1. What amount is Net Assets - WODR after the closing entries? 2. What amount is Net Assets - WDR after the closing entries?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A nongovernmental, not-for-profit had the following selected account balances on December 31,
2020 prior to closing entries:
Revenue-WODR.
$1,700,000
Revenue-WDR..
900,000
Deferred Revenues.
..60,000
Program Expenses.
.900,000
Administrative Expenses.
500,000
Fund Raising Expenses..
.180,000
445.000
Net Assets Reclassified to WODR.
445,000
Net Assets Reclassified from WDR
100,000
Prepaid Program Expenses.
Transcribed Image Text:A nongovernmental, not-for-profit had the following selected account balances on December 31, 2020 prior to closing entries: Revenue-WODR. $1,700,000 Revenue-WDR.. 900,000 Deferred Revenues. ..60,000 Program Expenses. .900,000 Administrative Expenses. 500,000 Fund Raising Expenses.. .180,000 445.000 Net Assets Reclassified to WODR. 445,000 Net Assets Reclassified from WDR 100,000 Prepaid Program Expenses.
Prepaid Program Expenses.
.100,000
Net Assets-WODR.
800,000
Net Assets-WDR.
2,500,000
Required:
1. What amount is Net Assets - WODR after the closing entries?
2. What amount is Net Assets - WDR after the closing entries?
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Transcribed Image Text:Prepaid Program Expenses. .100,000 Net Assets-WODR. 800,000 Net Assets-WDR. 2,500,000 Required: 1. What amount is Net Assets - WODR after the closing entries? 2. What amount is Net Assets - WDR after the closing entries? Show calculations for partial credit. Edit View Insert Format Tools Table 12pt Paragraph IUA 2
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