Do-Good Inc

question 61

Multiple Choice

Do-Good Inc. is a newly formed not-for-profit organization. On January 1, 2012, its first day of operations, Do-Good purchased equipment costing $8,000. The equipment is estimated to have a useful life of 4 years, with no residual value at that time. This transaction was the only transaction that took place to date. The equipment was purchased from a restricted fund contribution of $8,400. What would be the balance in the Capital Fund on December 31, 2012?

• A) ($1,600).
• B) $400.
• C) $4,400.
• D) $6,400.

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Definitions:

National Bill

A legislative proposal debated and adopted by a national body, such as a parliament, to become a law.

Aristocratic Senate

A legislative body or chamber that is comprised of members of the aristocracy, typically representing privilege, inherited titles, or elevated social status.

Anti-Federalists

Individuals who opposed the ratification of the United States Constitution, fearing a too powerful central government.