A nongovernmental, not-for-profit had the following selected account balances on December 31,2020 prior to closing entries:Revenue-WODR.$1,700,000Revenue-WDR..900,000Deferred Revenues...60,000Program Expenses..900,000Administrative Expenses.500,000Fund Raising Expenses...180,000445.000Net Assets Reclassified to WODR.445,000Net Assets Reclassified from WDR100,000Prepaid Program Expenses. Prepaid Program Expenses..100,000Net Assets-WODR.800,000Net Assets-WDR.2,500,000Required:1. What amount is Net Assets - WODR after the closing entries?2. What amount is Net Assets - WDR after the closing entries?Show calculations for partial credit.Edit ViewInsert FormatTools Table12ptParagraphIUA 2

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Answered: 1. What amount is Net Assets - WODR…

1. What amount is Net Assets - WODR after the closing entries? 2. What amount is Net Assets - WDR after the closing entries?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

A nongovernmental, not-for-profit had the following selected account balances on December 31,
2020 prior to closing entries:
Revenue-WODR.
$1,700,000
Revenue-WDR..
900,000
Deferred Revenues.
..60,000
Program Expenses.
.900,000
Administrative Expenses.
500,000
Fund Raising Expenses..
.180,000
445.000
Net Assets Reclassified to WODR.
445,000
Net Assets Reclassified from WDR
100,000
Prepaid Program Expenses.

Prepaid Program Expenses.
.100,000
Net Assets-WODR.
800,000
Net Assets-WDR.
2,500,000
Required:
1. What amount is Net Assets - WODR after the closing entries?
2. What amount is Net Assets - WDR after the closing entries?
Show calculations for partial credit.
Edit View
Insert Format
Tools Table
12pt
Paragraph
IUA 2

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