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I need assistance with these accounting questions. Exercise 1-3A (Static) Identifying the reporting entities LO 1-2 Karen White helped organize a charity fund to help
I need assistance with these accounting questions.
Exercise 1-3A (Static) Identifying the reporting entities LO 1-2 Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund. Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. Brief Exercise 1-6 (Static) Classifying events as asset source, use, or exchange LO 1-6 Pinkerton \& Sons is a new start-up that plans to offer cryptocurrency financial advice. The company experienced the following events during its first year of operations: 1. Acquired $400,000 from the issuance of common stock to finance initial operations. 2. Purchased an office building for $350,000 to serve as the headquarters for the company. 3. Provided financial planning services to clients for $25,000 cash. 4. Paid employees $15,000 in salary expense for services provided to clients. Required: Classify each event as an asset source, use, or exchange transaction or as claims exchange. a. Match the terms (identified as a through g) with the definitions and phrases. For example, the term "a. Assets" matches with definition, "Economic resources that will be used by a business to produce revenue." b. Calculate the missing amounts in the following table: Complete this question by entering your answers in the tabs below. Match the terms (identified as a through g) with the definitions and phrases. For example, the term "a. Assets" matches with definition, "Economic resources that will be used by a business to produce revenueStep by Step Solution
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