Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December
Question:
Assume the January 1, 2012, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,700,000 permanently restricted net assets.
a. Prepare a Statement of Activities using the format presented in Illustration 101.
b. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in NetAssets.
Transcribed Image Text:
Debits Credits Revenues-Unrestricted Tuition and Fees Revenues-Unrestricted Unrestricted Income on $11,200,000 40,000 5,000,000 Revenues-Unrestricted Sales and Services of Auxiliary Enterprises Revenues-Unrestricted Contributions Reclassifications to Unrestricted Net Assets- 100,000 640,000 1,160,000 Satisfaction of Program Restrictions Satisfaction of Plant Acquisition Restrictions Tuition Discount Unrestricted- Student Aid... Instruction Expense Research Expense Public Service Expense Institutional Support Expense Student Services Expense. Auxiliary Enterprise Expense Net Assets-Unrestricted-Undesignated $110,000 7,000,000 4,500,000 1,200,000 700,000 150,000 3,500,000 980,000 Revenues-Temporarily Restricted Contributions Revenues- Temporarily Restricted-Grants 1,500,000 950,000 Net Assets Satisfaction of Program Restrictions 640,000 Assets-Satisfaction of Plant Acquisition Restrictions Net Assets-Temporarily Restricted 1,160,000 650,000 Revenues-Permanentiy Restricted Contributions.... 2,540.000 Gains on Long-Term Investments. 750,000 3.290,000
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Part A Lee College Statement of Activities For the year ended December 31 2012 REVENUES Unrestricted Temporarily Restricted Permanently Restricted Tot...View the full answer
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Saud Ur Rehman
Evaluating manufacturing processes by designing and conducting research programs; applying knowledge of product design, fabrication, assembly, tooling, and materials; conferring with equipment vendors; soliciting observations from operators. Developing manufacturing processes by studying product requirements; researching, designing, modifying, and testing manufacturing methods and equipment; conferring with equipment vendors. Keeping equipment operational by coordinating maintenance and repair services; following manufacturer's instructions and established procedures; requesting special service.
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
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