CPA · Question 42 · Area I: Financial Reporting
Harmony NFP has the following net assets at year-end:<br/>- Net assets without donor restrictions: $800,000<br/>- Net assets with donor restrictions for programs: $300,000<br/>- Net assets with donor restrictions for capital improvements: $150,000<br/>- Net assets with donor restrictions in perpetuity (endowment): $200,000<br/><br/>How should Harmony present these amounts in its statement of financial position?
Answer options:
Unrestricted: $800,000; Temporarily restricted: $450,000; Permanently restricted: $200,000
Net assets without donor restrictions: $800,000; Net assets with donor restrictions: $650,000
Four separate line items as listed in the question
Total net assets: $1,450,000 with no subcategories
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