A nonprofit organization received the following donations and grants in the year 2022:

• Cash donations: $20,000
• In-kind donations: $5,000 (valued at fair market value)
• Grant received for a specific program: $15,000
• Grant received for general operations: $10,000

The nonprofit organization also had the following expenses in the year 2022:

• Program expenses: $20,000
• Administrative expenses: $5,000
• Fundraising expenses: $3,000

Calculate the following for the nonprofit organization:

a) Total revenue recognized in 2022

b) Total expenses recognized in 2022

c) Change in net assets restricted for the specific program in 2022

d) Change in net assets unrestricted in 2022

e) Net assets restricted for the specific program at the end of 2022

f) Net assets unrestricted at the end of 2022

Assume that the nonprofit organization uses accrual accounting.

Answer rating: 100% (QA)

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