An organization of high school seniors performs services for patients at Leer Hospital. These students are volunteers and perform services that the hospital would not otherwise provide, such as wheeling patients in the park and reading to patients. Leer spent $1,500 on a recognition banquet and awards for these volunteers. Leer has no employer-employee relationship with these volunteers, who donated 4,000 hours of service to Leer during the year. At the minimum wage rate, these services would amount to $20,600, while it is estimated that the fair value of these services was $25,000. In Leer's statement of activities, what amount should be reported for donated services

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02-06-2022
Business

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An organization of high school seniors performs services for patients at Leer Hospital. These students are volunteers and perform services that the hospital would not otherwise provide, such as wheeling patients in the park and reading to patients. Leer spent $1,500 on a recognition banquet and awards for these volunteers. Leer has no employer-employee relationship with these volunteers, who donated 4,000 hours of service to Leer during the year. At the minimum wage rate, these services would amount to $20,600, while it is estimated that the fair value of these services was $25,000. In Leer's statement of activities, what amount should be reported for donated services

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-06-15T18:04:43+02:00

"An organization of high school seniors performs services for patients at Leer Hospital."The amount that should be reported for donated services is 0$. This is further explained below.

What have donated services?

Generally, donated services are simply defined as Contributed premises, advantageous financial agreements, or donated services are all ways in which a nonprofit might benefit from the generosity of others.

In conclusion, free labor, A unique collection of abilities is required, and we were going to buy it anyhow.