Golden Path, a Labor Union, Had the Following Receipts and Expenses

question 18

Multiple Choice

Golden Path, a labor union, had the following receipts and expenses for the year ended
December 31, 20X8:
The union's constitution provides that 12 percent of the per capita dues be designated for the strike insurance fund to be distributed for strike relief at the discretion of the union's executive board.

-Based on the information provided,in Golden Path's statement of activities for the year ended December 31,20X8,what amounts should be reported under the classifications of temporarily and permanently restricted net assets?

• A) $0 and $110,000 respectively.
• B) $110,000 and $0 respectively.
• C) $60,000 and $50,000 respectively.
• D) $50,000 and $60,000 respectively.

---

Definitions:

Psychological Symptoms

Manifestations of mental or emotional distress, which can include mood swings, anxiety, sadness, or behavioral changes.

Physical Dependence

A physiological state of adaptation to a substance, characterized by the emergence of withdrawal symptoms when the substance is discontinued.

Withdrawal

The group of symptoms that occur upon the abrupt discontinuation or decrease in intake of medications or recreational drugs.

Depressant

A class of drugs that reduce the functioning of the nervous system and lead to decreased arousal or stimulation.