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Business
Accounting
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
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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 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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