Below are the complete set of published financial statements taken from the annual report of the Jamestown Museum.

JAMESTOWN MUSEUM SUMMARY OF OPERATING RESULTS AND CHANGES IN FUND NET ASSETS YEAR ENDED JUNE 30, 2014
Operating Revenues: Charges for Services Unrestricted Gifts Gifts restricted for Scholarships Total Operating Revenues				150,000 100,000 50,000		$300,000
Operating Expenses: Salaries Utilities Supplies Depreciation Total Operating Expenses				$100,000 50,000 80,000 40,000		270,000
Operating Income						30,000
Nonoperating Income (Expenses): Gifts for Endowments						36,000
Change in Net Assets						66,000
JAMESTOWN MUSEUM STATEMENT OF FINANCIAL POSITION JUNE 30, 2014
Assets:
Current Assets: Cash Supplies Total Current Assets					$214,000 20,000		234,000
Noncurrent Assets: Land Land Improvements Less: Accumulated Depreciation		$400,000 (20,000)			100,000 380,000
Equipment Less: Accumulated Depreciation		200,000 (20,000)			180,000
Total Fixed Assets					660,000
Endowment Investments Total Noncurrent Assets					300,000		960,000
Total Assets							$1,194,000
Liabilities:
Current Liabilities: Accounts Payable Current portion of Long Term Debt Total Current Liabilities					50,000 50,000		100,000
Long-Term Liabilities: Bonds Payable							600,000
Total Net Assets The above statements do not comply with generally accepted accounting principles for private not-for-profits in a number of ways. Review these statements and describe 5 instances instances in which the statements fail to comply with accepted accounting standards. You must be able to justify your assertions - for example you cannot say they failed to capitalize leases if there is no evidence they have a qualifying lease. Example: (1) The financial statements contain no note disclosures. The notes are an integral part of the financial statements and many individual disclosures are required under FASB standards. a) b) c) d) e)							$594,000