ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 13, Problem 14.6EP
To determine
Identify the manner B friends should record the value of Person OP’s time:
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A group of high school seniors performs volunteer services for patients at a nearby nursing home. The nursing home would not otherwise provide these services, such as wheeling patients in the park and reading to them. At the minimum wage rate, these services amount to $21,320, but their actual value is estimated to be $27,400. In the nursing home’s statement of activities, what amount should be reported as public support?
$27,400
$21,320
$6,080
$–0–
A private not-for-profit entity has the following activities performed by volunteers who work at no charge. In which case should no contribution be reported? Choose the correct.a. A carpenter builds a porch on the back of one building so that patients can sit outside.b. An accountant does the organization’s financial reporting.c. A local librarian comes each day to read to the patients.d. A computer expert repairs the organization’s computer.
Assume that Charity A and Charity B are alike in every way except as described below. Assume that each of these questions is independent from all other questions.a. Each charity suffers significant damage from a hail storm this year. Each hires a person to repair the damage. Each of these workers donates the labor to the charity. Charity A looks at the repair work and believes it required a specialized skill that it would have had to buy. Charity B looks at the repair work and decides that it did not require a specialized skill. After the recording, which entity will report the largest amount of unrestricted net assets?b. Each charity receives a large investment in shares of a publicly traded company. The investment must be held forever. Charity A can spend the resulting income as it sees fit. Charity B must spend the resulting income to supplement salaries. Both charities receive the same amount of income this year. Both charities immediately spend the income to supplement salaries.…
Chapter 13 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - What criteria must be met before an NFP...Ch. 13 - Prob. 9QCh. 13 - What are joint costs, and how are joint costs...
Ch. 13 - Prob. 11CCh. 13 - Prob. 13CCh. 13 - Prob. 14.1EPCh. 13 - Prob. 14.2EPCh. 13 - Prob. 14.3EPCh. 13 - In a local NFP elementary schools statement of...Ch. 13 - Prob. 14.5EPCh. 13 - Prob. 14.6EPCh. 13 - The Maryville Cultural Center recently conducted a...Ch. 13 - Prob. 14.8EPCh. 13 - Prob. 14.9EPCh. 13 - Prob. 14.10EPCh. 13 - Prob. 15EPCh. 13 - Donated Services. (LO14-3) Indicate whether each...Ch. 13 - Prob. 17EPCh. 13 - Prob. 18EPCh. 13 - Statement of Activities. The Atkins Museum...Ch. 13 - Prob. 20EPCh. 13 - Prob. 21EPCh. 13 - Prob. 22EPCh. 13 - Prob. 23EPCh. 13 - Prob. 24EP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Community Assist for Refugees (CAR) is a not-for-profit organization that assistsrefugees with various services including language and cultural training, transportation,a food bank, and translation services. Some selected transactions for CAR arepresented below.a.CAR received a $20,000 cheque from a local radio station. The letter that came withthe donation says that it can be used by CAR on whatever needs are most urgent.b.CAR received a $25,000 donation from the Literacy Fund for a new homeworkambiance piglet the project serpested o star /in a ew moning,.(C.CAR received a $55,000 endowment contribution from Dr. Koe for a scholarshipd. CAR received a donation of 50 student desks for its homework assistance projectfrom City Office Supplies Ltd. The student desks are valued at $40,000 and areexpected to last 10 years. e. The city donated a tract of land,valued at $50,000 to CAR which plans to raise funds to constract a new center on the land. f.Assume that the homework as istance…arrow_forwarda local social worker earning 14 per hour working for the state government contributed 550 hours of time at no charge to the Sunrise homeless shelter, a voluntary health and welfare entity. if not for these donated services. an additional staff person would have been hired by the entity. how should the Sunrise Homeless Shelter record the contributed services?arrow_forwardA private not-for-profit entity has the following activities performed by volunteers who work at no charge. In which case should no contribution be reported? A carpenter builds a porch on the back of one building so that patients can sit outside. An accountant does the organization’s financial reporting. A local librarian comes each day to read to the patients. A computer expert repairs the organization’s computer.arrow_forward
- For each of the following organizations, determine its UBTI and any related UBIT. Connect, Inc., an exempt organization, provides food for the homeless. It oper- ates a thrift store that sells used clothing to the general public. The thrift shop is staffed solely by four salaried employees. All of the clothes it sells are received as contributions. The $100,000 profit generated for the year by the thrift shop is used in Connect’s mission of providing food to the homeless. Small, Inc., an exempt organization, recorded gross unrelated business income of $900 and unrelated business expenses of $400.arrow_forwardA volunteer has been asked to drop off some supplies at a facility housing victims of a hurricane evacuation. The volunteer would like to bring at least 240 bottles of water, 117 first aid kits, and 83 security blankets on his visit. The relief organization has a standing agreement with two companies that provide victim packages. Company