Question: Please help I need to double check my answers. Problem 11-8 Presented below are the closing entries for Lee College, a private not-for-profit, for the
Please help I need to double check my answers.
Problem 11-8 Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2014. Revenues - Unrestricted - Tuition and Fees Revenues - Unrestricted - Unrestricted Income on Endowment Investments Revenues - Unrestricted - Sales and Services of Auxiliary Enterprises Revenues - Unrestricted - Contributions Reclassifications to Unrestricted Net Assets - Satisfaction of Program Restrictions Reclassifications to Unrestricted Net Assets - Satisfaction of Plant Acquisition Restrictions Net Assets - Unrestricted Debit 11,000,00 0 40,000 5,500,000 100,000 720,000 1,080,000 110,000 Tuition Discount - Unrestricted Student Aid 375,000 7,000,0 00 4,500,0 00 1,200,0 00 1,600,0 00 150,000 3,725,0 00 Instruction Expense Research Expense Public Service Expense Institutional Support Expense Student Services Expense Auxiliary Enterprise Expense Revenues - Temporarily Restricted Contributions Revenues - Temporarily Restricted Grants Reclassifications from Temporarily Restricted Net Assets - Satisfaction of Program Restrictions Reclassifications from Temporarily Restricted Net Assets - Satisfaction of Plant Acquisition Restrictions Net Assets - Temporarily Restricted Revenues - Permanently Restricted Contributions Gains on Long-Term Investments Net Assets - Permanently Restricted Credit 1,500,000 970,000 720,000 1,080,0 00 750,000 2,540,000 750,000 3,290,0 00 Assume the January 1, 2015, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,760,000 permanently restricted net assets. a. Prepare a statement of Activities using the format presented in Illustration 10-2. b. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net Assets
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