Question
I need some assistance in checking my class work, I have completed the first two financial statements but I feel like Im missing something somewhere.
I need some assistance in checking my class work, I have completed the first two financial statements but I feel like Im missing something somewhere. Please help!
11-8. Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2014.
DebitsCredits
RevenuesUnrestrictedTuition and Fees$11,000,000
RevenuesUnrestrictedUnrestricted Income on
Endowments Investments40,000
RevenuesUnrestrictedSales and Services of
Auxiliary Enterprise5,500,000
RevenuesUnrestrictedContributions100,000
Reclassifications to Unrestricted Net Assets
Satisfaction of Program Restrictions 720,000
Reclassifications to Unrestricted Net Assets
Satisfaction of Plant Acquisition Restrictions1,080,000
Net AssetsUnrestricted110,000
Tuition DiscountUnrestrictedStudent Aid $375,000
Instruction Expense 7,000,000
Research Expense4,500,000
Public Service Expense 1,200,000
Institutional Support Expense 1,600,000
Student Services Expense 150,000
Auxiliary Enterprise Expense 3,725,000
RevenuesTemporarily RestrictedContributions1,500,000
RevenuesTemporarily RestrictedGrants970,000
Reclassifications from Temporarily Restricted
Net AssetsSatisfaction of Program Restrictions 720,000
Reclassifications from Temporarily Restricted Net
AssetsSatisfaction of Plant Acquisition Restrictions1,080,000
Net AssetsTemporarily Restricted 720,000
RevenuesPermanently RestrictedContributions2,540,000
Gains on Long-Term Investments750,000
Net AssetsPermanently Restricted 3,290,000
Assume the January 1, 2015, net assets 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.I need to prepare a Statement of Activities, 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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