In 2013 St.Martin's Hospital received a $50,000 cash gift to be used to buy supplies and other items for the pediatric department of the hospital.In 2014,St.Martin's purchased puppets and other items to be used in explaining medical procedures to young children.The acquisition of the items causes a NET decrease in which classes)of net assets?

Question

Quizplus · Accepted Answer

The cash gift was temporarily restricted for use in the pediatric department. When the funds were used to purchase the items, the restriction was fulfilled, causing a decrease in temporarily restricted net assets.