A nonprofit organization received the following donations and grants in the year 2022: Cash donations: $20,000 In-kind
Fantastic news! We've Found the answer you've been seeking!
Question:
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.
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date: