Assume that this organization is a private college that charged students $600,000 but then provided$140,000 in financial aid. The $600,000 was reported as revenue; the $140,000 was shown as an expense. Both amounts were included in the unrestricted net assets.
(a) What was the correct amount of unrestricted net assets at the end of the year?
(b) What was the correct amount of expenses for the year?