During the current year, a donor gives $400,000 in cash to the school and stipulates that it must hold this money forever. However, any investment income earned on this money must be used for faculty salaries. During the current year, the investment earned $31,000 and, of that amount, the school has expended $22,000 appropriately to date. As the result of the event, what was the overall. change in each of the following for the current year? A. Unrestricted net assets B. Temporarily restricted net assets C. Permanently restricted net assets

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30-11-2022
Business

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During the current year, a donor gives $400,000 in cash to the school and stipulates that it must hold this money forever. However, any investment income earned on this money must be used for faculty salaries. During the current year, the investment earned $31,000 and, of that amount, the school has expended $22,000 appropriately to date. As the result of the event, what was the overall. change in each of the following for the current year? A. Unrestricted net assets B. Temporarily restricted net assets C. Permanently restricted net assets

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QWpurple QWpurple · Answer 1 · 2022-12-03T14:54:58+01:00

A) In the issue Since the interest was appropriately spent, $22,000 has been reclassified as unconstrained net assets, and salary expense has been used to offset the change, there is no net change when looking at unrestricted net assets in the provided problem.

B) An investment worth $31,000 has been classed as a temporarily limited asset since it cannot be used to pay salaries. As a result, it has been lowered to $ 22,000 and is now an unrestricted asset that can be used to pay salaries.

C) The $400,000 that was donated to the school will be considered permanently restricted assets. Since the amount is kept for a longer length of time, it might be considered an investment that can be utilized to pay faculty salaries.

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