Cash Short-term Investments Grants Receivable ART LEAGUE Post-closing Trial Balance June 30, 2022 Prepaid Expense Equipment Allowance for Depreciation-Equipment Long-Term Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Totals Debits Credits $ 2,560 13,411 5,900 1,255 9,995 $2,556 5,897 2,779 9,141 18,645 5,897 $39,018 $39,018 Following is Information summarizing the transactions of the Art League for the year ended June 30, 2023. 1. During the year, cash was received from the following sources: grants that had been reported as a receivable on June 30, 2022, $5.900; annual contributions without donor restrictions from fund drives and other unrestricted gifts, $21,381; membership dues, $16,935; tuition and fees for educational workshops. $7.104; and sales of members' art, $12,140, of which 20 percent represents commissions earned by the Art League. 2. Interest earnings were as follows: Interest on Investments without donor restrictions totaled $699; Interest on Investments restricted for programs totaled $938; Interest on Investments in the permanent endowment totaled $357 (these Investment earnings are restricted for program use). 3. A grant receivable of $5.280 was recorded at year-end on a grant to complete and deliver a survey of art programs conducted in the county (the grant was determined to be an exchange transaction). The $5,280 the Art League Invoiced related to work done this year. 4. The Art League receives free rent from the city at an estimated value of $19,300 a year. 5. Expenses incurred during the year were as follows: salaries and fringe benefits, $48,200; utilities, $3.210; printing and postage. $1,440; and miscellaneous, $770. As of year-end, the balances of the following accounts were Prepaid Expenses, $970, and Accounts Payable and Accrued Expenses. $2,941. 6. During the year, $3,550 of short-term investments were sold, with the proceeds used to purchase two computers and a printer at a cost of $2,965. The resources used were restricted for the purchase of equipment 7. In accordance with the terms of the Art League endowment, Income earned by the endowment was used to provide free art Instruction for children with disabilities at a cost of $955. This amount was allocated to community art education. 8. Depreciation on equipment in the amount of $1,772 was recorded. 9. Expenses for the year were allocated 30 percent to Exhibition Program. 30 percent to Community Art Education, 25 percent to Management and General Expenses, and 15 percent to Fund-Raising. 10. Proceeds of art sales, net of commissions charged by the Art League, totaled $9.712. This amount was paid to member artists during the year. 11. All nominal accounts were closed at year-end.