A donor gives $1000.00 shares in Apple stock and stipulates the proceeds of the stock that are not to be spent but held in perpetuity. Is this change in net assets with or without donor restrictions?
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A donor gives $1000.00 shares in Apple stock and stipulates the proceeds of the stock that are not to be spent but held in perpetuity.
Is this change in net assets with or without donor restrictions?
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- Ormond beach received a gift of corporate stock valued at $1,200,000 on the date of the gift. The donor specified that the principal amount of the gift be maintained in perpetuity, but that earnings can be used to acquire works of art to improve the appearance of public buildings. All changes in fair value are to increase or decrease the principal amount of the gift. Assuming that Ormond beach uses a permanent fund to account for the endowment and a special revenue fund to account for the earmarked earnings from the endowment, explain the accounting process for (1) receipt of the original gift, (2) receipt of quarterly dividends, (3) notification that fair value of the original stock increased by $3,000 during the year, and (4) the effect on fund balances of closing temporary accounts at year-end. (Note: Ignore the effects of the transactions at the government-wide level).Andy donated the following properties on October 31, 2021: Car—recently purchased for P800,000; fair market value at the time of donation P700,000. 10,000 preferred shares, traded in the stocks exchange, par value, P20.00/share; mean between the highest and lowest quotation price, P15.00/share. 5,000 ordinary shares, not traded in the stocks exchange, par value, P5.00/share; book value P6.00/share; fair market value, P4.00/share. 10,000 preferred shares, not traded in the stocks exchange, par value, P10.00/share: book value, P15.00/share How much should be reported as gross gift?On December 25, 2019, Ms. Smith gives Charity Z 1,000 shares of stock that she bought originally for $9,000. No restrictions were placed on this donation. The governing board does not want to speculate on investments. Thus, it has a policy to sell all donated investments as soon as received. These 1,000 shares are sold on December 26, 2019 for their fair value of $28,000. How does Charity Z report these events on a statement of cash flows? Select one: a.As a $28,000 cash inflow from an investing activity. b.As a $28,000 cash inflow from an operating activity. c.As a $9,000 cash inflow from a financing activity and a $19,000 cash inflow from an investing activity. d.As a $9,000 cash inflow from an operating activity and a $19,000 cash inflow from an investing activity.
- Which of the following is a specific legacy? The gift of all remaining estate property to a charity. The gift of $44,000 cash from a specified source. The gift of $44,000 cash. The gift of 1,000 shares of stock in IBM.The following selected transactions occurred for a nongovernmental, not-for-profit organization. 1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250. 2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year. For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased. A cash gift of $200 was received restricted for the purchase of equipment. Equipment of $80 was purchased from the gift restricted for this purpose. Depreciation expense for the year on the equipment purchased is $10. Required: Prepare the journal entries for the above…Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fair market value of $40,000 to a public charity, and publicly traded stock with a basis of $20,000 and a fair market value of $35,000 to a private nonoperating foundation. The amount that Patrick can deduct for the stock donation to the private nonoperating foundation is ______. Patrick has an adjusted gross income of $120,000 in the current year. He donated $50,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fair market value of $35,000 to a public charity, and publicly traded stock with a basis of $12,000 and a fair market value of $25,000 to a private nonoperating foundation. Patrick's deductible contribution for the current year is ______. please provide details for me, I need a clear explanation on how you got the answer please<< THank you
- 1. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,000, and on the date of the gift, it had a fair market value of $200,000. In 2021, what is his maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? a. $100,000 b. $200,000 c. $150,000 d. $250,000 e. None of the choices are correct. 2. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,400, and on the date of the gift, it had a fair market value of $200,800. What is his maximum charitable contribution deduction for the year related to this stock if his AGI is $502,000? a. $100,400 b. $200,800 c. $150,600 d. $251,000 e. None of the choices are correct.Mr and Mrs. Swerte made the following donations during the calendar year 2018 (common property unless otherwise stated): Date Donations January 15 To Fe, legitimate daughter, on account of her forthcoming marriage, 10,000 shares which are not traded in the stock exchange. The book value at the time of donation was P52 per share. To Juana, family friend of couple, on account of her birthday, P20,000. February 10 To Pilar, legitimate daughter, on account of her marriage on February 1, 2015, a piece of antique jewelry from the capital property of Mr. Swerte. The pawn value of the jewelry was P45,000. To Ernest, legitimate son, on account of her graduation, a piece of land costing P500,000. The fair market value per BIR at the time of adoption was P1,000,000. Its zonal value was P1,200,000. The piece of land had an unpaid mortgage of P100,000 which was assumed by the donee. To Lilian, Mrs Swerte's sister; on account of her forthcoming marriage, cash P150,000 September 4 To CPAR University,…Which of the following is a specific legacy? Choose the correct.a. The gift of all remaining estate property to a charity.b. The gift of $44,000 cash from a specified source.c. The gift of $44,000 cash.d. The gift of 1,000 shares of stock in IBM.
- A donor gives the oroganization cash and specifies that the money is to be usedin 4 years. Is this change in net assets with or without donor restrictions?In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…Helga had AGI of $135,000 in 2018. She donated corporate stock with a basis of $28,000 to a qualified charitable organization on April 3, 2018. a. What is the amount of Helga's deduction assuming that she purchased the stock on June 15, 2017, and the stock had a fair market value of $26,000 when she made the donation?Helga's deduction is $. b. Assuming that she purchased the stock on January 15, 2017, and the stock had a fair market value of $33,000 when she made the donation, Helga's deduction is $. c. Assuming that she purchased the stock on January 15, 2018, and the stock had a fair market value of $29,000 when she made the donation to the charity, Helga's deduction is $