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 oldbuilding 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. 100,000b. 250,000с. 350,000O d. 0 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 oldbuilding 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 reportedin the 20x2 statement of activities?а. 110,000b. 100,000с. 350,000d. 0

NPV:NET PRESENT VALUE: NPV is the difference between the present value of cash inflows and the…

Answered: ing questions. An NPO received the…

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

ndustrial Development Corporation (IDC) granted Naseer Pty(Ltd) R20 000 on 01 January 2021 to assist in the purchase of a manufacturing plant.The grant was conditional upon Naseer Pty(Ltd) purchasing the plant and manufacturing for a period of at least two unbroken years. If the conditions of the grant were not met, the terms of the grant required that the grant be repaid in full, immediately.The plant was purchased on 3rd January 2021 for R200 000 and was depreciated on the straight-line basis over its useful life of 4 years to a nil residual value.Other information:- Naseer ceased manufacturing on 31 March 2022 due to unforeseen circumstances.- The asset was not considered to be impaired and Naseer intended to resume manufacturing on the next year.- Ignore the effect of tax and VAT.- Assume that Naseer Pty(Ltd) recognises grants as grant income.- The year end is 31 December. Accounting for the above transactions in books for the financial year ended 31 December should be completed…
Q27.
Accounting You have recently been named the chief accountant for Stop Smog Now (SSN), a not-for-profit organization that provides pollution control devices for coal burning plants in developing countries. On February 15, Year 7, SSN received a restricted contribution of $750,000 for the purchase of land and building. On March 11, Year 7, SSN purchased a building and land for $500,000 and $250,000 respectively. The building will be depreciated over 20 years. Year end is March 31. Required: Assuming the Deferral method is used, provide all the journal entries required for February and March of Year 7 Please give me correct entries thnku
The president of ACCO 202 Corporation donated a building to Ana G. Méndez Corporation. The building had an original cost of $200,000, a book value of $75,000, and a fair market value of $180,000. To record this donation, Ana G. Méndez would a. Make a memorandum entry b. Debit Building for $75,000 and credit Gain for $75,000 c. Debit Building for $200,000 and credit Gain for $200,000 d. Debit Building for $180,000 and credit Gain for $180,000
A company purchased land for $91000 cash. Real estate brokers' commission was $6000 and $6900 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at O $69000. O $103900. O $91000. O $109900.
asv.1
Santa Maria College, Inc. a proprietary educational institution, spent P 20,000,000 for the construction of a new school building. The estimated useful life of the building is 50 years. The i 20,000,000 spent by the proprietary educational institution, choose the best answer: O d. Capitalized and expensed outright at the option of the Bureau of Internal Revenue. O. Capitalized or expensed outright at the option of Santa Maria College, Inc. O a. Must be claimed as expense in the year of completion. O b. Capitalize and claim annual depreciation over the 50 years.
2 d ut of Salmyia bought land, buildings and equipment for a combined cash payment of $800,000. The estimated fair value of the assets are: land: $200,000; buildings, $500,000 and equipment $300,000. The amount capitalized for Equipment is: Select one: O a. $300,000 O b. None of the these answers O c. $200,000 O d. $160,000 O e. $240,000
Typed plz and Asap thanks
Kk.371.
Korn Company purchased land, land improvements and building from Intouch Company for P28.8M and furniture and equipment from In Company for P11.2M. The total cash outlay for the two transactions amounted to P40M. The appraised value of the assets are: Building -P12M; Furniture -P7M; Equipment- P5M; Land- P21M; and Land Improvements- P3M. What is the allocated cost of the building?
Can I please get help with this question and a quck explaination of how?(5.7) On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $780,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $360,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,860,000. The company also incurs the following additional costs. Cost to demolish Building 1 $ 348,400 Cost of additional land grading 195,400 Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value 2,242,000 Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 168,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS

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.