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1 1 - 1 8 . For Youth Agency ( FYA ) is a not - for - profit organization that provides counseling and recreation
For Youth Agency FYA is a notforprofit organization that provides counseling and recreation programs for youthful offenders and delinquents. FYAs programs are financed through a contract with the county in which it is located and through contributions from local citizens. Its contract with the county provides for reimbursement of allowable costs based on monthly billings to the county. FYA uses the accrual basis of accounting, and the following transactions occurred during :
FYA received cash in the amount of $ to be used as the FYA board of directors considers appropriate.
FYA received a gift of Intel stock that had a fair market value of $ total at the time of the gift. The donor sent FYAs president a letter with the gift, saying that proceeds of the stock should be used only to purchase athletic equipment for the basketball team. FYA sold the stock upon receipt.
FYA paid $ cash for athletic equipment, using some of the proceeds received in Transaction The expense was charged to the Recreation programs account.
FYA spent $ cash on the following: $ for counseling programs, $ for recreation programs, and $ for administration.
FYA billed the county $ for costs incurred under its contract.
A licensed social worker in the area donated hours of her time to FYA. Her normal hourly rate is $ per hour. The CEO appreciates the donation because otherwise he would have to purchase the counseling services.
FYA borrowed $ from the local bank on an unsecured note. The whole amount will be repaid next year.
FYA paid the local bank $ of which $ was interest.
FYA recorded $ of depreciation for the year.
FYA prepaid next years rent of $
FYA determined that it will not be able to collect $ of pledges that are on the balance sheet.
Record the above transactions. Then, using the beginning balances in this table, produce the balance sheet, activity statement, and cash flow statement.
Account Balance
Cash $
Contracts Receivable
Equipment
Net Assets without Donor Restrictions
Pledges Receivable, Net of Allowance
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