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 unrestricted funds?
A) $980,000
B) $1,100,000
C) $1,210,000
D) $1,020,000

Question

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 unrestricted funds?
A) $980,000 
B) $1,100,000 
C) $1,210,000 
D) $1,020,000

Quizplus · Accepted Answer

The correct amount of $1,100,000 should be reported under the classification of revenue from unrestricted funds based on the information provided.

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