A nonprofit organization had the following transactions in the year 2022: Donations received: $50,000 Grant received: $25,000
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Question:
A nonprofit organization had the following transactions in the year 2022:
Donations received: $50,000
Grant received: $25,000
Program expenses: $30,000
Administrative expenses: $10,000
Fundraising expenses: $5,000
Investment income: $2,000
Calculate the following for the nonprofit organization:
a) Total revenue
b) Total expenses
c) Net income
d) Net assets at the end of the year
Assume that the nonprofit organization had no liabilities.
Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
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