The following condensed balance sheet is presented for the partnership of Alfa and Beda, who share profits and losses in the ratio of 60:40, respectively:CashUSD45,000Other assets625,000Beda, loan30,000USD700,000Accounts payable120,000Alfa, capital348,000Beda, capital232,000USD700,000The assets and liabilities are fairly valued on the balance sheet. Alfa and Beda decide to admit Capp as a new partner with a 20% interest. No goodwill or bonus is to be recorded. What amount should Capp contribute in cash or other assets?

1 .The Turtle Society, a nongovernmental not-for-profit organization, receives numerous contributed hours from volunteers during its busy season. Chris, a clerk at the local tax collector's office, volunteered ten hours per week for 24 weeks transferring turtle food from the port to the turtle shelter. This task is typically handled in the normal course of business at no charge to the Society, but Chris' help has been accepted. His rate of pay at the tax office is USD10 per hour, and the prevailing wage rate for laborers is USD6.50 per hour. What amount of contribution revenue should Turtle Society record for this service?

A USD0 B USD840 C USD2,400 D USD1,560

题型: 单选题 提问时间: 2021-08-24

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2 .Settam, a nongovernmental not-for-profit organization, received a donation of stock with donor-stipulated requirements as follows: Shares valued at USD8,000,000 are to be sold with the proceeds used for renovation. Shares valued at USD2,000,000 are to be retained with the dividends used to support current operations.What amount should Settam include as unrestricted net assets as a result of this donation?

A USD0 B USD2,000,000 C USD8,000,000 D USD10,000,000

题型: 单选题 提问时间: 2021-08-24

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3 .A nongovernmental not-for-profit organization received a USD2 million gift from a donor who specified it be used to create an endowment fund that would be invested in perpetuity. The income from the fund is to be used to support a specific program in the second year and beyond. An investment purchased with the gift earned USD40,000 during the first year. At the end of the first year, the fair value of the investment was USD2,010,000. What is the net effect on temporarily restricted net assets at year end?

A USD10,000 increase. B USD40,000 increase. C USD50,000 increase. D USD0

题型: 单选题 提问时间: 2021-08-24

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4 .Which of the following types of information would be included in total net assets in the statement of financial position for a nongovernmental not-for-profit organization?

A Total current net assets and total other assets. B Unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. C Unrestricted net assets, restricted net assets, and total current assets. D Total current assets and restricted assets.

题型: 单选题 提问时间: 2021-08-24

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5 .A storm damaged the roof of a nongovernmental, not-for-profit organization’s building. A professional roofer repaired the roof at no charge. How should the roof repairs be recognized in the statement of activities?

A As an increase in the building account and an increase in unrestricted net assets. B As an increase in fixed assets and an increase in contributions from donated services. C No recognition is required in the financial statements, but a note disclosure is required. D As an increase in expenses and ...

题型: 单选题 提问时间: 2021-08-24

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7 .On December 1, Year 1, Money Co. gave Home Co. a USD200,000, 11% loan. Money paid proceeds of USD194,000 after the deduction of a USD6,000 nonrefundable loan origination fee. Principal and interest are due in 60 monthly installments of USD4,310, beginning January 1, Year 2. The repayments yield an effective interest rate of 11% at a present value of USD200,000 and 12.4% at a present value of USD194,000. What amount of income from this loan should Money report in its Year 1 income statement?

A USD0 B USD1,833 C USD2,005 D USD7,833

题型: 单选题 提问时间: 2021-08-24

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8 .Under state law, Acme may pay 3% of eligible gross wages or it may reimburse the state directly for actual unemployment claims. Acme believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first USD10,000 of gross wages paid to each employee. Acme had five employees each of whom earned USD20,000 during the current year. In its December 31, balance sheet, what amount should Acme report as accrued liability for unemployment claims?

A USD3,000 B USD1,500 C USD2,000 D USD1,000

题型: 单选题 提问时间: 2021-08-24

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9 .Marr Co. sells its products in reusable containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within two years after the year of delivery. Marr accounts for the containers not returned within the time limit as being retired by sale at the deposit amount. Information for Year 3 is as follows:Container deposits at December 31, Year 2 from deliveries in:Year 1USD150,000Year 2430,000USD580,000Deposits for containers delivered in Year 3USD780,000Deposits for containers returned in Year 3 from deliveries in:Year 1USD90,000Year 2250,000Year 3286,000USD626,000In Marr's December 31, Year 3 balance sheet, the liability for deposits on returnable containers should be:

A USD494,000 B USD734,000 C USD584,000 D USD674,000

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10 .During Year 2, Leader Corp. sued Cape Co. for patent infringement. On December 31, Year 2, Leader was awarded a USD500,000 favorable judgment in the suit. On that date, Cape offered to settle out of court for USD300,000 and not appeal the judgment. In February Year 3, after the issuance of its Year 2 financial statements, Leader agreed to the out-of-court settlement and received a certified check for USD300,000. In its Year 2 financial statements, how should Leader have reported these events?

A As a gain of USD300,000. B As a receivable and deferred credit of USD300,000. C It should not be reported in the financial statements. D As a disclosure in the notes to the financial statements only.

题型: 单选题 提问时间: 2021-08-24

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