11. Santa Clara Hospital, a private nonprofit hospital, earned P250,000 revenues from its gift shoplocated at the lobby and spent P50,000 on research during the year ended December 31, 2016.The P50,000 spent on research was part of a P75,000 contribution received during December of2013 from a donor who stipulated that the donation be used for medical research. Assume noneof the gift shop revenues were spent in 2016. For the year ended December 31, 2016 what wasthe increase in unrestricted net assets from the events that occurred during 2016?a. P300,000b. P200,000c. P250,000d. P275,00012. Luneta Park, a nonprofit organization, received contributions restricted for research totalingP50,000 in 2016. Assume the P50,000 was not expensed in 2016. These contributions were usedto purchase P35,000 of research equipment in 2016. As a result of these transactions, for theyear ended December 31, 2016. Luneta Park will report, on its statement of activities:a. P15,000 increase in temporarily restricted net assets.b. P50,000 increase in temporarily restricted net assets.c. P35,000 increase in unrestricted net assets.d. P15,000 increase in unrestricted net assets.

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11. Santa Clara Hospital, a private nonprofit hospital, earned P250,000 revenues from its gift shop located at the lobby and spent P50,000 on research during the year ended December 31, 2016. The P50,000 spent on research was part of a P75,000 contribution received during December of 2013 from a donor who stipulated that the donation be used for medical research. Assume none of the gift shop revenues were spent in 2016. For the year ended December 31, 2016 what was the increase in unrestricted net assets from the events that occurred during 2016? a. P300,000 b. P200,000 c. P250,000 d. P275,000

11. Santa Clara Hospital, a private nonprofit hospital, earned P250,000 revenues from its gift shop located at the lobby and spent P50,000 on research during the year ended December 31, 2016. The P50,000 spent on research was part of a P75,000 contribution received during December of 2013 from a donor who stipulated that the donation be used for medical research. Assume none of the gift shop revenues were spent in 2016. For the year ended December 31, 2016 what was the increase in unrestricted net assets from the events that occurred during 2016? a. P300,000 b. P200,000 c. P250,000 d. P275,000

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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Question

11. Santa Clara Hospital, a private nonprofit hospital, earned P250,000 revenues from its gift shop
located at the lobby and spent P50,000 on research during the year ended December 31, 2016.
The P50,000 spent on research was part of a P75,000 contribution received during December of
2013 from a donor who stipulated that the donation be used for medical research. Assume none
of the gift shop revenues were spent in 2016. For the year ended December 31, 2016 what was
the increase in unrestricted net assets from the events that occurred during 2016?
a. P300,000
b. P200,000
c. P250,000
d. P275,000
12. Luneta Park, a nonprofit organization, received contributions restricted for research totaling
P50,000 in 2016. Assume the P50,000 was not expensed in 2016. These contributions were used
to purchase P35,000 of research equipment in 2016. As a result of these transactions, for the
year ended December 31, 2016. Luneta Park will report, on its statement of activities:
a. P15,000 increase in temporarily restricted net assets.
b. P50,000 increase in temporarily restricted net assets.
c. P35,000 increase in unrestricted net assets.
d. P15,000 increase in unrestricted net assets.

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