Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Golden Path, a labor union, had the following receipts and expenses for the year ended December 31, 20X8: Receipts: Per capita dues $ 900,000 Initiation

Golden Path, a labor union, had the following receipts and expenses for the year ended December 31, 20X8:

Receipts:

Per capita dues

$

900,000

Initiation fees

120,000

Sales of organizational supplies

80,000

Nonexpendable gift restricted by donor for loan purposes for 10 years

50,000

Nonexpendable gift restricted by donor for loan purposes in perpetuity

60,000

Expenses:

Labor negotiations

720,000

Fund-raising

150,000

Membership development

40,000

Administrative and general

250,000

The union's constitution provides that 12 percent of the per capita dues be designated for the strike insurance fund to be distributed for strike relief at the discretion of the union's executive board.

84) Based on the information provided, in Golden Path's statement of activities for the year ended December 31, 20X8, what amount should be reported under the classification of revenue from funds without donor restrictions?

A) $980,000

B) $1,100,000

C) $1,210,000

D) $1,020,000

Answer: B

85) Based on the information provided, in Golden Path's statement of activities for the year ended December 31, 20X8, what amount should be reported under the classification of program services?

A) $720,000

B) $910,000

C) $440,000

D) $760,000

Answer: A

86) Based on the information provided, in Golden Path's statement of activities for the year ended December 31, 20X8, what amount should be reported under the classification of supporting services?

A) $150,000

B) $720,000

C) $440,000

D) $290,000

Answer: C

87) Based on the information provided, in Golden Path's statement of activities for the year ended December 31, 20X8, what amounts should be reported under the classifications of net assets with donor restrictions?

A) $50,000

B) $60,000

C) $10,000

D) $110,000

Answer: D

Please explain how to get all the answers i wrote the answers on bottom of each question

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

Understand corporate and HRM strategy.

Answered: 1 week ago