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Review the financial information pertaining to Lee College in problem

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Question;Review the financial information pertaining to Lee College in problem 11-8 on pages 357 and 358 of your text. Prepare the following:A Statement of Activities using the format presented in Illustration 10-1 which is a General LedgerA Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets.A Statement of Changes in Net Assets.11-8 - Closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2014Revenues - Unrestricted - Tuition and Fees $11,000,000Revenues - Unrestricted - Unrestricted income on Endowment Investments $40,000Revenues - Unrestricted - Sales and Services of Auxilary Enterprises $5,500,000Revenues - Unrestricted - Contributions $100,000Reclassifications to Unrestricted Net Assets - Satisfaction of Program Restrictions $720,000Reclassifications to Unrestricted Net Assets - Satisfaction of Plant Acquisition Restrictions $1,080,000Net Assets - Unrestricted $110,000Tuition Discount - Unrestricted - Student Aid CR $375,000Instruction Expense CR $7,000,000Research Expense CR $4,500,000Public Service Expense CR $1,200,000Institutional Support Expense CR $1,600,000Student Services Expense CR $150,000Auxiliary Enterprise Expense CR $3,725,000Revenues - Temporarily Restricted - Contributions $1,500,000Revenues - Temporarily Restricted - Grants $970,000Reclassifications from Temporarily Restricted Net Assets - Satisfaction of Program Restrictions CR $720,000Reclassifications from Temporarily Restricted Net Assets - Satisfaction of Plant Acquisition Restrictions CR $1,080,000Net Assets - Temporarily Restricted CR $750,000Revenues - Permanently Restricted - Contributions $2,540,000Gains on Long-Term Investments $750,000Net Assets - Permanently Restricted CR $3,290,000Assume the January 1, 2015, net asset balances are as follows: $1,000,000 unrestricted net assets, $300,000 temporarily restricted net assets, and $1,760,000 permanently restricted net assets.

 

Paper#40676 | Written in 18-Jul-2015

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