A nongovernmental, not-for-profit had the following selected account balances on December 31, 2020 prior to closing entries:
Question:
A nongovernmental, not-for-profit had the following selected account balances on December 31, 2020 prior to closing entries:
Revenue-WODR----------------$1,700,000
Revenue-WDR------------------900,000
Deferred Revenues------------------60,000
Program Expenses------------------900,000
Administrative Expenses-------------500,000
Fund Raising Expenses--------------180,000
Net Assets Reclassified to WODR------225,000
Net Assets Reclassified to WDR-------225,000
Prepaid Program Expenses-----------100,000
Net Assets-WODR------------------800,000
Net Assets-WDR------------------2,500,000
Required:
What amount is Net Assets-WODR after the closing entries?
Expert Answer:
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
