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5 The following information pertains to United Ways, a private voluntary health and welfare organization, for the year ended December 31,203 The following transactions occurred
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The following information pertains to United Ways, a private voluntary health and welfare organization, for the year ended December 31,203 The following transactions occurred during the year ended December 31,203 : 1. Recelved cash donations of $515,000 from donors who did not place any time or purpose restrictions on them. 2. Recelved $1,017,000 of pledges from donors to be recelved in 204; it was estimated that 5 percent of the pledges would not be collected. Donors did not place any restrictions on the use of their pledges. 3. Earned investment income of $202,000 on endowment investments that donors permanently restricted for research activitles. 4. Designated $245,000 of the $512,000 of cash donations recelved in 203 for computer acquisitions. 5. Spent $160,000 of the $202,000 of Investment income earned on endowment Investments on research during the year ended December 31,203. (This amount is included in the $249,300 for research expenses shown in the following table) 6. Acquired $115,000 of equipment from donations made in 202 that donors had restricted for that purchase. The governing board of United Ways reports acquisitions of capital assets as unrestricted. 7. Recelved donated audit services from the organization's accounting firm that would have cost $16,000 8. Learned that the fair value of endowment Investments was $619,000 higher at the end of 203 than at the beginning. United Ways did not acquire or sell any endowment investments during 203 and treats gains and losses on endowment investments as permanently restricted. 9. Incurred program and supporting services expenses during 203 as follows (depreciation expense for 203 has been properly Required: Prepare a statement of activities in good form for United Ways for the year ended December 31, 203. Note: Negative values should be entered with a minus signStep by Step Solution
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