Journal entry? Cricket bats purchased and donated to a trust of $10,000
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Cricket bats purchased and donated to a trust of $10,000
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- 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.During the year, a local merchant donated a building to the city of Stage Coach. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The acquisition value of the donation at the date of the gift was $600,000. At what amount should Stage Coach record this donated property in the General Fund? Multiple Choice $600,000. $50,000. $0. $300,000.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 family donated land to a corporation. The land has an appraisal value of $300,000. The corporation’s journal entry to record the land donation should include a: Credit to “Gain on Receipt of Donated Property” for $300,000. Credit to “Sales Revenue” for $300,000. Credit to “Land” for $300,000. Credit to “Common Stock” for $300,000. Credit to “Note Payable” for $300,000.A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported? Special revenue funds Capital projects funds Permanent funds General FundsLand valued at $400,000 and subject to a $150,000 mortgage was donated to Beaty Hospital without restriction as to use. Which of the following entries should Beaty make to record this donation?a. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Endowment Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000b. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Contributions—Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000c. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Debt Fund Balance. . . . . . . . . . . . . . . . . . . . . . . .…
- Trust Fund Worksheet Background An inter vivos trust was created by Isaac Posney. Isaac owned a large department store in Juggins, Utah. Adjacent to the store, Isaac also owned a tract of land that was used as an extra parking lot when the store was having a sale or during the Christmas season. Isaac expected the land to appreciate in value and eventually be sold for an office complex or additional stores. Isaac placed the land into a charitable lead trust, which would hold the land for ten years until Isaac's son would turn 21. At that time, title would be transferred to the son. The store will pay rent to use the land during the interim. The income generated each year from this usage will be given to a local church. The land was currently valued at $416,000. During the first year of this arrangement, the trustee recorded the following cash transactions: Cash inflow: Rental income $78,000 Cash outflows: Insurance $ 5,200 Property taxes 7,800…Prepare journal entries to record the following events using the general fund and the general fixed assets account group: a. The general fund vouchered the purchase of trucks for $80,000. The purchase had been encumbered earlier in the year at $75,000. b. Several years ago, equipment costing $15,000 was acquired with general fund revenues. It was sold for $6,000, with proceeds belonging to the general fund. c. Early in the year, a citizen donated to the city land appraised at $100,000. She submitted plans for a new library and agreed to cover the total cost of construction, paying the company directly as work proceeded. At year-end, the building was two-thirds finished, with costs to date of $300,000. The expenditures are recorded in a capital projects fund. d. A snow plow was purchased with general fund cash for $92,000, which represented a cost of $110,000 less trade-in of $18,000 for an old snow plow originally purchased for $66,000 from special revenue funds. As an emergency…Carding received the following during the year: 200,000 car as donation; 50,000 income of donated property before donation; 30,000 income from donated property after donation; 100,000 inherited properties. How much is excluded from gross income? P380,000 P350,000 P50,000 P30,000
- Monty Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $93,000, accumulated depreciation to the contribution date of $46,000, and a fair value of $46,000. The truck had a cost of $42,000, accumulated depreciation to the contribution date of $37,000, and a fair value of $24,000. Prepare the journal entry Monty Corporation would make for the donation.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…Dodd Village received a gift of a new fire engine from a local civic group. The fair value of this fire engine was $400,000. Which of the following is the correct entry to be made in the general fixed assets account group for this gift? Debit Credita. Memorandum entry onlyb. General Fund Assets . . . . . . . . . . . . . . . . . . . . . . . . .. 400,000Private Gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000c. Investment in General Fixed Assets . . . . . . . . . . . .400,000Gift Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000d. Machinery and Equipment . . . . . . . . . . . . . . . . . . . 400,000Investment in General Fixed Assets from Private Gifts 400,000