A nongovernment, not-for-profit organization received donated auditing services from a local CPA. The market value of the auditing services is $10,000 . How should these donated services be reported be in the statement of activities?
a. Unrestricted support - $10,000
b. Restricted support - $10,000
c. Management and general expense - $10,000
d. Both items a and c
D
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Merchandise inventory is
A. reported under the classification of Property, Plant, and Equipment on the balance sheet B. often reported as a miscellaneous expense on the income statement C. reported as a current asset on the balance sheet D. generally valued at the price for which the goods can be sold
One advantage of an installment sale for federal income tax purposes, is that:
A: The gain from a sale will be recognized in the year of the sale; B: No taxes are due for the year of the sale; C: Successive payments on the gain for the sale will be at the same tax rate; D: The gain realized will be taxed in the year it was received.