Question
In: Finance
The board of directors for Oak Corporation authorized a charitable contribution to a qualifying nonprofit organization....
The board of directors for Oak Corporation authorized a charitable contribution to a qualifying nonprofit organization. However, the contribution was not actually made before the end of the tax year. Under what circumstances could the company still take a current-year deduction for this contribution?..
Solutions
Expert Solution
If the company follows accrual-based accounting policy, then the expense can be recognized in the current year on accrual basis. However, the actual cash payment can be delayed but must be made before filing the return to get the tax benefit.
jeff jeffy answered 2 years agoRelated Solutions
What role does the Board of Directors play in overseeing the accounting for a nonprofit organization?...
What role does the Board of Directors play in overseeing the
accounting for a nonprofit organization? What sorts of skills
should an organization consider for people they seek to have join
their Board of Directors from an accounting standpoint? What roles
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Mario Corporation started business on January 1, 2016. The board of directors authorized the following classes...
Mario Corporation started business on January 1, 2016. The board
of directors authorized the
following classes of stock:
4% Cumulative preferred stock - $25 par value
Authorized: 40,000
Common Stock - No par value
Authorized: 300,000
The following transactions occurred during 2016:
1/1/16 Issued 120,000 shares of common stock at $10 per
share.
6/2/16 Issued 25,000 shares of preferred stock at a market price of
$25. The dividend is
payable semiannually on 12/1 and 6/1 beginning 12/1/16.
6/23/16 Purchased 12,000...
Mario Corporation started business on January 1, 2016. The board of directors authorized the following classes...
Mario Corporation started business on January 1, 2016. The board
of directors authorized the following classes of stock:
4% Cumulative preferred stock - $25 par value
Authorized: 40,000
Common Stock- No par value
Authorized: 300,000
The following transactions occurred during 2016:
1/1/16. Issued 120,000 shares of common stock at $10 par
value
6/2/16. Issued 25,000 shares of preferred stock at a market price
of $25. The divident is payable semiannulally on
12/1 and 6/1 beginning 12/1/16
6/23/16. Purchased 12,000...
The client is the Chairman of the Board of Directors of an KENTUCKY corporation. The Board...
The client is the Chairman of the Board of Directors of an
KENTUCKY corporation. The Board of Directors has decided to merge
the corporation with another KENTUCKY corporation. The client wants
to know if shareholder approval is required for the merger.
Identify the KENTUCKY statute that governs this question, and what
that statute provides concerning shareholder approval.
The client is the Chairman of the Board of Directors of an Ohio corporation. The Board...
The client is the Chairman of the Board of Directors of an Ohio
corporation. The Board of Directors has decided to merge the
corporation with another Ohio corporation. The client wants to know
if shareholder approval is required for the merger. Identify the
Ohio statute that governs this question, and what that statute
provides concerning shareholder approval.
When does a corporation need a board of directors?
When does a corporation need a board of directors?
What is the role of a board of directors of a corporation and why is there...
What is the role of a board of directors of a corporation and
why is there often criticism of boards of directors? What is at
least one recommendation made by the critics to improve the
situation?
The stockholders control a corporation by electing a board of directors.
The stockholders control a corporation by electing a board of
directors.
Why is an active board of directors audit committee important to an organization?
Why is an active board of directors audit committee important to an organization?
The board of directors of Arizona Motor Shops, Inc., authorized the issuance of $1,000,000 face value,...
The board of directors of Arizona Motor Shops, Inc., authorized
the issuance of $1,000,000 face value, 10-year, 6 percent bonds
dated April 1, 2016, and maturing on April 1, 2026. Interest is
payable semiannually on April 1 and October 1.
DATE
TRANSACTIONS FOR 2016
Apr. 1
Issued $300,000 face value bonds at 102.2.
Oct. 1
Paid the semiannual interest on the outstanding bonds and
amortized the bond premium. (Make two entries. Use the
straight-line method to compute the amortization.)
Dec....
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