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Title: Shults Labs donates an item of prescription medications worth $100,000 to a loca Post by: goji.go on Oct 20, 2014 Shults Labs donates an item of prescription medications worth $100,000 to a local not-for-profit hospital. How should the hospital report the donation in its financial statements?
a. Report an other revenue (or gain) and an expense of $100,000. b. Report an other revenue (or gain) and an asset (inventory) of $100,000 c. Report an asset and an other revenue (or gain) at the manufacturer's direct cost to produce the equipment, which is estimated at $70,000 d. Report nothing on the face of the financial statements, but describe the donation in the notes to the statements. Title: Re: Shults Labs donates an item of prescription medications worth $100,000 to a loca Post by: f_zah1 on Oct 23, 2014 Content hidden
Title: Re: Shults Labs donates an item of prescription medications worth $100,000 to a loca Post by: goji.go on Oct 23, 2014 Thanks so much f_zah1.
You were correct :D Title: Re: Shults Labs donates an item of prescription medications worth $100,000 to a loca Post by: f_zah1 on Oct 23, 2014 You're very welcome!
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