Respuesta :
According to the nonprofit organization's statement of financial condition as of December 31, the stock is valued at $8,200.
What does it mean to be a non-profit?
The word "nonprofit" derives from the requirement how no part of firm's net revenues may "inure to the advantage of any individual shareholder of individual." Both "public charities" (also known as humanitarian nonprofits) or "private foundations" are mentioned in Section 501(c)(3) of both the tax code.
Briefing:
Non-profit organisations would record their assets using the same accounting rules as for-profit organisations.
A nonprofit organisation would report its resources at fair market value, just like other entities do.
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The complete question is:
Matt Shaw buys 100 shares of common stock for $8,000 in January. The value of the stock fluctuates in a narrow range (averaging $8,700) throughout the year. In November, when it has a value of $9,500, he donates it to a non-profit entity. On December 31, the stock has a fair value of $8,200. At what amount should the non-profit entity value the stock on its December 31 statement of financial position?
a. $8,200
b. $8,000
c. $9,500
d. $8,700
