1. Abbot Public University's unrestricted current fund comprised the following:

Assets $5,000,000

Liabilities (including refundable deposits of $100,000) 3,000,000

The fund balance of Abbott's unrestricted current fund was:

a. $1,900,000

b. $2,000,000

c. $2,100,000

d. $5,000,000

2. In June 2018, Park Hospital purchased medicines from Jove Pharmaceutical Company at a cost of $2,000. However, Jove notified Park that the invoice was being canceled and the medicines were being donated to Park. Park should record this donation of medicines as:

a. a memorandum entry only

b. other operating revenues of $2,000

c. a $2,000 credit to Operating Expenses

d. a $2,000 credit to Nonoperating Expenses

3. In 2018, Pyle Hospital received a $250,000 pure endowment grant. Also in 2018, Pyle's governing board designated, for special uses, $300,000 that had originated from unrestricted gifts. What amount of these resources should be accounted for as part of the unrestricted net asset class?

a. $0

b. $250,000

c. $300,000

d. $550,000