Golden Path,a Labor Union,had the Following Receipts and Expenses for the Year

question 104

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 amount should be reported under the classification of revenue from funds without donor restrictions?

• A)$980,000
• B)$1,100,000
• C)$1,210,000
• D)$1,020,000

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Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded before being transferred to accounts in the ledger.

Chart of Accounts

A systematic list of all account titles and numbers used by a company to organize its financial transactions and prepare financial statements.

Debits

Accounting entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts; they are recorded on the left side of accounting ledgers.

Credits

Accounting entries that increase liabilities or equity or that decrease assets.