in Georgia to be eligible to collect funds from the real estate education research and recovery fund a civil suit must be filed 2 years of the cause of the action 5 years of the cause of the action 4 years of the cause of the action 3 years of the cause of the action
Q: The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to…
A: The correct answer is Option (3).
Q: On Jan 1, 2020 Charity Co., a not-for-profit organization, had an anonymous donor donate land with a…
A: Concept of Restricted Fund Method:- In restricted fund method, Non Profit Organization presents a…
Q: Identifying the appropriate net asset classification For each of the following transactions,…
A: Identifying the appropriate net asset classification :- 1. Donor A gave the nonprofit a cash gift of…
Q: How much income from government grant will Entity A recognize? * On January 1, 2021, Entity A…
A: As per IAS 20 : Accounting for government grants and disclosure of government assistance "If any…
Q: Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by…
A: The statement of operations…
Q: The required floodplain management plan and necessary Rate Maps are developed. Local taxes are…
A: National Flood Insurance Program which is managed by the Federal Emergency Management Agency enables…
Q: What is the homestead allowance? A reduction of $20,000 in estate assets prior to computing the…
A: Identify the correct option out of the given statements. A homestead allowance is given to the…
Q: On January 1, 2021, Robin Company received a grant of P1,500,000 frorm the government to subsidize…
A: The grant is the amount that is received from the government to fulfill a certain activity. It is a…
Q: The following gifts are received in 2019 by a not-for-profit entity: $3,000 specified by the donor…
A: Donor restricted funds means those funds which are restricted for use as per instructions given by…
Q: A non-profit organization received $80,000 as the entrance fee of a new member. If 10% of the fee…
A: The entrance fee received by non-profit organizations may be divided into two parts namely that need…
Q: Emily spent $238,800 to rehabilitate a certified historic building (adiusted basis of $155,220) that…
A: Rehabilitation tax credit = 20% of the Qualified rehabilitation expenditures
Q: The following gifts are received in 2019 by a not-for-profit entity: I. $3,000 specified by the…
A: Net Assets refers to the sum up all the annual based excess or deficient collected by an…
Q: In December 2019, the HAmilton County Board of Commissioners establised the Hamilton County OPEB…
A: It is given that, In December 2019, the County made a one-time contribution to the fund of…
Q: On January 1, 2021, Robin Cormpany received a grant of P1,500,000 from the government to subsidize…
A: Government Grant: Instead than acting as an incentive to carry out specified expenditures, a…
Q: In 2018, the Board of Trustees of Ayala Foundation designated an amount of current funds for college…
A: solution concept current unrestricted funds current unrestricted funds means the…
Q: What is the homestead allowance? Choose the correct.a. A reduction of $20,000 in estate assets prior…
A: A homestead allowance is given to the surviving and/or to the dependent minor children of the…
Q: Ellen, made a cash contribution to a local homeless shelter (a 501(c)(3) charity) in 2022. If Ellen…
A: The annual gross income means the total of the all the incomes that is earned by the taxpayer. The…
Q: Robin's financial records from 2020 show the following information from the forms she received:…
A: Given Data: Interest income from bank CD's: $1,600 Taxable annuity payment total: $3,200 City ad…
Q: Assume instead that Good Charity prepares its annual financial statements using the restricted fund…
A: Statement of operations…
Q: In 2020, Levittson Corp donates land to a recognized charity. The corporation purchased the land…
A: Donations which are made to the qualifying institutions qualify for the tax deductions. Donations…
Q: On January 1, 20x1, Entity A receives a financial aid from the government amounting to ₱1M as…
A: SOLUTION- EXPLANATION- GRANT RECEIVED OR RECEIVABLE AS A COMPENSATION FOR LOSSES ALREADY INCURRED…
Q: In December 2019, the HAmilton County Board of Commissioners establised the Hamilton County OPEB…
A: As you have posted multiple independent questions, we are answering the first two questions. Kindly…
Q: In December 2019, the HAmilton County Board of Commissioners establised the Hamilton County OPEB…
A: It is given that, In December 2019, the County made a one-time contribution to the fund of…
Q: Ellie Inc., a calendar year C corporation, wants to make a gift to a charity that is deductible on…
A: Form 1120 Line 19. Charitable Contributions Enter contributions or gifts actually paid within the…
Q: During 2021, Inez (a single taxpayer) had the following transactions involving capital assets: Gain…
A: b(i) Here, Inez is in the 32% tax bracket, so her regular tax rate of 32% exceeds the alternative…
Q: The Philippine Association of Board Examiners (PABE) desires to award a P1,600 scholarship annually…
A: To determine up to which year scholarship can be awarded, it is required to calculate the interest…
Q: This topic is about government grants. Choose the letter of correct answer. On Sept. 1, 2021,…
A: Grants means the amount received without any sale of product or providing any services. Government…
Q: Prepare journal entries in the general fund for the following 2018 transactions that represent…
A: Fund accounting: It is an accounting system that records resources the use of which is limited by…
Q: Prepare all related journal entries for the following transactions for Good Charity for 2020: Jan 1:…
A: Charity: Charity can be defined as the organization established with the main purpose of social…
Q: On July 1, 2019, the Morgan County School District received a $40,000 gift from a local civic…
A: PLEASE LIKE THE ANSWER answer Prepare Journal entries as follows :-…
Q: A residential rental apartment complex is placed in service by a calendar-year taxpayer on February…
A: Part A) A residential rental property is included in the MACRS-GDS 27.5 years property class.
