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Assume the financial statements of a non-profit organization had the following financial data at 12-31-22:   Change in net assets yr/yr         $550,000

Assume the financial statements of a non-profit organization had the following financial data at 12-31-22:   Change in net assets yr/yr         $550,000

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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Assume the financial statements of a non-profit organization had the following financial data at 12-31-22:

 

Change in net assets yr/yr         $550,000

 

Revenue & Gains                   $10,550,000

 

Beginning year net assets       $4,830,000

 

1)How much were the expenses for the year?

2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under:

    a. Unrestricted

    b. Temporarily restricted

    c. Permanently restricted 

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