Identify each of the following as an asset, a liability, a revenue, an expense, or a net asset (unrestricted, temporarily restricted, or permanently restricted):

1.The land on which the nonprofit is located and which it owns

2.Salaries owed to employees

3.A $100,000 grant to be paid next year for a specific purpose by a foundation

4.Government bonds owned by the nonprofit

5.Prepaid insurance expenses

6.A fifteen-year mortgage on the organization's building

7.Salaries paid to employees

8.Supplies in the closet

9.A bill from staples

10.Money owed to the nonprofit but not yet paid

Summarize the guidance of the FASB regarding recognition of revenue on contracts.

The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The accompanying data table gives the value and the annual revenue for 15 major sport teams. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated. Complete parts​ (a) through​ (b) below.

Annual Revenue(millions_of_dollars)   Franchise_Value_(millions_of_dollars)
229   654
248   765
192   424
191   472
194   394
162   242
183   405
159   302
237   511
272   888
183   247
225   646
216   504
243   581
228   507

a. Use the​ least-squares method to determine the regression coefficients b0 and b1

b0=

b1=

b. predict the mean franchise value (in millions of dollars) of a sports team that generates $250 million of annual revenue

Yi= $ ____ million (round to nearest integer)

The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. Below is the data that represents the value (in $millions) and the annual revenue (in $millions) for 30 Major League Baseball franchises. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated.

(a ) Use the least-squares method to determine the regression coefficients (intercept and slope).

(b) Interpret the meaning of the intercept and slope in this problem.

(c) Predict the value of a baseball franchise that generates $150 million of annual revenue.

(d) determine the coefficient of determination, r², and interpret its meaning.

(e) determine the standard error of estimate (Syx).

(f) How useful do you think this regression model is for predicting the value of a baseball franchise?

The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. Below is the data that represents the value (in $millions) and the annual revenue (in $millions) for 30 Major League Baseball franchises. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated.

(a ) Use the least-squares method to determine the regression coefficients (intercept and slope).

(b) Interpret the meaning of the intercept and slope in this problem.

(c) Predict the value of a baseball franchise that generates $150 million of annual revenue.

The following information is for Alex Corp:

   Product X: Revenue                                             $12.00

                        Variable Cost $4.50

   Product Y: Revenue                                             $44.50

                        Variable Cost $9.50

   Total fixed costs                                                 $75,000

What is the breakeven point assuming the sales mix consists of two units of Product X and one unit of Product Y?

a. 842.5 units of Y and 1,685 units of X

b. 1 units of Y and 10,000 units of X

c. 1,500 units of Y and 3,000 units of X

d. 3,000 units of Y and 1,500 units of X

I got C, I need this second part below.

What is the operating income, assuming actual sales total 120,000 units, and the sales mix is two units of Product X and one unit of Product Y?

a. 1,925,000

b. 1,200,000

c. 2,000,000

d. 1,960,000

Distinguish between the accounting for capital expenditures and revenue expenditures?

DESCRIBE ACCOUNTING ISSUES FOR REVENUE RECOGNITION AT POINT OF SALE.

Why is it incorrect to record the sale of equipment as miscellaneous revenue?