The Fine Art Museum, a not-for-profit entity, allocated expenses 80% to programs and 20% to general and administrative.
a) During the current year the Museum received admissions fees in cash $500,000 from visitors.
b) Citizens of the local community are encouraged to participate in a program called “Friends of the Museum.” For a yearly contribution of $25 per family, a family is entitled to free admission to the Museum during the calendar year. At year-end, there were 10,000 members in the “Friends of the Museum.”
c) During the current year the Museum incurred salary expense of $250,000 of which $60,000 remains unpaid at year-end.
d) During the year the Museum incurred operating expenses of $400,000 of which $30,000 remains unpaid at year-end. Of the $400,000, $50,000 was used to buy supplies of which $20,000 remains on hand at year-end.
e) During the year the Museum received pledges of $200,000 for the acquisition of new art items, of which the Museum had collected $150,000 by year-end and expected to ultimately collect another $20,000.
f) During the year a citizen died and willed his wonderful collection of native art to the Museum to help new art items acquisition. The collection was later sold for $600,000.
Required: Prepare the necessary journal entries to record these transactions.
The preparation of the necessary journal entries for The Fine Art Museum is as follows:
Journal Entries:
a. Debit Cash $500,000
Credit Admissions Fees $500,000
To record the receipt of admissions fees in cash from visitors.b. Debit Cash $250,000
Credit Admissions Fees $250,000
To record the receipt of special admissions fees for "Friends of the Museum."c. Debit Salary Expense $250,000
Credit Salary Payable $60,000
Credit Cash $190,000
To record salary expense paid and payable.d. Debit Operating Expenses $400,000
Credit Operating Expenses Payable $30,000
Credit Cash $370,000
To record operating expenses paid and payable.Debit Supplies $50,000
Credit Operating Expenses $50,000
To transfer operating expenses to Supplies.Debit Supplies Expense $30,000
Credit Supplies $30,000
To record supplies expense for the year.e. Debit Pledges Receivable $200,000
Debit Cash $150,000
Credit Pledges Receivable $150,000
Credit Allowance for Uncollectible Pledges $30,000
To record pledges receivable and allowance for uncollectibles.f. Debit Cash $600,000
Credit Sale of collections $600,000
To record the sale of wonderful collections from a will.Data Analysis:
Allocation of Expenses:
Programs = 80%
General and Administrative = 20%
a. Cash $500,000 Admissions Fees $500,000
b. Cash $250,000 Admissions Fees $250,000 ($25 x 10,000)
c. Salary Expense $250,000 Salary Payable $60,000 Cash $190,000
d. Operating Expenses $400,000 Operating Expenses Payable $30,000 Cash $370,000
Supplies $50,000 Operating Expenses $50,000
Supplies Expense $30,000 Supplies $30,000
e. Pledges Receivable $200,000 Estimated Receivable Pledges $170,000
Uncollectible Pledges $30,000
Cash $150,000 Pledges Received $150,000
f. Cash $600,000 Sale of collections $600,000
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How should Sophia advise her senator? Why?
Answer:
Explanation:
A Promotion
How will the business function if something happens to one of the key members of the management team?
When the business function if something happens to one of the key members of the management team so, by creating a company continuity strategy or an emergency plan or replace with another member.
What do you mean by the business function?An organization's activities are referred to as business functions, and they can be further broken down into core and support functions.
The production of finished goods or services destined for the market or for other parties is one of an enterprise's core business functions.
Because completing the other management functions significantly depends on having a good plan, planning is a crucial management function.
Organizations have closed their doors permanently as a result of poor management. High employee turnover is a direct outcome of poor leadership.
Therefore, when the business function if something happens to one of the key members of the management team so, by creating a company continuity strategy or an emergency plan or replace with another member.
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Which of the following is a type of intellectual property?
Answer:
house
Explanation:
Brainlest???
How do social media sites impact the hospitality and tourism industry and its employees?
Answer:
Social media permits hotel managers to get immediate and direct feedback from their clients, so they can understand better their needs and wants. On the other hand, social media can have a negative effect too.
