in Georgia to be eligible to collect funds from the real estate education research and recovery fund a civil suit must be filed 2 years of the cause of the action 5 years of the cause of the action 4 years of the cause of the action 3 years of the cause of the action

in Georgia to be eligible to collect funds from the real estate education research and recovery fund a civil suit must be filed 2 years of the cause of the action 5 years of the cause of the action 4 years of the cause of the action 3 years of the cause of the action

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2020, a rich citizen of the Town of Ristoni donates a painting valued at $370,000 to be displayed to the public in a government building. Although this painting meets the three criteria to qualify as an artwork, town officials choose to record it as an asset. The gift has no eligibility requirements. These officials judge the painting to be inexhaustible so that depreciation will not be reported. o. For the year ended December 31,2020 , what does the town report on its government-wide financial statements in connection with this gift? b. How does the answer to requirement (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation? c. How does the answer to requirement (a) change if the government decides not to capitalize the asset? Complete this question by entering your answers in the tabs below. Required A For the year ended December 31,2020, what does the town report on its government-wide financial statements…
[The following information applies to the questions displayed below.] Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 1,000 500 3,500 900 650 950 8,500 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the IRS method of allocating expenses to rental use of the property.
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The Western Falls School District received a $ 100,000 gift from a wealthy alumnus , and an agreement was reached that $10,000 per year would be paid to the valedictorian of the high school class as a freshman scholarship to college , until the funds were depleted . The $ 100,000 would be accounted for as : OA Private - Purpose Trust Fund A custodial fund An Expendable Trust Fund An investment trust fund
Aukey Smith contributed $1,000,000 to the local homeless shelter on November 1, 2025, stipulating that the contribution be used to purchase a building to provide additional beds for the homeless. The building was purchased at à cost of $1,200,000 on March 31, 2026, with $200,000 coming from surpluses in the general fund. The building has an estimated useful life of 15 years, with no residual value. The shelter capitalizes its capital assets and uses the straight line method to amortize its capital assets, pro-rating for the number of months owned in the years of acquisition and disposal. The shelter has a December 31 year end and uses the deferral method. What journal entry correctly accounts for the building and contribution revenue in the financial statements for the year ending December 31, 2026? 50,000 O Dr. Deferred contribution liability Cr. Contribution revenue Dr. Amortization expense Cr. Capital asset-accumulated amortization Dr. Deferred revenue Dr. Amortization expense Cr.…
On January 1, 2020, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three criteria to qualify as an artwork, town officials choose to record it as an asset. The gift has no eligibility requirements. These officials judge the painting to be inexhaustible so that depreciation will not be reported. For the year ended December 31, 2020, what does the town report on its government-wide financial statements in connection with this gift? How does the answer to (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation? How does the answer to (a) change if the government decides not to capitalize the asset?
On July 1, 2019, the Morgan County School District received a $40,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $2,500 plus any interest earnings on the unsoent principal be awarded as a collegescholorship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholorship Fund, was created. Required: a. Record the followin gtransactions on the books of the Civic Scholorship Fund =: 1. On July 1, 2019, the gift was received and immediatly invested. 2. On June 30, 2020, $2,500 of the principal was converted to cash. In addition, $1,000 of interest was received. 3. On June 30 , the $3,500 was awarded to a student who had maintained a 4.0 gpa throughout her four years. 4. The nominal accounts were closed. B. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholorship Fund for the year ended June 30, 2020.
A private not-for-profit entity receives numerous pledges of financial support to be conveyed at various times over the next few years. Under what condition should these pledges be recognized as receivables and contributed support? At what amount should these pledges be reported?
Kk.315. Dennis buys land by paying $50,000 in cash and assuming a loan for $45,000. He incurs legal fees and commissions of $5,000. He pays a special $3,000 street improvement assessment. Dennis receives $6,000 from the county for a portion of his property that was needed to widen the street. His property tax liability for this year is $750 and his interest on the loan is $1,850. What is the adjusted basis of Dennis’s land? Show your work.
! Required information Problem 18-45 (Static) (LO 18-1, 18-2, 18-4, 18-5, 18-8) [The following information applies to the questions displayed below.] For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and…
The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Debits Credits $25,500 $48,100 16,700 3,522,200 119,400 27,200 2,492,000 82,300 1,550,100 126,600 4,586,400 802,000 2,114,100 94,200 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,659,500 2,765,400 409,600 496,400 2,048,000 Net gains on endowments-no restrictions Noncurrent pledges…
Dr. Superhook, a private towing contractor, has an opportunity for a towing contract with the city over the next 5 years. The contract calls for the city to pay Dr. Superhook $4,000,000 at the start of the contract and nothing for the remainder of the contract. Dr. Superhook estimates that its expenses will be $1,200,000 at the end of each of the 5 years If Dr. Superhook uses IRR to evaluate its opportunities, under what values of the discount rate would the company accept the contract? Briefly explain why.