Assume that this entity is a private college that charged students $600,000 but then provided $140,000 in
Question:
Assume that this entity is a private college that charged students $600,000 but then provided $140,000 in financial aid. The $600,000 was reported as a 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?
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Related Book For
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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