nongovernmental not-for-profit entity, reported a change in net assets of $300,000 for the current year. Changes occurred in several balance sheet accounts as follows: Equipment $25,000 increase Accumulat
NFP, a nongovernmental not-for-profit entity, reported a change in net assets of $300,000 for the current
year. Changes occurred in several
Equipment $25,000 increase
Note payable 30,000 increase
Additional Information:
• During the current year, NFP sold equipment costing $25,000, with accumulated depreciation of $12,000,
for a gain of $5,000.
• In December of the current year, NFP purchased equipment costing $50,000 with $20,000 cash and a
12% note payable of $30,000.
• Depreciation expense for the year was $52,000.
11. In NFP's current-year statement of cash
flows, net cash provided by operating
activities should be
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