Explanation:
Hopes this helps
At the end of the closing process, Income Summary will hold a balance.
a) True
b) False
Answer:
False. Have a Good day I hope this helps
Explanation:
Fad City sells novel clothes that are subject to a great deal of price volatility. A recent item that cost $20 was marked up $12, marked down for a sale by $6 and then had a markdown cancellation of $3. The latest selling price is
Answer:
20+12-6+3 = 29
Explanation:
A recent item that cost $20 was marked up $12, marked down for a sale by $6 and then had a markdown cancellation of $3. The latest selling price is 29.
What is the price?
The term pricing refers to the product value are the owner are the sale of the product. The price of the product are the amount to the borrower are the paid. Pricing is the important factor in determining how well-liked a product is in the market. The cost are the those price to the manufacturing the product. The price are the retailer sale, the cost, and the price are the different.
According to the given the amount are:
item that cost $20marked up $12a sale by $6cancellation of $3Latest selling price is the 20+12-6+3
Latest selling price is the = 29
As a result, the latest selling price is 29.
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3 true statements about recording journal entries in Quickbooks
Answer:
Explanation:
Journal entries allow you to correct inaccurate information in your accounting records or add transactions that you cannot add in other sections of the software, such as tax adjustments or depreciation expenses.
What are the 3 golden rules?
Golden Rules of Accounting
Debit the receiver, credit the giver.
Debit what comes in, credit what goes out.
Debit all expenses and losses and credit all incomes and gains.
Rise Up Retail Industry Fundamentals
Review - Part 1
Matehing Vocabulary
A Allocation
B. Corporation
0, Customers
D. Manufacturers
E Products
F. Retail Product Cycle
O, Retailer
H. Wholesaler
1
People that purchase goods or services from a business
2. Any entity that produces finished products are
3 Physical goods that are bought and sold, such as food, clothes, & household
itema
4
A business or person that sells products and/or services to customers, and they
seleet merchandise and services based on the needs of a specific store, region or
community
An amount or portion of a resource assigned or distributed to a store or recipient
0 in both physical and online shopping, this explains the process from choosing the
products and services to offer to getting them in the hands of customers
An entity that buya large quantities of products directly from the manufacturer
and then sella amaller amounts of products to different retailers
8 Business that has shareholders through publicly traded stock, and usually has
centralized decision-making for ita multiple store locations.
Matching Examples
A Example of Business in Retail
B. Example of Distribution Center
G Example of Omnichannel Retail
D. Example of Retail Product (x2)
E. Example of Retail Service (x2)
Car wash
10
Customers being able to shop in person and online while also receiving texts and
emails about sales and promotions
Department store
12. Facility used for receiving, temporary storage, and distribution of goods to the retail
centers based on orders as they are received
New car tires
18 Warranty on an item
Renigerator
Answer:
give me asec
Explanation:
What is true about money?
Answer:
A medium of exchange; it allows people to obtain what they need to live.
Explanation:
Money is a medium of exchange; it allows people to obtain what they need to live. Bartering was one way that people exchanged goods for other goods before money was created. Like gold and other precious metals, money has worth because for most people it represents something valuable.
A commodity that is widely acknowledged as a means of economic exchange is money.
What do you mean by True?Reality, truth. The phrase "in true" and "out of true" both refer to the quality or state of accuracy, which is most often used with the.
Money serves as both a medium of transaction and a store of value. People agree to give money worth only when they consent to do so. Even while money and financial accounts may not have any worth on their own, when everyone decides to use them, money gains value.
Money performs a number of tasks including serving as a standard of deferred payment, a unit of account, a store of value, and a medium of exchange.
Therefore, Money is a commodity that is frequently used as a medium of economic exchange.
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A hierarchical listing of what must be done in a project is called a: Multiple Choice work breakdown structure (WBS). PERT. planning matrix. crashing plan. critical path.
A hierarchical listing of what must be done in a project is called: work breakdown structure (WBS).
During the course of a project, a work breakdown structure is compiled that states the various stages in the course of the project. These stages are broken down into manageable bits.
