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Compute the total amount of net assets as of may

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Question - Melrose School is a not-for profit school receiving donations to run its school. Below are school's financial data for the month ended April, 2017.

Total Assets - P3,500,250

Total Liabilities - P1,250,300

Permanent Restricted Net Assets - 15% of Total Net Assets

Temporary Restricted Net Assets - 25% of Total Net Assets

The following are May, 2017 transactions

a. Receive cash donations as unrestricted net assets - P250,300

b. Paid salaries of employees - P20,400

c. Paid the accounts payable - P12,500

d. 5% of temporary restricted net assets reclassify to unrestricted

e. Receive delivery van worth - P520,000 but can use only after satisfying the condition of donor.

Required -

1. Compute the balance unrestricted net assets for May, 2017?

2. What is the total amount of total assets as of May, 2017?

3. Compute the total amount of Net Assets as of May, 2017?

Reference no: EM133105427

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