Q: Tahmid, a calendar year taxpayer, informs you that during the year he incurs expenditures of $56,000…
A: As per IRS, the incremental credit of a taxpayer will be equal to 20% of the excess of taxpayer’s…
Q: On January 1, 2021, Robin Cormpany received a grant of P1,500,000 frorm the governiment to subsidize…
A: Solution This question relates to standard accounting for government grants Whenever the grant is…
Q: ournal entries for Capital Projects Fund transactions At the start of 2019, Croton’s Capital…
A: Journal is the primary book of entry, in which transactions are recorded for the first time and…
Q: Taxpayer purchased the following assets in 2021: January 10 Machine $10,000 September 30 Computer…
A: In the context of the given question, we select the convention used for MACRS personal property in…
Q: Arlington Town uses an Internal Service Fund to account for its motor pool activities. You have the…
A: In the context of the given question, we are required to prepare the journal entries. Journal…
Q: Blackburn Corporation is a calendar year taxpayer. Every year on September 1, Blackburn enters into…
A: Blackburn corporation is a calendar year tax payer. Every year on September 1, Black burn enters…
Q: Required information [The following information applies to the questions displayed below.] Charles…
A: Given that: AGI = $47,000
Q: On Sept. 1, 2021, Entity A, a private university, receives P 1,000,000 cash as government grant…
A: Government grant means the amount received from government free of cost . It is received by…
Q: The following transactions and events pertain to Bean County’s General Fund for the calendar year…
A: Lets understand the basics. Journal entry is a first step of recording event or transaction in books…
Q: Free - Learn College, a private not – for- profif college, received tne following contributions…
A: solution : calculation of temporarily restricted revenues on the statement of activities…
Q: The Philippine Institute of Civil Engineers desires to award a P3,600 scholarship annually to…
A: Funds refer to the set of amount kept aside to be used in the future for any particular purpose…
Q: The following gifts are received in 2019 by a not-for-profit entity: $3,000 specified by the donor…
A: Please find the answers to the above questions below:
Q: The following gifts are received in 2019 by a not-for-profit entity: $3,000 specified by the donor…
A: Solution:- Calculation of the total amount recorded as an increase to Net Assets with Donor…
Q: During 2019, Walnut City reported the following receipts from self-sustaining activities paid for by…
A: Enterprise funds: These include all the funds that relate to the self-supporting activities of the…
Q: The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to…
A: The amount of S 14,000 is spent on road repair during the year and the same amount is applied for…
Step by step
Solved in 2 steps
- The accounting for contributions may depend on how they will be used.Green Hills County received the following two contributions during a year:• A developer (in exchange for exemptions to zoning restrictions) donated several acres of land that the county intended to convert to a park. The land had cost the developer $1.7 million. At the time of the contribution, its fair market value was $3.2 million. • A local resident donated several acres of land to the county with the understanding that the county would sell the land and use the proceeds to fund construction of a county health center. The land had cost the resident $2.5 million. The county sold the land intended for the health center for $3 million 30 days after the end of its fiscal year. 1. Prepare journal entries to record the contributions. Be sure to specify the appropriate fund in which they would likely be made.2. Comment on and justify any differences in the way you accounted for the two contributions.3. Comment on how…What is the homestead allowance? Choose the correct.a. A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes.b. The amount of property conveyed in a will to a surviving spouse.c. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid.d. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.This topic is about government grants. Choose the letter of correct answer. On Sept. 1, 2021, Entity A, a private university, receives P 1,000,000 cash as government grant conditioned on acquisition of computers to be used in Entity's A I.T. Department. Entity A acquires the computer on Nov. 1, 2021 at which date the computers are available for their intended use. Entity A recognize depreciation on a monthly basis. When should Entity A starts recognizing income from the government grant? a. September 1, 2021 b. November 1, 2021 c. November 30, 2021 d. December 31, 2021 Entity A received land with fair value of P 200,000 from the government conditioned with the construction of a building on the lot. Entity A started immediately the construction and it was completed on Dec. 31, 2021 for a total cost of P 1,000,000. The building has an estimated useful life of 10 years with no residual value. How much is income from the government grant in 2021 and 2022?…
