A Private, Not-For-Profit Hospital Received a Contribution of $40,000 on June

question 19

Multiple Choice

A private, not-for-profit hospital received a contribution of $40,000 on June 15, 20X8. The donor restricted the contribution to funding research activities currently being performed by the hospital. For the year ended December 31, 20X8, the hospital spent $30,000 of the contribution on research activities. The hospital expended the remaining $10,000 on research activities in January of 20X9.
-Refer to the above information.On the statement of changes in net assets prepared for the year ended December 31,20X8,the events described would

• A) increase temporarily restricted net assets by $10,000.
• B) decrease temporarily restricted net assets by $10,000
• C) increase unrestricted net assets by $10,000.
• D) decrease unrestricted net assets by $10,000.

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Definitions:

Melting Pot

A metaphor for a society where many different types of people blend together as one, often used to describe the United States.

Settler Societies

Societies historically established by settlers who colonized land, often displacing indigenous populations, including countries like the United States, Canada, Australia, and New Zealand.

Coolie Trade

The system of indentured labor that transported workers, mainly from India and China, to various colonies to work in plantations or construction projects during the 19th and early 20th centuries.

American West

A region in the United States characterized by its historical frontier period, exploration, and expansion during the 19th century.