A nonprofit organization received the following donations in the year 2022:

• Cash donations: $10,000
• In-kind donations: $5,000 (valued at fair market value)
• Pledges: $15,000 (to be collected in 2023)

The nonprofit organization also had the following expenses in the year 2022:

• Program expenses: $25,000
• Administrative expenses: $10,000
• Fundraising expenses: $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 in 2022

d) Unrestricted net assets at the end of 2022

Assume that the nonprofit organization uses accrual accounting.

Answer rating: 100% (QA)

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