Question
Final Project The purpose of the Final Project is for you to demonstrate understanding of the reading as well as culminate the learning achieved in
Final Project
The purpose of the Final Project is for you to demonstrate understanding of the reading as well as culminate the learning achieved in the course by describing your understanding and application of knowledge.
Focus of the Final Project
Review the financial information pertaining to Lee College in problem 11-8 on pages 362 of your text. Prepare the following:
- A Statement of Activities using the format presented in Illustration 10-1.
- A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets.
- A Statement of Changes in Net Assets.
Your paper must:
- Include both the completed financial statements and detailed analysis of the data provided.
- Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations.
- Offer an in-depth analysis of the financial health of Lee College.
Guidelines for Writing the Final Paper
- Must be a minimum of five to seven double-spaced pages in length (not including the title and reference pages) and formatted according to APA style as outlined in the approved APA style guide.
- Must include a cover page that includes:
- Student's name
- Course name and number
- Title of project
- Instructor's name
- Date submitted
- Must include an introductory paragraph with a succinct thesis statement.
- Must address the topic of the project with critical thought.
- Must end with a conclusion that reaffirms your thesis.
- Must use at least two scholarly sources, in addition to the text.
- Must document all sources in APA style, as outlined in the Ashford Writing Center.
- Mustincludeaseparatereferencepage,formattedaccordingtoAPAstyleasoutlinedintheAshfordWritingCenter.
11-8. Presented below are the closing entries for Lee College, a private not-for profit,for the year ended December 31, 2014
Debits
RevenuesUnrestrictedTuition and Fees . . . . . . . . . . . . . . . 11,000,000
RevenuesUnrestrictedUnrestricted Income on Endowment Investments . . . . . . . . .40,000
RevenuesUnrestrictedSales and Services of Auxiliary Enterprises . . . . . . . . . . . . . .5,500,000
RevenuesUnrestrictedContributions . . . . . . . . . . . . . . . . .100,000
Reclassifications to Unrestricted Net Assets Satisfaction of Program Restrictions . . . . . . . . . . . . 720,000
Reclassifications to Unrestricted Net Assets Satisfaction of Plant Acquisition Restrictions . . . . . 1,080,000
Net AssetsUnrestricted...........110,000
Credits
Tuition DiscountUnrestrictedStudent Aid . . . . . . . . . .375,000
Instruction Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7,000,000
Research Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4,500,000
Public Service Expense . . . . . . . . . . . . . . . . . . . . . . . . . . .1,200,000
Institutional Support Expense . . . . . . . . . . . . . . . . . . . . . .1,600,000
Student Services Expense . . . . . . . . . . . . . . . . . . . . . . . . .150,000
Auxiliary Enterprise Expense . . . . . . . . . . . . . . . . . . . . . . .3,725,000
Debits
RevenuesTemporarily RestrictedContributions . . . . . . . . .1,500,000
RevenuesTemporarily RestrictedGrants . . . . . . . . . . . . . . .970,000
Credits
Reclassifications From Temporarily Restricted Net AssetsSatisfaction of Program Restrictions . . . . .720,000
Reclassifications from Temporarily RestrictedNet AssetsSatisfaction of Plant Acquisition Restrictions.....1,080,000
Net AssetsTemporarily Restricted........750,000
Debit
RevenuesPermanently RestrictedContributions . . . . . . . . .2,540,000
Gains on Long-Term Investments . . . . . . . . . . . . . . . . . . . . . . .750,000
Credit
Net AssetsPermanently Restricted . . . . . . . . . . . . . . . . .3,290,000
Assume the January 1, 2015, net asset balances are as follows:
$1,000,000unrestricted net assets;
$300,000 temporarily restricted net assets;
and$1,700,000 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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