Accounting Question
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Expert Solution
Step 1
a. The actual unrestricted net assets will be $860,000.
Reason:
The calculated amount for the unrestricted net assets is correct because the property is recorded as an income or revenue This financial aid would have deducted the revenue directly instead of presented as separate expense. In both the cases there will be deduction in the net assets (unrestricted).
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