Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How would one build an example of a balance sheet (also known as a Statement of Financial Position) for the non-profit organization named Lead by

How would one build an example of a balance sheet (also known as a Statement of Financial Position) for the non-profit organization named Lead by Example, which helps provide 504 and IEP advocacy to parents of children with autism or spectrum disorders? 


Be sure to include all relevant assets, liabilities, and net assets?


Use the Income Statement and Statement of Cash Flow below to complete your balance sheet.


image text in transcribed 

Income Statement Lead by Example Statement of Income Year ended 12/31/2019 Revenues Cost of goods sold Operating expenses Selling, general, and administrative expense Interest expense Depreciation and amortization expense Interest income Net earnings before taxes Income tax expense Net income Statement of Cash Flow Lead by Example Cash Flow Statement For the year ending 12/31/2019 $1,000,000 Cash Flow From Operations $60,000 Additions to Cash 200,000 Gross profit $800,000 Depreciation Increase in Accounts Payable $20,000 $10,000 Subtractions from Cash 357,700 20,000 5.200 Increases in Accounts Receivable Increase in Inventory ($20,000) ($30,000) Operating income $417,100 Net Cash From Operations $40,000 $20,000 Cash Flow From Investing Purchase equipment ($5,000) $437,100 Cash Flow From Financing 240,000 Notes payable $7.500 $197.100 Cash Flow for year ending 12/31/2019 $42,500

Step by Step Solution

3.51 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

CALCULATIONS Assets Cash 40000 from Cash Flow Statement Accounts Receivable 20000 from Cash Flow Sta... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

1st Canadian Edition

9780132147538, 132889714, 013214753X , 978-0132889711

More Books

Students also viewed these Accounting questions

Question

Describe when linear approximations are most accurate.

Answered: 1 week ago

Question

Evaluate the integral. cos 20 sin 40 d0 cos 520 sin 40 do =

Answered: 1 week ago