Covid Services, Inc. is a nongovernmental not-for-profit vol…
Covid Services, Inc. is a nongovernmental not-for-profit voluntary health and welfare calendar-year organization that began operations on January 1, Year 1. It performs voluntary services and derives its revenue primarily from voluntary contributions from the general public, as it is not funded by a government. Covid Services imposes a time restriction on all promises to contribute cash in future periods. However, no such policy exists with respect to gifts of capital assets. Selected transactions that occurred during Covid Services’ Year 2 calendar year: Table with values for the organization Debt security endowment received in Year 2; income to be used for community services: Face value $100,000 Fair value at time of receipt 89,000 Fair value at 12/31/Year 2 87,000 Interest earned in Year 2 9,500 Interest received in Year 2 4,750 10 concerned citizens volunteered to serve meals to the homeless (500 hours free; fair market value of services $5 per hour): 2,500 Short-term investment in equity securities in Year 2: Cost 10,000 Fair Value 12/31/Year 2 12,000 Dividend income 1,250 Reading materials donated to Community and distributed to the children in Year 2: Fair market value 7,500 Federal youth training fee for services grant Cash received during Year 2 30,000 Instructor salaries paid 25,000 Other cash operating expenses: Business manager salary 55,000 General bookkeeper salary 37,800 Director of community activities salary 60,000 Space rental (75% for community activities 25% for office activities) 30,000 Printing and mailing costs for pledge cards 2,750 Interest payment on short-term bank loan in Year 2 1,250 Principal payment on short-term bank loan in Year 2 550 How is the receipt of the debt securities for the endowment recorded on the books? What is the amount of debt security investment income recorded by the organization for Year 2? What is the program service total (dollar amount) recorded by the organization for Year 2? What is investment income on long term investments without donor restrictions for Year 2? What is the dollar amount of donated services the organization can recognize as revenue during Year 2?
Read Detailsimage015.png This graph shows US crude oil production by yea…
image015.png This graph shows US crude oil production by year. Explain the graph by answering these questions: a. Why was there a continuous rise until 1970? b. And why a decline for 30 or 40 years after that? c. And then why did the curve zoom upward beginning in about 2010?
Read DetailsLet’s go back to Pennsylvania.a. In Pennsylvania, there are…
Let’s go back to Pennsylvania.a. In Pennsylvania, there are many ridges separated by valleys. The ridge tops seem to zig-zag back and forth. Sort of back-and-forth and then back-and-forth again. Explain how this came to be? Why is it this way?b. And if you go to Pennsylvania, will you find that the rocks on top of the ridges are older than those in the valleys, or it will be the other way around? Or, will there be places that are one way, and other places that are the other way? Explain.
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