Question
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:
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| |||
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
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