 $312.700 $312.700 Required Prepare any adjusting entries required. Problem 2 The Dunbar Zoo operates a...
CHAPTER 10 Reporting the Results of Operations: The Activity 10-17. Use Problems 10-15 and 10-16 to prepare an activity statement (operating statement), a comparative statement of financial position (balance sheet), and a statement of cash flows (using the indirect method). What do you learn from these statements, and what questions do they raise? 10. Puy 10-15. The American Research Council for Humanities (ARCH) had the following financial events during the current year: 1. January 12. Received a $300,000 payment from...
Excercise 3-11 and 3-13
Problem 3-12
Atkins Advertising Agency began busll during its first month of operations are as a. Acquired its articles of in a. Acquired is arickes of incorporation from the state and issued 100,000 sh 3 56Probleri 3 shares of capital in exchange for $200,000 in cash. b. an office building for $150,000 in cash. The building is valued at S e at the bank for $125,000. Purchased reeing to pay the remainde c. Signed a three-year...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 33 minutes ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 1 hour ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 3 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 3 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 4 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 6 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 6 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 6 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 6 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 6 hours ago