Short Paper, 3 to 4 pages (E4)
October 9, 2020
Project Management Paper |
October 9, 2020

Use the information below to answer questions 18-20.
A nonprofit entity had the following selected transactions during the year ended December 31, 2017:

A donor contributed investments valued at $1,000,000 in February. The donor stipulated that the investments be placed into an endowment and that earnings be used to pay for travel expenses. The investments earned $60,000 in 2017, and the fair value of the investments at December 31, 2017 was $985,000. All but $10,000 of the earnings were spent in 2017.
As a result of a telethon, pledges were received totaling $500,000. The fair value of various assets sent to donors in appreciation of their contributions amounted to $40,000. There were no time or purpose restrictions placed on the pledges by the donors.

18. For the year ended December 31, 2017, permanently restricted net assets  
      increased
A.   $1,010,000.
B.   $ 985,000.
C.   $ 995,000.
D.   $1,000,000.
19. For the year ended December 31, 2017, temporarily restricted net assets
A.   increased $10,000.
B.   decreased $50,000.
C.   increased $60,000.
D.   Increased $50,000.
20. For the year ended December 31, 2017, unrestricted net assets increased
A.   $550,000.
B.   $510,000.
C.   $500,000.
D.   $460,000.

 

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