- Please help me with this entries Journal entries for Capital Projects Fund transactions At the start of 2019, Croton’s Capital Projects Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Capital Projects Fund. (We suggest you post the journal entries to general ledger T-accounts.) Croton undertook construction of a new police station, designed to house both the Croton police and the county sheriff and to serve as a detention center. To finance construction, Croton received a cash grant of $1,000 from the county as an advance pending incurrence of expenditures. It also sold $2,000 of 20-year general obligation bonds. The bonds, sold April 1, 2019, were to be redeemed in equal semiannual installments of principal, with interest on the unpaid balance at the rate of 5 percent per annum, starting October 1, 2019. Croton awarded two contracts, one for architectural and construction supervision services ($200) and one for construction…Answer all the both the questions 1 and 2 along with the subparts i,ii,iii Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions and uses only one fund to account for all activities. Required: Prepare all related journal entries for the following transactions for Good Charity for 2020: Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a…On October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items: Required: Determine Kingbird’s charitable contribution deduction for the current year
- 1. A donor contributed $100,000 in cash to Goodwill Industries in 2020. The donor specified that the contribution be held as a permanent endowment, and income from investment of the contribution be used for job training programs. Goodwill Industries invested the $100,000 in securities in 2020. During 2021, investment income of $3,000 was received in cash, and $2,500 was used for job training programs. How does Goodwill Industries report this on its 2021 statement of activities? Select one: A. $3,000 investment income increases net assets without donor restrictions; $2,500 expense decreases net assets without donor restrictions. B. $3,000 investment income increases net assets with donor restrictions; $2,500 net assets released from use restrictions decreases net assets with donor restrictions and increases net assets without donor restrictions; $2,500 expense reduces net assets without donor restrictions. C. $3,000 investment income increases net assets without donor restrictions;…In 2020, Gray Corporation, a calendar year C corporation, has a $75,000 charitable contribution carryover from a gift made in 2015. Gray is contemplating a gift of land to a qualified charity in either 2020 or 2021. Gray purchased the land as an investment five years ago for $100,000 (current fair market value is $250,000). Before considering any charitable deduction, Gray projects taxable income of $1,000,000 for 2020 and $1,200,000 for 2021. Should Gray make the gift of the land to charity in 2020 or in 2021? Provide support for your answer.What is the homestead allowance? A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes. The amount of property conveyed in a will to a surviving spouse. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.
- The following gifts are received in 2019 by a not-for-profit entity: $3,000 specified by the donor to be used to pay salaries. $12,000 specified by the donor for new conference room furniture. $6,000 specified by the donor to be held for one year before being expended. The salaries are paid in 2020 and the conference room furniture is purchased in 2019. The donor did not specify any time restriction on holding the conference room furniture. What amount should be reclassified on the Statement of Activities for 2020 from the With Donor Restrictions column to the Without Donor Restrictions column? Multiple Choice $3,000. $6,000. $9,000. $12,000. $15,000.Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions and uses only one fund to account for all activities. Required: 1) Prepare all related journal entries for the following transactions for Good Charity for 2020: a) Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. b) Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. c) General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a useful life of 10 years. This was all used to…1. Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raised through a special assessment on their properties. The Town guarantees the debt and accounts for the special assessment through a debt service fund. Assume the special assessments were levied in 2023, recording a special assessment tax receivable and deferred inflow in the amount of $330,000. One-third of the assessment is to be collected each year and used to pay the interest and principal on the note. Requried: Record the following transactions that occurred in 2024: On June 30, $110,000 of the assessments became due and currently receivable. (Hint: The special assessment tax is recorded as revenue in the debt service fund when it becomes due.) July 31, the $110,000 was collected. September 30, interest of $19,800 and principal of $90,200 were paid. December 31, the books were…