Check my work 2 Exercise 13-6 (Algo) Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has 10 any permanently restricted net assets. points ABC Not- for-Profit XYZ Not- for-Profit Skipped Temporarily Temporarily Statement of Activities Unrestricted Restricted Unrestricted Restricted Revenues Program service revenue $ 6,395,090 $2,330,090 Contribution revenues 3, 497, 508 758, 090 3, 280, 080 Book Grant revenue 194, 900 $1, 033, 090 Net gains on endowment investments 18, 308 Net assets released from restriction Satisfaction of program restrictions 466, 908 (466,090) 617,080 (617, 090 ) Print Total revenues 18, 286, 808 396,909 6,227,090 416, 090 Expenses Education program expenses 6, 421, Gee 1, 567, 090 Research program expense 1, 264, 980 2, 656, 908 References Total program service expenses 7, 685, 080 4, 223, 908 Fund-raising 536, 090 396, 080 Administration 658, 090 1, 237, 090 Total supporting service expenses 1, 194, 909 1, 633, 080 Total expenses 8, 879, bee 5,856,080 Increase in net assets 1, 407, 800 396, 090 371, 080 416, 090 Net assets January 1 4, 216, 090 767, 090 1, 045, 509 328, 090 Net assets December 31 $ 5,623, 800 $1, 163, 090 $1, 416,580 744, 90e Statement of Net Assets ABC Not- for-Profit XYZ Not- for-Profit Current assets Cash 213, 090 364,908 Short-term cash equivalents 273, 808 99, Bee Supplies inventories 40, 090 158, 080 Receivables 447, 500 196, 508 Total current assets 973, 500 818, 300 Noncurrent assets Noncurrent pledges receivable 273, 090 Endowment investments 2, 670, 090 Land, buildings, and equipment (net) 3, 183, 090 1, 776, 908 Total noncurrent assets 6, 126, 090 1,776, 908 Total assets $7, 099, 508 $2, 594, 308 Current liabilities Accounts payable 31, 090 $ 137, Gee Total current liabilities 31, ege 137, Gee Noncurrent liabilities Notes payable 186, 508 Total noncurrent liabilities 186, 509 Total liabilities 217, 508 137,908 Net Assets Unrestricted 4,033, 090 2, 372,508 Donor restricted for purpose 163, 090 84, 808 Donor restricted for endowment 2,670, 090 Total net assets 6, 866, 090 2,457,308 Total liabilities and net assets $7, 083, 500 $2, 594, 308 Required: a. Calculate the following ratios (assume depreciation expense is $758,000 for both organizations and is allocated among