A flood damaged several vans belonging to a nongovernmental, not-for-profit organization. A professional mechanic repaired the vans at no charge, restoring them to the condition they were in just prior to the flood. How should the van repairs be recognized in the financial statements? a. Only a note disclosure would be required. b. As both an increase in the equipment account and an increase in contributions from donated services. c. As a decrease in accumulated depreciation - equipment, and an increase in contributions from donated services. d. As an increase in expenses and an increase in contributions from donated services.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A flood damaged several vans belonging to a nongovernmental, not-for-profit organization. A professional mechanic repaired the vans at no ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Adeeb has listed his condo with Maria's broker and she is his listing agent. The listing agreement is signed and the day to begin showing his property is nearing. Adeeb decides the day before the open house to raise his asking price by $20,000.
Answers (1)
A shirt was purchase for #500 instead of a pair of shoe what is the opportunity cost
Answers (1)
Meyer Inc's assets are $625,000, and its total debt outstanding is $185,000. The new CFO wants to establish a debt ratio of 55%. The size of the firm does not change. How much debt must the company add or subtract to achieve the target debt ratio? a.
Answers (1)
Brad notices that customers at his store prefer certain types of snack foods over others. In response to his customers' preferences, he allocates more shelf space to those types of snacks, and less shelf space to the snack items that are purchased
Answers (1)
Using the accrual basis, in which month should revenue be recorded? A. In the month that the invoice is mailed to the customer B. In the month that goods are ordered by the customer C. In the month that goods are shipped to the customer D.
Answers (1)
New Questions in Business
Barr Corp. started a long-term construction project in 20X0. The following data relate to this project: Contract price $4,200,000 Costs incurred in 20X0 $1,750,000 Estimated costs to complete $1,750,000 Progress billings $900,000 Collections on
Answers (1)
Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building.
Answers (1)
Nareen is single, 68 years old, and reports the following in 2018: a. $12,000 alimony received (divorced in 2010) b. $82,520 Schedule C profit c. $3,500 SEP (self-employed pension) plan contribution d. $7,150 qualified dividends e.
Answers (1)
Sun Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2007. What is the annual dividend on the preferred stock? a. $60 per shareb. $30,000 in totalc.
Answers (1)
a risk averse investor, which of the following four otherwise identical investment would you prefer? A. Security W, which exhibits a standard deviation of 2% and offers an average return of 12%. B.
Answers (1)