a. Prepare a Worksheet with the impact on the Accounting Equation. Make sure to correctly determine if it is an increase or decrease as you book the transaction. b. Complete the Statement of Activity (Income Statement) and Statement of Fin'l Postion (Balance Sheet) in its complete form for the missing sections highlighted in yellow. c. Please note that ACME has a calendar year for Accounting Purposes (Jan 1 - Dec 31) Provide case facts, opening balances and templates for cash schedule Required: ACME is a not-for-profit organization. Help their accounting department complete the Transaction Schedule, finalize their financial statements below. Consider the transactions (in the Green Box) below as part of your final answers. Transactions during the year ending December 31, 2024: 1. On March 1, purchased equipment using an additional loan of $115,000. The asset's useful life is 10 years with a 15,000 salvage value. (record 2 transactions for # 1 - the purchase of the equipment and then the depreciation expense) - Hint, it should be depreciated for the part of the year it was used. 2. On January 15, received a $75,000 contribution from donors specific to future repairs of existing buildings. 3. During the year sold $100,000 on credit. Of the total amount, $10,000 was collected during the year. The cost of the inventory sold was $65,000. 4. Purchased inventory on credit (AP) for $25,000. 5. The organization received $20,000 for services that will be provided in April 2025. 6. Wages earned for the year were $400,000. All employees wages were paid in full, including amounts previously owed 7. Rent was paid for the current year for $40,000, also a second payment was made for $40,000 for the following year. 8. The company found additional vehicles that would help with expanding the service of their mission. They offered $200,000 for the addition to the fleet. Opening Balances as of Jar 1, 2023: Cash 478,000 Accounts Receivable 53,000 Inventory 74,000 Equipment 1,000,000 Accounts Payable 25,000 Wages Payable 10,000 Long-Term Debt 500,000 Net Assets Without Restrictions 735,000 Net Assets With Restrictions 335,000a. using the information below, prepare a worksheet Assets Liabilities and Net Assets Liabilities Net Assets Cash AR Prepaid Rent Inv Equipment Accounts Payable Wages Unearned LT - DEBT NA / No R N/A / R Payable Revenue Opening balances on January 1, 2024 Transaction 1 Transaction 1 Transaction 2 Transaction 3 Transaction 3 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 6 Transaction 7 Transaction 7 Transaction 8 Totalsb. using the infromation from the worksheet, prepare a Statement of Activity and Statement of Financial Position, il ACME Services Revenue Cost of Goods Sold (how much inventory was consumed) Gross profit on sales - Operating expenses Rent Expense Depreciation Expense Wages Expense Total operating expenses - Net Income/ (Net Loss) Net Assets - beginning (with restrictions) - Net Assets - beginning (without restrictions) - Net income / (loss) - Contributions with donor restrictions 75,000 Net Asetss - end 75,000 Assets Current assets Cash and cash equivalents Accounts Receivable Prepaid Rent Inventory Total current assets Property and equipment Less: accumulated depreciation Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Wages Payable Unearned Revenue Total current liabilities Long term debt Total liabilities Net assets: With Donor Restrictions Without Donor Restrictions Total Net assets: Total liab and Net assets ACME Services S 478,000 53,000 74,000 605,000 1,000,000 1,000,000 $ 1,605,000 25,000 10,000 35,000 500,000 535,000 335,000 735,000 1,070,000 1,605,000