ing questions. An NPO received the following contributions in 20x1: • P100,000 cash for the purchase of equipment. • P250,000 cash restricted for the renovation of an old building owned by the NPO.
ing questions. An NPO received the following contributions in 20x1: • P100,000 cash for the purchase of equipment. • P250,000 cash restricted for the renovation of an old building owned by the NPO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:24. Use the following information for the next two questions:
An NPO received the following contributions in 20x1:
• P100,000 cash for the purchase of equipment.
• P250,000 cash restricted for the renovation of an old
building owned by the NPO.
None of the contributions were used in 20x1. However,
in 20x2, the entity acquired an equipment for P110,000.
How much contributions revenue is recognized in 20x1?
а. 100,000
b. 250,000
с. 350,000
O d. 0
Transcribed Image Text:25. An NPO received the following contributions in 20x1:
• P100,000 cash for the purchase of equipment.
• P250,000 cash restricted for the renovation of an old
building owned by the NPO.
None of the contributions were used in 20x1. However,
in 20x2, the entity acquired an equipment for P110,000.
How much "net assets released from restrictions" is reported
in the 20x2 statement of activities?
а. 110,000
b. 100,000
с. 350,000
d. 0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education