Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Junior Achievement, a nongovernmental not-for-profit corporation, received a $125,000 contribution restricted to youth activity programs at the end of last year. During the year, youth

image text in transcribed

Junior Achievement, a nongovernmental not-for-profit corporation, received a $125,000 contribution restricted to youth activity programs at the end of last year. During the year, youth activities had program expenses of $95,000. What amount should Junior Achievement report as net assets released form restrictions during the year? $95,000 O $0 O $30,000 O $125,000 Question 12 2 pts The following expenditures were made by Low Country Land Trust, a society for the protection of the environment: Printing of the annual report $12,000 Unsolicited merchandise sent to encourage contributions 25,000 Cost of an audit performed by a CPA firm 3,000 What amount should be classified as fundraising costs in the society's activity statement? O $37.000 O $0 O $25,000 O $28,000

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

Automotive Audits Principles And Practices

Authors: D. H. Stamatis

1st Edition

0367696592, 978-0367696597

More Books

Students also viewed these Accounting questions

Question

Define the goals of persuasive speaking

Answered: 1 week ago