A nonprofit organization has the following financial information for the year 2022: Cash donations received: $25,000 Grants
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Question:
A nonprofit organization has the following financial information for the year 2022:
- Cash donations received: $25,000
- Grants received for specific programs: $40,000
- Grants received for general operations: $15,000
- In-kind donations received: $5,000 (valued at fair market value)
- Program expenses incurred: $60,000
- Administrative expenses incurred: $10,000
- Fundraising expenses incurred: $5,000
Calculate the following for the nonprofit organization:
a) Total revenue recognized in 2022
b) Total expenses recognized in 2022
c) Change in net assets unrestricted in 2022
d) Change in net assets restricted for specific programs in 2022
e) Net assets unrestricted at the end of 2022
f) Net assets restricted for specific programs at the end of 2022
Assume that the nonprofit organization uses accrual accounting.
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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