A not-for-profit entity receives a donation of 100 shares of securities listed on the American Stock Exchange. As a general rule, when it prepares its statement of financial position at year-end, the entity must report the securities at:
a. their fair value at time of donation
b. their fair value at date of the statement of financial position
c. the lower of their fair value at date of donation or their fair value at date of the statement of financial position
d. the lower of the cost to the donor or the fair value at date of the statement of financial position.
b
You might also like to view...
Coleman, Inc. provides the following data from its income statement for 2017
Net Sales $500,000 Cost of Goods Sold (200,000 ) Gross Profit $300,000 Calculate the gross profit percentage. (Round your answer to two decimal places.) A) 150.00% B) 60.00% C) 100.00% D) 40.00%
When the recent recession hit, Zappos decided to stop offering complimentary overnight shipping to first-time buyers and offer it to repeat buyers only, which is an example of the ________ best practice of top service companies
A) strategic concept B) profit tiers C) top-management commitment D) high standards E) monitoring systems