Quizlet all expenses reported in statement of activities as decreases in net assets

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In Year 3, Gamma, a nongovernmental not-for-profit entity, deposited at a bank $1 million given to it by a donor to purchase endowment securities. The securities were purchased January 2, Year 4. At December 31, Year 3, the bank recorded $2,000 interest on the deposit. In accordance with the bequest, this $2,000 was used to finance ongoing program expenses in March Year 4. At December 31, Year 3, what amount of the bank balance should be included as current assets in Gamma's classified balance sheet?

In July Year 3, Katie irrevocably donated $200,000 cash to be invested and held in trust by a church. Katie stipulated that the revenue generated from this gift be paid to Katie during Katie's lifetime. After Katie dies, the principal is to be used by the church for any purpose chosen by its governing body. The church received interest of $16,000 on the $200,000 for the year ended June 30, Year 4, and the interest was remitted to Katie. In the church's June 30, Year 4, annual financial statements,

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