Tasks and subtasks are included so that the engineers know where they are in the course of the project.
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QUESTION 24
More communication is always better.
O True
O False
Answer:
true
Explanation:
Communication helps understanding people better removing misunderstanding and creating clarity of thoughts and expression.
When store owners quote prices in terms of dollars, money is acting as a __________. a.) store of value b.) medium of exchange c.) unit of account d.) commodity
When store owners quote prices in terms of dollars, money is acting as a unit of account.
Money is anything that is generally chosen and accepted by a community as a medium of exchange and standard of value.
Money act as a unit of account because everything in the economy is quoted in terms of it. The price of any products or goods are quoted in terms of money.
Since there are many buyers and sellers in a country, unit of account stands as standard measurement for everyone in an economy; hence the foundation of every transaction in an economy.
Therefore, money is acting as a unit of account when store owners quote prices in terms of dollars.
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Match the items according to their impact on aggregate demand (AD).
a. Increase AD
b. Decrease AD
c. will not change AD
1. A dramatic decline in the average price of houses.
2. An announcement by the central bank to maintain its existing monetary policy.
3. An increase in income tax, rates on individuals earning more than $450, 000 per year.
4. A dramatic improvement in the stock market, causing investors' wealth to rise.
5. A recession occurring in a trading partner's economy.
Answer:
A recession occurring in a trading partners economy
Carol is a single mother with two qualifying dependent children. The amount of her Child Tax Credit was limited by her tax liability. Carol may qualify for: The Additional Child Tax Credit. An additional itemized deduction. An additional adjustment to income. An additional nonrefundable credit.
Considering the situation described above, Carol may qualify for "the Additional Child Tax Credit."
What is Additional Child Tax Credit?Additional Child Tax Credit is defined by the Internal Revenue Service (IRS) as the refundable credit individuals may receive if their Child Tax Credit is more than the total amount of income taxes they owe, in as much they meet other listed requirements.
Given that Carol has more than one child, this may lead to Additional Child Tax Credit for her, in as much her children qualified or eligible for the Additional Child Tax Credit.
Hence, in this case, it is concluded that the correct answer is option A. "The Additional Child Tax Credit."
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Which medium (or media) do you think would be appropriate for each of the following kinds of messages that an employee could receive from a boss: (a) a raise, (b) not receiving a promotion, (c) an error in a report prepared by the employee, (d) additional job responsibilities, and (e) the schedule for company holidays for the upcoming year
You are shopping for a new car. You find the perfect vehicle and are now applying for a loan from your local bank. Unfortunately, the bank rejects your application. You are surprised, because you have always paid your bills on time. You decide to examine your credit report. You discover that the credit agency is wrongly reporting that you are delinquent on a credit card bill. You have asked the agency to remove the inaccurate entry, but it has failed to do so. What liability does the credit agency face for its incorrect reporting
The liability faced by the credit agency for its incorrect reporting of your credit history is C. Your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.
Under the Fair Credit Reporting Act, your damages are not $5,000 only. It is also not actual damages plus or $3,000 plus the attorney's fees.
Thus, you can sue for actual damages, an additional amount not exceeding $1,000, plus your attorney's fees.
Answer Options:
A. $5,0000 only.
B. Your actual damages, plus an additional amount not to exceed $5,000.
C. Your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.
D. $3,000, plus attorney’s fees.
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Help Plsss Ill give brainlest
Danielle is a cosmetologist who specializes in hair color. What skill might benefit Danielle in her career?
Question 10 options:
Danielle enjoys working alone.
Danielle likes math and solving puzzles.
Danielle is friendly and outgoing.
Danielle is competitive and likes sports.
Which of the following financial statements is also called a profit and loss statement?
Answer:
Also known as the profit and loss statement or the statement of revenue and expense, the income statement primarily focuses on the company's revenues and expenses during a particular period.
Trey is the manager of a sales team in a corporation. If his team members are able to meet their daily targets regularly, they get an extra day off every month. However, if they fail to do so, Trey makes them work extra hours every week. In this scenario, Trey is using _____.
