A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Revenues of $33,500. Public support of $33,500. Public support of $32,000 and a $1,500 increase in the fund balance. Public support of $32,000 and revenue of $1,500.
A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Revenues of $33,500. Public support of $33,500. Public support of $32,000 and a $1,500 increase in the fund balance. Public support of $32,000 and revenue of $1,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded?
- Revenues of $33,500.
- Public support of $33,500.
- Public support of $32,000 and a $1,500 increase in the fund balance.
- Public support of $32,000 and revenue of $1,500.
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