EXERCISES 25. Preparation of financial statements for a not-for-profit organization Following is financial data for the Center for Music and Health Studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the state- ment of activities and the statement of financial position. Support-contributions.. Revenues investment Net assets, beginning of year. Long-term liabilities... Contributions receivable. Expenses-support Net assets released from restriction. Cash.. Payables. Without Donor Restrictions $4,108,993 183,224 3,372,358 Expenses-program. Investments Depreciation expense (of which 80% relates to program expenses and 20% relates to support expenses) Property, plant and equipment, net. With Donor Restrictions $1,507,885 187,530 3,634,895 $1,383,859 1,238,657 882.937 337.833 948,159 827.938 3.658.933 984,688 160.582 7,323.726 LO1, 2 Ittttt mw