A. concertive control
B. bureaucratic control
C. adaptive control
D. normative control
The control used by Trey when he want employee to work extra hours every week is they failed to meet target is known as bureaucratic control.
The bureaucratic control refer to a form of control which is base on formal system of rules, roles, records, rewards etc
Typically, an organization uses the bureaucratic control to influence, monitor and assess its employee performance.Hence, the control used by Trey when he want employee to work extra hours every week is they failed to meet target is known as bureaucratic control.Therefore, the Option B is correct.
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Help bell pelsss I need starlight forward answer
Answer:
i ont know is coreect
True or false?
Amelia is interested in government but also wants to travel around the world. A career in the Foreign Services pathway of the Government and Public Administration cluster might be a good fit for Amelia.
Question 11 options:
True
False
Considering the situation, it is True that a career in the Foreign Services pathway of the Government and Public Administration cluster might be a good fit for Amelia.
What is the Foreign Services pathway?Foreign Services pathway is a department in government public services whose expertise and undertakings are found in U.S. embassies, political and economic analysis, or assisting American citizens overseas.
Workers in the Foreign Services pathway works in the following places:EmbassiesConsulates Diplomatic missionsWashington, D.C., etc.Hence, in this case, it is concluded that the correct answer is True.
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Answer:
true
Explanation:
What is General training?
Answer:
The training focusing on the theoretical knowledge is called general training.
Answer:
What is General training?
General Training measures English language proficiency in a practical, everyday context.Which of the following is not a product design objective? Make the design easy to track for cost accounting purposes. Design a quality product. Design a product that meets customer requirements. Minimize production costs.
Amongst the options provided in the question, "Make the design easy to track for cost accounting purposes" only is not a product design objective.
Product Design
It is a process that requires cross-functional and knowledge-intensive work, which has become more demanding in today's competitive world.
It is set as one of the key strategies firms need to succeed in the market. These firms develop unique products using this process, as it provides them with the opportunity to set premium prices due to the uniqueness of the product.
Product Design Objective
For this process to succeed, the objective of the product design is, therefore, to produce goods or services with high quality, keeping the prices of the materials and the methods required to produce them at an acceptably low cost. Finally, the product must be competitive in the market in terms of its price, quality, design, and functionality. Thus making it meet the customer needs/wants.
Hence, the only point "Make the design easy to track for cost accounting purposes" is not a product design objective.
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The newest employee at Edwards Escrow Co., Adam Riley, is handling the escrow
paperwork for the sellers and the buyers on an Anaheim property sale. When Adam
goes to figure out the prorations for the month of February, for which some of the
expenses have already been paid by the sellers, Adam cannot remember what
number to use to figure out the proration. Which of the following should he use?
Since Adam cannot remember the number he used for the proration, then, he should use 28 days because that is the actual number of days in February,
Proration is an act of dividing the property expenses between a buyer and seller to ensure that the parties only pay for the days they owns the property.
Since the month of February contains 28 days, then, the number of days used in the calculation of the Proration will be maximum of 28 days
Therefore, the Option A is correct because 28 days is the actual number of days in February.
Missing options includes
28 days because that is the actual number of days in February, the month for which the prorations are being calculated., 30 days which escrow companies use as their base month in figuring out prorations31 days which escrow companies use as their base month in figuring out prorations.Read more about February days
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Rita, a single mother, has three children, Luis (7), Perry (10), and Alexis (17). Rita's adjusted gross income is $64,000, and her 2020 tax liability is $5,204. All three children are Rita's qualifying child dependents. What is the total of Rita's Child Tax Credit and Credit for Other Dependents
In the year 2020 and based on Rita's AGI and number of children, she will have a Child Tax Credit and Credit for Other Dependents of $4,500.
A single person in 2020 with an AGI of less than $200,000 was allowed to claim a child tax credit of $2,000 per child under 17 and a credit for other dependents of $500 for those aged 17 - 18.
This means that Rita will get $2,000 for Luis and Perry, and $500 for Alexis:
= 2,000 + 2,000 + 500
= $4,500
In conclusion, Rita's tax credit would be $4,500.
