FTX Case study

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Record the following events that affect (1) Public University and (2) Private University: a. A private grant of $200,000 was received to be used exclusively for defraying costs of holding conferences on the topic of genes. b. By year-end, $110,000 of the grant mentioned in item (a) had been applied to the purpose stipulated. c. The grant provided that amounts not awarded by year-end are to be transferred to the endowment fund. The liability to that fund is recorded. d. An alumnus, who was a former athlete, contributed $15,000 to assist in the search for a basketball coach.

5. Which IRS publication would a volunteer use to determine if a topic is out of scope for VITA/TCE? a. Publication 5166, VITA/TCE Volunteer Quality Site Requirements b. Publication 5683, VITA/TCE Handbook for Partners and Site Coordinators c. Publication 4012, VITA/TCE Volunteer Resource Guide d. Publication 4299, Privacy, Confidentiality, and Civil Rights - A Public Trust

Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activties Transaction Debit Credit General Journal 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and was recorded on the donor's books at a historical cost of $4,500,000. 1 General Fund 2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,000. The machinery had originally been purchased with special revenue funds. 2 General Fund 3b 3. A car was leased for the mayor's use. The first payment was $1,000 and the present value of the remaining lease payments was $29,000. (Note: The initial cash payment was made by the General Fund.) 3a General Fund 4a…

Subject: acounting

7 The City of Kastle purchased a vehicle for the parks department. If the operations of the parks department are financed by general revenues, an asset would be recorded in which journal(s)? A) B) C) D) General Fund Yes No No Yes Multiple Choice O O O Governmental Activities No Choice A. Choice B. Choice C. Choice D. No Yes Yes

E13.1 Reporting Various Contributions  The Castile County Rescue Mission receives the following donations:  1. A donor contributes cash, with no restrictions or conditions.  2. An accountant provides services in completing and filing Form 990.  3. Volunteers provide services in staffing the local soup kitchen.  4. A donor signs an agreement promising to contribute cash in two years.  5. A donor contributes land with no restrictions as to use.  6. A donor contributes cash, specifying that it be used to support a program to teach life skills to battered women.  Required  Identify how each contribution is reported on the Mission’s statement of activities. The contribution either (a) increases or decreases net assets without donor restrictions, (b) increases or decreases net assets with donor restrictions, or (c) is not reported as a change in net assets.   Transaction Affects on net assets 1   2   3   4   5   6

Please answer within 30 minutes. Please answer all three parts in details also why other options are wrong. 1. Cloud, the trustee or grantor, created a revocable trust over a certain parcel land, designating Noctis and Vaan as trustee and beneficiary, respectively. In this case, the income of the trust property is taxable to: a. Noctis. b. Vaan. c. Cloud. d. the trust 2. Which among the following is a non-resident alien? a. An alien who comes to the Philippines for a definite purpose which in its nature would require an extended stay. b. An alien who lives in the Philippines with no definite intention as to his/her stay. c. An alien who has acquired residence in the Philippines. d. An alien who comes to the Philippines for a definite purpose which in its nature may be promptly accomplished. 3. Which statement is correct regarding final income tax? a. Final tax applies only on certain passive income earned within the Philippines. b. Items of income exempt from final tax are…

Goodwill messages craft special messages that foster goodwill and convey kindness. One page answer

Q) A 1) The Oman Museum is a nonprofit organization or government organization? Why? Explain.      2) Explain the governmental Units , business type and fiduciary type with example?

The Oman Museum is a nonprofit organization or government organization? Why? Explain.

Angat Buhay Organization (ABO), a non-profit organization, received the following donations and pledges during the period January 1, 2022 to February 28, 2022: January 02, 2022: Land with a fair value of P4,000,000 to be used at the discretion of the Angat Buhay Organization. January 10, 2022: Cash of P5,000,000 restricted for the acquisition of a delivery equipment. January 15, 2022: Investment in equity securities with fair value of P1,000,000 to be held indefinitely. Only the investment income shall be used by the organization in its current operations. January 25, 2022: Members from various universities contributed services in a tree-planting activity initiated by Angat Buhay Organization. Although the volunteers rendered their services for free, the organization estimates that the fair value of these services would amount of P25,000. February 7,2022:  ABO acquired a delivery equipment for P3,000,000, fund coming from the donation last January 10, 2022. February 20, 2022:…