the beginning of the year, the Baker Fund, a nongovernmental not-for-profit corporation, received
the beginning of the year, the Baker Fund, a nongovernmental not-for-profit corporation, received
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At the beginning of the year, the Baker Fund,
a nongovernmental not-for-profit corporation,
received a $125,000 contribution restricted
to youth activity programs. During the year,
youth activities generated revenues of
$89,000 and had program expenses of
$95,000. What amount should Baker report
as net assets released from restrictions for
the current year?
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