During 2021, Ellen Evans, made cash contributions, as listed below. Cash contribution to her church Cash contribution to the government of the of Virginia Commonwealth Cash contribution to the Democratic party Ellen also made in-kind contributions, as listed below. Contribution of used clothing to the Salvation Army (market value of $300, basis of $1,900) Contribution of XYZ, Inc. capital stock with a long-term holding period (market value of $10,000, basis of $7,000) Finally, Ellen, a self employed attorney, performed 10 hours of legal services for her church at no charge. Assume that Ellen normally charges $250 per hour for her services. $ 4,000 1,000 500 Assuming that Ellen has substantial adjusted gross income and that the charitable contribution percentage limitation is not an issue, what total charitable contribution amount may Ellen claim on her 2019 Form 1040? A $ 15,800 B 17,800 C 18,300 D 15,300 E None of the above

During 2021, Ellen Evans, made cash contributions, as listed below. Cash contribution to her church Cash contribution to the government of the of Virginia Commonwealth Cash contribution to the Democratic party Ellen also made in-kind contributions, as listed below. Contribution of used clothing to the Salvation Army (market value of $300, basis of $1,900) Contribution of XYZ, Inc. capital stock with a long-term holding period (market value of $10,000, basis of $7,000) Finally, Ellen, a self employed attorney, performed 10 hours of legal services for her church at no charge. Assume that Ellen normally charges $250 per hour for her services. $ 4,000 1,000 500 Assuming that Ellen has substantial adjusted gross income and that the charitable contribution percentage limitation is not an issue, what total charitable contribution amount may Ellen claim on her 2019 Form 1040? A $ 15,800 B 17,800 C 18,300 D 15,300 E None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lindsey Poney created a nongrantor trust in 2018. During 2021, the trust earned $4,000 in ordinary dividends, $1,000 in interest income, and $2,000 in municipal interest. The only expenses were $1,000 in fiduciary fees. What portion of the fiduciary fees are deductible? None of the fiduciary fees are deductible. $571 is deductible. $714 is deductible. $1,000 is deductible.
Catherine College, a private not-for-profit college, received the following contributions during 2017: I. P5,000,000 from alumni for construction of a new wing on the science building to be constructed in 2018. II. P 1,000,000 from a donor who stipulated that the contribution be invested indefinitely and that the earnings be used for scholarships. As of December 31, 2017, earnings from Investments amounted to P50,000. Page 13 For the year ended December 31, 2017, what amount of these contributions should be reported as temporarily restricted revenues on the statement of activities? P 50,000 b. P 5,050,000 c. P5,000,000 d. P6,050,000 a.
Record the following annuity and life income activities of Private University:1. On July 1, 2010, R. W. Fields, emeritus professor of accounting, moved out of the state. Fields donated to the university common stock with a cost basis of $30,000 and a fair value of $90,000. Fields is to receive an annuity of $6,000 each year for life; at death, the securities are to be sold and the remaining cash balance is to be transferred to the student loan fund. At a 10% annual rate and a life expectancy of 12 years, the present value of the annuity payments is $34,068.2. The stock paid $3,400 in dividends each 12-month period.3. The annuities payable account is adjusted to present value. At year-end, a payment of $6,000 is made to Professor Fields.4. The annuities payable account is adjusted to present value. A second payment was made a year later.5. A month later, Professor Fields died, eliminating the liability for future annuity payments.6. The common stock was sold for $97,000. The cash…
During 2019, the Zeppelin City Debt Service Fund paid $18100 towards general long-term debt principal and $4400 towards interest on general long-term debt. What amount will be reported as Expenditures for Debt Service for 2019? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer: Answer
The board of directors of Orange Corporation, a calendar year taxpayer, is holding its year-end meeting on December 28, 2022. One topic on the board’s agenda is the approval of a $25,000 gift to a qualified charitable organization. Orange has a $20,000 charitable contribution carryover to 2022 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
The Australian Superannuation Fund (which is a resident complying fund) has operrted for 25 years accepting contributions from employers and members. The fund had the following receipts and payments for the current tax year 2020/21: Receipts: • Contributions paid by employers as required under Superannuation Guarantee legislation $190,000 (tax file numbers supplied except for $50,000 contributions) • After tax contributions by employees $12.000 • Contributions received directly from self-employed members (these are deductible to the members) $36,000 • Government Co-contribution $6,000 Interest received from Brazil $1,800 (net of 109% withholding tax) Payments: • Fund admin costs $27.000 • Payment to retiring members of the fund $42.000 • PAYG instalments $23,000 Required: Calculate the taxable income and the tax payable of the fund for 2021. Clearly list all possible assessable income and all possible allowable deductions.
Maribel Munroe created a nongrantor trust in 2017. During 2021, the trust earned $4,000 in ordinary dividends, $1,600 in interest income, and $2,400 in tax-exempt municipal bond interest. The only expenses were $1,800 in fiduciary fees. What portion of the fiduciary fees is deductible? None of the fiduciary fees are deductible. $540 is deductible..
Topic: Accounting For Non-Profit Organization
In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…
Answer all the both the questions 1 and 2 along with the subparts i,ii,iii Good Charity is a new not-for-profit organization that opened in January 2020. It is funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions and uses only one fund to account for all activities. Required: Prepare all related journal entries for the following transactions for Good Charity for 2020: Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a…
A6) Finance Walton bought one full bitcoin in March 2020. His bases in the coin is $5838. In July 2021, he donated 0.25 of the coin to a qualified charitable organization. The fair market value of a full coin at the time of donation was $33,800. what is his deductible charitable contribution? a: $1,460 b: $5,838 c: $8,450 d: $33,800
On January 1, 2020, CDO Corporation created a special building fund by depositing a single sum of P100.000 with an independent trustee. The purpose of the fund is to provide resources to build an addition to the older office building during the latter part of 2024. The company anticipates a total construction cost of P500.000 and completion by January 1, 2025. The company plans to make equal annual deposit from December 31, 2020 through 2024, to accumulate the P500.00O. The independent trustee will increase the fund each December 31 at an interest rate of 10%. The accounting periods of the company and the fund end on December 31. How much is the fund balance as of December 31, 2020? (Round off future value factors to five decimal places)