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A private not-for-profit entity receives three large cash donations: • One gift of $84,000 is restricted by the donor so that it cannot be spent for four years. • One gift of $104,000 is restricted to pay the salaries of the entity's workers. • One gift of $134,000 must be held forever with the income to be used to provide food for needy families. In the current year, income of $24,000 was earned but not spent. What is the increase in the current year in net assets with donor restrictions? Multiple Cholce O $346,000 $238,000 $322,000 $218,000

A private not-for-profit entity receives three large cash donations: • One gift of $84,000 is restricted by the donor so that it cannot be spent for four years. • One gift of $104,000 is restricted to pay the salaries of the entity's workers. • One gift of $134,000 must be held forever with the income to be used to provide food for needy families. In the current year, income of $24,000 was earned but not spent. What is the increase in the current year in net assets with donor restrictions? Multiple Cholce O $346,000 $238,000 $322,000 $218,000

FINANCIAL ACCOUNTING
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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A private not-for-profit entity receives three large cash donations: • One gift of $84,000 is restricted by the donor so that it cannot be spent for four years. • One gift of $104,000 is restricted to pay the salaries of the entity's workers. • One gift of $134,000 must be held forever with the income to be used to provide food for needy families. In the current year, income of $24,000 was earned but not spent. What is the increase in the current year in net assets with donor restrictions? Multiple Cholce $346,000 $238,000 $322,000 $218,000
Transcribed Image Text:A private not-for-profit entity receives three large cash donations: • One gift of $84,000 is restricted by the donor so that it cannot be spent for four years. • One gift of $104,000 is restricted to pay the salaries of the entity's workers. • One gift of $134,000 must be held forever with the income to be used to provide food for needy families. In the current year, income of $24,000 was earned but not spent. What is the increase in the current year in net assets with donor restrictions? Multiple Cholce $346,000 $238,000 $322,000 $218,000
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