QUESTION 10 Syhoo Senior Center, a not-for-profit entity, enjoys the services of a group of high-school-age people who each agree to work three afternoons a week for three hours each afternoon performing a variety of patient-related services, such as writing letters for those who are unable to do so, delivering mail to the patient rooms, and pushing wheel-chair patients across the grounds. The services rendered by these young people enhance the quality of life for the residents. They could not be provided if they were not donated because there are not enough resources to do so. In year 2019, the young people donated 5,000 hours in total. The services would have cost $10.00 per hour if they had been purchased but they were worth $20 an hour to Syhoo Senior Center. A local CPA firm also donates its services to prepare the annual tax return and other federal and state required paperwork which must be filed to maintain its status as a tax- exempt organization. During 2019 the CPA firm provided 500 hours of service. If purchased, the CPA services would have cost $50 per hour. How much contributed service revenue should Syhoo Senior Center recognize in 2019? What is the amount of contributed revenue that should be recognized by Syhoo Senior Center related to these services? $25,000. $50,000 $75,000 None of above
QUESTION 10 Syhoo Senior Center, a not-for-profit entity, enjoys the services of a group of high-school-age people who each agree to work three afternoons a week for three hours each afternoon performing a variety of patient-related services, such as writing letters for those who are unable to do so, delivering mail to the patient rooms, and pushing wheel-chair patients across the grounds. The services rendered by these young people enhance the quality of life for the residents. They could not be provided if they were not donated because there are not enough resources to do so. In year 2019, the young people donated 5,000 hours in total. The services would have cost $10.00 per hour if they had been purchased but they were worth $20 an hour to Syhoo Senior Center. A local CPA firm also donates its services to prepare the annual tax return and other federal and state required paperwork which must be filed to maintain its status as a tax- exempt organization. During 2019 the CPA firm provided 500 hours of service. If purchased, the CPA services would have cost $50 per hour. How much contributed service revenue should Syhoo Senior Center recognize in 2019? What is the amount of contributed revenue that should be recognized by Syhoo Senior Center related to these services? $25,000. $50,000 $75,000 None of above
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter9: Insuring Your Health
Section: Chapter Questions
Problem 5FPE
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Transcribed Image Text:QUESTION 10
Syhoo Senior Center, a not-for-profit entity, enjoys the services of a group of high-school-age people who each agree to
work three afternoons a week for three hours each afternoon performing a variety of patient-related services, such as
writing letters for those who are unable to do so, delivering mail to the patient rooms, and pushing wheel-chair patients
across the grounds. The services rendered by these young people enhance the quality of life for the residents. They
could not be provided if they were not donated because there are not enough resources to do so. In year 2019, the
young people donated 5,000 hours in total. The services would have cost $10.00 per hour if they had been purchased
but they were worth $20 an hour to Syhoo Senior Center. A local CPA firm also donates its services to prepare the
annual tax return and other federal and state required paperwork which must be filed to maintain its status as a tax-
exempt organization. During 2019 the CPA firm provided 500 hours of service. If purchased, the CPA services would
have cost $50 per hour. How much contributed service revenue should Syhoo Senior Center recognize in 2019? What is
the amount of contributed revenue that should be recognized by Syhoo Senior Center related to these services?
$25,000.
$50,000
$75,000
None of above
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