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20 Points
Describe the educational background or training necessary for your chosen career (Doctor).
The path to becoming a doctor begins with a bachelor's degree program. There is relative flexibility in the subject studied, but undergraduate schooling for doctors should include a pre-med focus, which ensures that necessary science-based core curriculum is coveLred prior to the candidate's progression to medical school. These programs typically have a heavy focus on biology and chemistry, with plenty of physics, math and English courses to prepare a student to apply to med school.
Step 2: Pass the MCAT2103The Medical College Admission Test (MCAT) is a multiple choice exam taken before admission into medical school. The MCAT tests an aspiring doctor's knowledge of the physical and biological sciences and verbal reasoning and writing skills. The test is computerized and it takes approximately five hours to complete.
Step 3: Attend Medical SchoolDoctor education and training continues with medical school. The initial two years are spent in classrooms and laboratories, where students take the necessary courses to prepare them for diagnosing and treating patients. During the second year of doctors' education, students must pass the first of a series of the United States Medical Licensing Examinations, referred to as 'The Boards', which are administered by the National Board of Medical Examiners. During the second half of medical doctor training, prospective doctors practice under the tutelage of attending physicians to learn the realities of practicing medicine. During their fourth year of medical school and first year of residency training, doctors take their remaining medical licensing examinations.
Step 4: Complete Residency TrainingIn their fourth year of medical school, candidates are paired with a residency training program in a rite of passage called 'Match Day.' Depending upon his or her specialty, a candidate may spend between three and seven years in residency at a medical facility. Beyond taking classes to become a doctor, this gives them on-the-job experience. They work under the direct supervision of an attending physician and focus on practical training in general medicine and their chosen specialty.
Step 5: Get LicensedIn order to become a doctor, a candidate must obtain a license to practice medicine. Requirements for medical licensing differ from state to state and all states issue their own licenses based on state regulations. Licensing generally requires completing medical school and successfully passing all medical licensing examinations. How many years does it take to become a doctor? It usually takes between 11 and 15 years to meet all the education and training requirements. This includes an undergraduate degree, medical school, and a residency. Once a prospective doctor finishes all the necessary education and physician training, they should see a number of job opportunities, as job growth is expected to rise 13% from 2016-2026 and a rewarding salary should also be anticipated.
which of the following describes a federal student loan? a funds provided by a private business that do not need to be paid back b funds provided by credit unions that must be paid back c funds provided by government that do not need to be paid back d funds provided by the government that must be paid back
Answer:
d
Explanation:
Plain and simple:)
mark brainliest? :)
Marcus (20) attends State University and is a qualifying student for the purpose of the American Opportunity Tax Credit (AOTC). His parents will claim him as a dependent on their jointly-filed 2020 return. Their adjusted gross income is $125,000, and they paid $14,000 for Marcus' tuition during the year. What is the maximum AOTC Marcus' parents may be eligible to receive
The maximum AOTC that can be claimed by Andre’s parents is $2,500.
American Opportunity Tax Credit means a tax credit on education expenses which are incurred within first four years of a student’s higher education.
The full tax credit is allowed when modified adjusted gross income is $160,000 or less.100% of first $2000 spent on education expenses and 25% of next $2000 of qualifying education expenses.Maximum AOTC = $ 2000 + (0.25 × $2000)
Maximum AOTC = $2000 + $ 500
Maximum AOTC = $2500
Therefore, the maximum AOTC that can be claimed by Andre’s parents is $2,500.
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∫12cos(4θ)dθ= ? Solve the integral
The integral of [tex]\int\limits {12cos(4\theta )}\ is\ 3sin4\theta +C[/tex]
Integration is a way of adding parts to find the whole. Integration can be used to find areas, volumes, central points and many useful things.
[tex]\int\limits {12cos(4\theta )} \, d\theta\\\\ =12\int\limits {cos(4\theta )} \, d\theta\\\\=12(\frac{sin4\theta}{4}) +C\\\\=3sin4\theta +C[/tex]
Where C is the constant of integration
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