A can provide packages of 21 water bottles, 9 first aid kits, and 7 security blankets at a cost of $2. Company B can provide packages of 8 water bottles, 5 first aid kits, and 3 security blankets at a cost of $1.50. How many of each package should the volunteer pick up to minimize the cost? What amount does the relief organization pay? Answer Enter the value in the first box and the ordered pair in the second box. Minimum Cost of S Minimum Cost at Tables Keypad Keyboard Shortcutsarrow_forwardAssume that Charity A and Charity B are alike in every way except as described below. Assume that each of these questions is independent from all other questions. Each charity suffers significant damage from a hail storm this year. Each hires a person to repair the damage. Each of these workers donates the labor to the charity. Charity A looks at the repair work and believes it required a specialized skill that it would have had to buy. Charity B looks at the repair work and decides that it did not require a specialized skill. After the recording, which entity will report the largest amount of unrestricted net assets? Each charity receives a large investment in shares of a publicly traded company. The investment must be held forever. Charity A can spend the resulting income as it sees fit. Charity B must spend the resulting income to supplement salaries. Both charities receive the same amount of income this year. Both charities immediately spend the income to supplement salaries.…arrow_forward
- Which of the following activities regularly conducted by a tax-exempt organization will result in unrelated business income?A. Selling items made by persons with disabilities as part of their rehabilitation when the organization is involved exclusively in their rehabilitation.B. Operating a grocery store staffed almost entirely by persons with mental health conditions as part of a therapeutic program.C. Regularly holding a casino night fundraiser that is open to the public but staffed entirely by unpaid volunteers.D. Selling pet boarding and grooming services to the general public when the organization is involved in preventing cruelty to animals.arrow_forwardHilda received a research grant from the University of Timberland in amounts of $10,000 for her time and $3,000 for related supplies and expenses. She purchased a $28,000 Audi the day after depositing the school’s check. Hilda is a candidate for a PhD in philosophy and ethics. What is her gross income from the grant? Where did you locate your answer? If you located a case, Administrative Interpretation(s) or IRC section, is the authority still valid?arrow_forwardHardyke Group operates a local after-school recreation and activities program. The Education Department is a state governmental agency. Hardyke has an agreement with the Department to provide services to students in need for a nominal $1 per day, to be paid by the student. The government will reimburse Hardyke for the "cost" of providing daily services used by a student. The regular price to participate in the program is $6.20 per day. After analyzing its costs, Hardyke calculates that, with its operating deficit, the full cost of each student for a day is $8.70. All programs that Hardyke offers are unaffected by the number of students paying the nominal fee. Required: b. Which price would Hardyke Group prefer? Note: Enter your answer to 2 decimal places. c. Which price would the Education Department prefer? Note: Enter your answer to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. d. If Hardyke provides an average of 4,200 student-days for in-need…arrow_forward
- Hardyke Group operates a local after-school recreation and activities program. The Education Department is a state governmental agency. Hardyke has an agreement with the Department to provide services to students in need for a nominal $1 per day, to be paid by the student. The government will reimburse Hardyke for the "cost" of providing daily services used by a student. The regular price to participate in the program is $5.40 per day. After analyzing its costs, Hardyke calculates that, with its operating deficit, the full cost of each student for a day is $7.90. All programs that Hardyke offers are unaffected by the number of students paying the nominal fee. Required: b. Which price would Hardyke Group prefer? Note: Enter your answer to 2 decimal places. c. Which price would the Education Department prefer? Note: Enter your answer to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required. d. If Hardyke provides an average of 3,400 student-days for in-need…arrow_forwardJackson County Senior Services is a nonprofit organization devoted to providing essential ser-vices to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors—home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: The head administrator of Jackson County Senior Services, Judith Miyama, is concerned about the organization’s finances and considers the net operating income of $5,000 last year to be razor-thin. (Last year’s results were very similar to the results for previous years and are representative of what would be expected in the future.) She feels that the organization should be building its financial reserves at a more rapid rate in order to prepare for the next inevitable recession. After seeing the above report, Ms. Miyama asked for more information about the financial advisability of perhaps discontinuing the housekeeping program. The depreciation in housekeeping is for a…arrow_forwardb. Price c. Price d. Difference Answer is complete but not entirely correct. per day per day per month $ $ $ 5.60 1.00 9,720arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
