[ The following information applies to the questions displayed below. ] For a number of years, o
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The following information applies to the questions displayed below.
For a number of years, o private notforprofit entity has been preparing financial statements that do not necessarily
conform to US generally accepted accounting principles. At the end of the most recent year Year those financial
statements show total assets of $ total liabilities of $ net assets without donor restriction of $
and net assets with donor restrictions of $ This last category is composed of $ in net assets with
purpose restrictions and $ in net assets that must be permanently held. At the end of Year financial statements
show total assets of $ total liabilities of $ net assets without donor restriction of $ and net assets
with donor restrictions of $ This last category is composed of $ in net assets with purpose restrictions
and $ in net assets that must be permanently held. Total expenses for Year were $ and reported under
net assets without donor restrictions. Each part that follows should be viewed as an independent situation.
Assume that this entity charges its members $ each year Year and Year The members get nothing in return for their dues.
The entity consistently records the cash collections as an increase in cash and an increase in exchange revenues under net assets
without donor restrictions. The board of trustees approved a policy several years ago that percent of the money collected from
membership fees be set aside and invested with the money held for emergency purposes. Cash is decreased and "investments held
for emergencies" are increased with each purchase.
Required:
a What is the appropriate amount of net assets without donor restrictions at the end of Year
b What is the appropriate amount of net assets without donor restrictions at the end of Year
c What is the appropriate amount of net assets with donor restrictions at the end of Year
Answer is complete but not entirely correct.
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