A private,not-for-profit hospital received the following restricted contributions and other receipts during the year ended December 31,20X8:
None of the contributions or other receipts were expended during the ended December 31,20X8.For the year ended December 31,20X8,what amount would be reported on the hospital's statement of changes in net assets as an increase in temporarily restricted net assets?

Question

Quizplus · Accepted Answer

Temporarily restricted net assets increase by the amount of restricted contributions received that have not yet been expended. In this case, the hospital received $1,500,000 in restricted contributions, so the increase in temporarily restricted net assets would be $1,500,000.

A Private,not-For-Profit Hospital Received the Following Restricted Contributions and Other