In 2014 a Faculty Member at a Private College Received

Multiple Choice

In 2014 a faculty member at a private college received a grant from the National Science Foundation to conduct basic research on tree frogs in the amount of $400,000. Expenses associated with the grant totaled $375,000 in 2015. In the Statement of Activities for 2015,the college should show:

A) Temporarily Restricted Revenues of $400,000 and Unrestricted expenses of $375,000.
B) Temporarily Restricted Revenues of $375,000 and Unrestricted expenses of $375,000.
C) Revenues of $375,000 and expenses of $375,000 in Unrestricted Net Assets.
D) Expenses of $375,000 in Unrestricted Net Assets and a decrease in Temporarily Restricted Net Assets of $375,000.