On December 30, 2018, Ethnic Museum, a not-for-profit organization, received a P3,000,000donation of AB Co. shares with donor stipulated requirement as follows: Shares valued at P1,800,000are to be sold, with the proceeds used to build a viewing building in 2018. Shares valued atP1,200,000 are to be retained with the dividends used to support current operations:As a consequence of the receipt of the AB shares, how much should Ethnic Museum reports astemporarily restricted net assets on its 2018 statement of financial position?

A non-profit organization (NPO) is one that is not motivated by financial gain. They are not formed…

On December 30, 2018, Ethnic Museum, a not-for-profit organlzation, recelved a P3,000,000 donation of AB Co. shares with donor stipulated requirement as follows: Shares valued at P1,800,000 are to be sold, with the proceeds used to buld a viewing bullding in 2018. Shares valued at P1,200,000 are to be retained with the dividends used to support current operations: As a consequence of the receipt of the AB shares, how much should Ethnic Museum reports as temporarily restricted net assets on its 2018 statement of financial position?

On December 30, 2018, Ethnic Museum, a not-for-profit organlzation, recelved a P3,000,000 donation of AB Co. shares with donor stipulated requirement as follows: Shares valued at P1,800,000 are to be sold, with the proceeds used to buld a viewing bullding in 2018. Shares valued at P1,200,000 are to be retained with the dividends used to support current operations: As a consequence of the receipt of the AB shares, how much should Ethnic Museum reports as temporarily restricted net assets on its 2018 statement of financial position?

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

On December 30, 2018, Ethnic Museum, a not-for-profit organization, received a P3,000,000
donation of AB Co. shares with donor stipulated requirement as follows: Shares valued at P1,800,000
are to be sold, with the proceeds used to build a viewing building in 2018. Shares valued at
P1,200,000 are to be retained with the dividends used to support current operations:
As a consequence of the receipt of the AB shares, how much should Ethnic Museum reports as
temporarily restricted net assets on its 2018 statement of financial position?

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