A labor union had the following receipts and expenses for the currentyear ended December 31:Receipt Descriptions:Per capita duesInitiation feesGift restricted by donor forloan purposes for 10 yearsGift restricted by donor forloan purposes in perpetuityExpense Descriptions:Labor negotiationsFundraisingMembership developmentAdministrative and generalManagement sales oforganizational suppliesO $55,000$25,000Amounts680,00090,000$030,000O $30,00025,000Amount500,000Additional information: The union's constitution provides that 10% of the per capitadues are designated for the Strike Insurance Fund to be distributed for strike reliefat the discretion of the union's executive board.100,000In the statement of activities for the year ended December 31, what amountshould be reported as donor-restricted support?50,000200,00060,000

Donor-restricted support or Restricted funds is the donation or gift amount received by the donee on…

Answered: In the statement of activities for the…

In the statement of activities for the year ended December 31, what amount should be reported as donor-restricted support? O $55,000 O $25,000 O $0 O $30,000

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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