Business, 12.03.2021 15:10 dookiefadep5n1tt

Londonderry Fine Arts Center (LFAC) is a museum dedicated to collecting and displaying works of Vermont artists. It acquires works of art primarily from direct donations and from income provided by permanent endowments. It does not, however, capitalize its art collection and does not recognize revenue when art works are contributed to the collection. LFAC protects and cares for its art works and has a policy of using the proceeds from the sale of collection items solely to acquire new works of art. LFAC charges all expenses to four programs: curatorial and exhibition, art acquisition, education and public service, and administration. Make journal entries to record the following transactions and events. a. Donor A contributed several works by N. Rockwell, which had an estimated fair value of $30,000 and were accepted by LFAC for its permanent collection.
b. Donor B contributed a painting not done by a Vermont artist. The donor agreed that LFAC would hold it for sale (it had an estimated fair value of $2,000) and use the proceeds to enhance its art collection.
c. LFAC sold the non-Vermont artist painting, referred to in the previous transaction, for $2,100. It used the proceeds, together with $1,900 of its unrestricted resources, to acquire several serigraphs by H. Shokler.
d. One of LFAC's permanent endowments provided investment income of $6,000. When she made the gift to LFAC, the donor had stipulated that all investment income be used solely for a special program to train local residents in the art of print making.
e. LFAC spent $6,000 on the training program described in transaction 4.
f. Local residents donated 1,000 hours of time collecting museum admissions fees; LFAC estimated these services had a value of $10,000. Also, a retired skilled craftsman donated 80 hours cleaning and preserving works of art recently acquired by the museum; LFAC estimated these services had a value of $4,000.
g. Admissions fees to the museum totaled $30,000. 8. As a result of a weakened stock market, the fair value of the permanent endowments held by the museum declined by $60,000.
h. LFAC paid curatorial and exhibition expenses of $80,000.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:00

Each of the following scenarios is based on facts in anactual fraud. categorize each scenario as primarily indicating (1) anincentive to commit fraud, (2) an opportunity to commit fraud, or(3) a rationalization for committing fraud. also state your reasoningfor each scenario.a. there was intense pressure to keep the corporation ' stock from declining further. this pressure came from investors, analysts,and the ceo, whose financial well-being was significantly dependent on the corporation ' s stock price.b. a group of top-level management was compensated (mostly in the form of stock-options) well in excess of what would be considered normal for their positions in this industry.c. top management of the company closely guards internal financial information, to the extent that even some employees on a “need-to-know basis” are denied full access.d. managing specific financial ratios is very important to the company, and both management and analysts are keenly observant of variability in key ratios. key ratios for the company changed very little even though the ratios for the overall industry were quite volatile during the time period.e. in an effort to reduce certain accrued expenses to meet budget targets, the cfo directs the general accounting department to reallocate a division’s expenses by a significant amount. the general accounting department refuses to acquiesce to the request, but the journal entry is made trough the corporate office. an accountant in the general accounting department is uncomfortable with the journal entries required to reallocate divisional expenses. he brings his concerns to the cfo, who assures him that everything will be fine and that the entries are necessary. the accountant considers resigning, but he does not have another job lined up and is worried about supporting his family. therefore, he never voices his concerns to either the internal or external auditors.f. accounting records were either nonexistent or in a state of such disorganization that significant effort was required to locate or compile them.

Answers: 1

Answer

Business, 22.06.2019 20:00

Ryngard corp's sales last year were $38,000, and its total assets were $16,000. what was its total assets turnover ratio (tato)? a. 2.04b. 2.14c. 2.26d. 2.38e. 2.49

Answers: 1

Answer

Business, 22.06.2019 20:10

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.

Answers: 1

Answer

Business, 23.06.2019 16:10

Aconsumer would pay an extra if they used the rent to own program to buy the computer, rather than using cash. for all of the items, using is the cheapest option over the life of the contract. the most expensive overall option is to use to purchase the item.

Answers: 3

Answer

You know the right answer?

Londonderry Fine Arts Center (LFAC) is a museum dedicated to collecting and displaying works of Verm...

Questions