At the beginning of the year, the Baker Fund,a nongovernmental not-for-profit corporation,received a $125,000 contribution restrictedto youth activity programs. During the year,youth activities generated revenues of$89,000 and had program expenses of$95,000. What amount should Baker reportas net assets released from restrictions forthe current year?

At the beginning of the year, the Baker Fund,a nongovernmental not-for-profit corporation,received a $125,000 contribution restrictedto youth activity programs. During the year,youth activities generated revenues of$89,000 and had program expenses of$95,000. What amount should Baker reportas net assets released from restrictions forthe current year?

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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