Question

The Bob Buckham Senior Center, a nonprofit entity, serves a hot meal to senior citizens every Friday evening. All the food is donated by a local supermarket. All the food preparation and serving is done by local volunteers. If the Center had to pay for the food, it would need to spend $10,000 a year. If it had to pay for the food preparation and service, it would need to spend $12,000 a year. How should it report these contributions in its financial statements? Food Disclose in the notes Food preparation and service Disclose in the notes Food Disclose in the notes Food Report $10,000 revenue and expense Food Report $10,000 revenue and expense Food preparation and service Report $12.000 revenue and expense Food preparation and service Report $12,000 revenue and expense Food preparation and service Disclose in the notes

          The Bob Buckham Senior Center, a nonprofit entity, serves a hot meal to senior citizens every Friday evening. All the food is donated by a local supermarket. All the food preparation and serving is done by local volunteers. If the Center had to pay for the food, it would need to spend $10,000 a year. If it had to pay for the food preparation and service, it would need to spend $12,000 a year. How should it report these contributions in its financial statements? Food Disclose in the notes Food preparation and service Disclose in the notes Food Disclose in the notes Food Report $10,000 revenue and expense Food Report $10,000 revenue and expense Food preparation and service Report $12.000 revenue and expense Food preparation and service Report $12,000 revenue and expense Food preparation and service Disclose in the notes

Added by Lonnie M.

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