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goji.go goji.go
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Posts: 5977
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10 years ago
The Bob Buckham Senior Center, a not-for-profit entity, serves a hot meal to senior citizens every Friday evening. All the food is donated by a local supermarket. All the food preparation and serving is done by local volunteers. If the Center had to pay for the food, it would need to spend $10,000 a year. If it had to pay for the food preparation and service, it would need to spend $12,000 a year. How should it report these contributions in its financial statements?
                                                       Food          Food preparation and service
      a.         Disclose in the notes   Disclose in the notes
      b.         Disclose in the notes   Report $12,000 revenue and expense
      c.         Report $10,000 revenue and expense   Disclose in the notes
      d.         Report $10,000 revenue and expense   Report $12,000 revenue and expense
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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10 years ago
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goji.go Author
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#2
10 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
10 years ago
You're very welcome!
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