BCG is a not-for-profit organization that statements on the accrual basis of accounting, and follows GAAP for the following account balances (In no particular order) provldes human weltare services In New York City. BCG prepares its financial not-for-profit organizations. It ended FY 2015 with Mortgage payable 792000 Accounts payable Wages payable Accounts recelvable, net Pledges recelvable, net 336,000 paid Expenses net assets 520,000 PP&E, net ,040,000 The following financial events occurred during FY 2016, which ended December 31, 2016: 1. BCG earned and received payment on $175,000 of public contracts paid for by the city and state governments during the year. [Use "Contract Revenue" as the line item in financial statements. 2. Used $27,000 of supplies during the year for various purposes 3. Paid $9,700 each month for rent during FY 2016. In addition, BCG's landlord required that the organization pay an additional $10,000 for the first month's rent of FY 2017 before the end of FY 2016. BCG also paild $4,600 per month during the year for utilities. (Note: rent and utilities need to be recorded separately Earned S70,000 from providing welfare services to clients. BCG collected 80% of this amount. The remaining balance at the end of the fiscal year has been determined to be uncollectible. [Use "Welfare Revenue as the line item in financial statements. 5. Earned $157,000 in new donations that are available for any purpose, of which $137,000 was collected in cash. Management believes that remaining balance is collectible. [Use "Contributions" as the line item in financial statements.] 6, Paid the bank $40,000. Of this total, 20% was for interest and the remainder was for principa 7. Salaries of $255,600 were earned by employees for work performed in FY 2016. BCG pays salaries with a 2-month lag. Employees earned $240,000 in FY 2015. have paid for if the accountant volunteered and provided tax prep services valued at $4,700 that BCG would donation was not made. a. Sold and received $167,000 in cash for property that BCG no longer used. BCG also recorded on its remaining property, plant, and equipment 8 9 4 Even if there is no adjustment for a line item, make sure you write a 0 (zero) in the box. Any empty boxes will be marked incorrect BCG Cash Flow Statement For the Year Ending December 31, 2016 Cash Flows from Operating Activites Change in Net Assets Adjustments: Depreciation Adjustments for non-cash current assets/liabilities: Pledges Receivable, net Accounts Receivable, net Inventory Prepaid Expenses Wages Payable Accounts Payable Net Cash from Operating Activities chidden> Cash Flows from Investing Activities chidden> cline item hidden> Net Cash from Investing Activities Cash Flows from Financing Activities chidden cline item hidden> Net Cash from Financing Activities chidden: Net Change in Cash Cash-beginning of year Cash- end of year chidden