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repaid in 6 months when a b. AA transfers $20,000 to the Debt Service Fund, $2,000 of which is interest, to pay back c. AA charges out its Operations Department to each program equally, at $1,000 each, for services performed to maintain property, 11-17. For Youth Agency (FYA) is a voluntary health and for $ foundation grant is scheduled for receipt. a tax-exempt bond. plant, and equipment. Welfare organization that provides counseling an uns CHAPTER 11 Unique Aspects of Accounting for Not-for-Profit and Health Care Ong and recreation programs for youthful offenders and delinquents. FYA's programs are financed 5. FYA billed through a contract with the county in which it under its is located and through contributions from local 6. A license citizens. Its contract with the county provides for hours of reimbursement of allowable costs based on monthly rate is $ donatio billings to the county. FYA uses the accrual basis of accounting, and the following transactions occurred purcha 7. FYA during 2021: 1. FYA received cash in the amount of $25,000.10 r 8. FYA be used as the FYA board of directors considers was appropriate. 2. FYA received a gift of Intel stock that had a fair market value of $1,300 total at the time of the gift. The donor sent FYA's president a letter with the gift, saying that proceeds of the stock should Recor be used only to purchase athletic equipment for begir the basketball team. FYA sold the stock upon bala stat receipt. C 9. FYA 10. FY 11. Y $ RES Res 3. FYA paid $800 cash for athletic equipment. using some of the proceeds received in Transaction 2. The expense was charged to the Recreation programs account. 4. FYA spent $12,000 cash on the following: $8,000 for counseling programs, $3,000 for recreation programs, and $1,000 for administration. E et-for-Profit and Health-Care Organizations 429 r thly of red to cs ch 5. FYA billed the county $6,500 for costs incurred under its contract 6. A licensed social worker in the area donated 100 hours of her time to FYA. Her normal hourly rate is $50 per hour. The CEO appreciates the donation because otherwise he would have to purchase the counseling services. 7. FYA borrowed $10,000 from the local bank on an unsecured note. The whole amount will be repaid next year. 8. FYA paid the local bank $1,600, of which $400 was interest. 9. FYA recorded $300 of depreciation for the year. 10. FYA prepaid next year's rent of $12,000. 11. FYA determined that it will not be able to collect $2,500 of pledges. Record the above transactions. Then, using the beginning balances in this table, produce the balance sheet, activity statement, and cash flow statement. Account Balance Cash $2,000 Contracts Receivable 1,000 Equipment 2,500 Net Assets without Donor Restrictions 6,000 500 Pledges Receivable, Net of Allowance 16 Net Assets O B H D F 1 Transactions Worksheet Assets Liabilities Net Assets Pledges Receivable net Contract Investment Prepaid Nobe Recewables Expense Fopment Payable With Donor Restrictions Carth Without Door Restrictions $500 $1,000 $0 $0 $2.500 $0 Beginning Balance 1 2a $8.000 Donation Revenue $0 25000 Donation Revenue 10 11 Net Asset Released from Restnction BA 12 13 14 15 4 Net Asset Released from Restriction Recreation Experise Counseling Expense Recreation Expense Administration Expense Contract Revenue Donated Services Donated Services 20 21 7 8 9 10 Deprecation Experise Bad Debit pense 527000 $500 $1 000 $0 $0 $200 $0 $25 000 $3.000 50 Total Expenses 50 Total Revenues Transactions Balance Sheet Activity Statement Cash Flow Statement Type here to search O BE Transactions.C25 CA G H F 1 D B A 1 2 3 FYA Balance Sheet As of December 31, 2021 and December 31, 2020 2021 2020 2021 2020 Liabilities Current Liabilities Note Payable Total Current Liabilities $0 $0 $0 $0 Assets Current Assets Cash Pledges Receivable, net Contracts Receivable Prepaid Expense Total Current Assets $27,000 500 1.000 0 $28,500 $2,000 500 1,000 0 $3,500 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net Assets Net Assets without Donor Restriction Net Assets with Donor Restrictions Total Net Assets $6,000 25 000 $31.000 $6,000 0 $6,000 Long-Term Assets Equipment Total Long-Term Assets $2.500 $2.500 $2.500 $2.500 $6,000 $31,000 TOTAL ASSETS $6,000 TOTAL LIAB. AND NET ASSETS $31,000 22 Transactions Balance Sheet Activity Statement Cash Flow Statement Type here to search O A B D E F G 1 K 1 2 3 4 5 FYA Statement of Activities For the Year Ending December 31, 2021 6 With Donor Restrictions $0 Revenues and Support Donation Revenue Contract Revenue Donated in Kind Service Released from Restriction Total Revenue Without Donor Restrictions $0 0 0 0 $0 oo Totall $0 $0 $0 SO $0 0 $0 8 9 10 11 12 13 14 15 16 15 18 19 20 21 22 23 24 25 26 222 Expenses Recreation Counseling Administrative Interest Donated in-Kind Service Depreciation Bad Debts Total Expenses SOOOOOO $0 0 0 0 0 0 $0 Change in Net Assets Net Assets, Beginning Net Assets, Ending $0 6.000 $6,000 $0 0 $0 $0 6,000 $31,000 Transactions Balance Sheet Activity Statement Cash Flow Statement Type here to search o Clipboard Font Alignment 2 Number D22 fx D E F 3 4 B C Cash Flow Statement For the Year Ending December 31, 2021 5 6 7 8 9 $0 0 0 Cash from Operating Activities Change in Net Assets Depreciation Bad Debt Expense Changes in Current Assets Contracts Receivable Prepaid Expense Restricted Cash Net Cash from Operations ooo $0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Cash from Financing Activities Restricted Cash Note Payable Net Cash from Financing $0 0 $0 Net Change in Cash Cash, Beginning Cash, Ending $0 2.000 $2,000 24 Transactions Balance Sheet Activity Statement Cash Flow Statement 1 Type here to search O ei repaid in 6 months when a b. AA transfers $20,000 to the Debt Service Fund, $2,000 of which is interest, to pay back c. AA charges out its Operations Department to each program equally, at $1,000 each, for services performed to maintain property, 11-17. For Youth Agency (FYA) is a voluntary health and for $ foundation grant is scheduled for receipt. a tax-exempt bond. plant, and equipment. Welfare organization that provides counseling an uns CHAPTER 11 Unique Aspects of Accounting for Not-for-Profit and Health Care Ong and recreation programs for youthful offenders and delinquents. FYA's programs are financed 5. FYA billed through a contract with the county in which it under its is located and through contributions from local 6. A license citizens. Its contract with the county provides for hours of reimbursement of allowable costs based on monthly rate is $ donatio billings to the county. FYA uses the accrual basis of accounting, and the following transactions occurred purcha 7. FYA during 2021: 1. FYA received cash in the amount of $25,000.10 r 8. FYA be used as the FYA board of directors considers was appropriate. 2. FYA received a gift of Intel stock that had a fair market value of $1,300 total at the time of the gift. The donor sent FYA's president a letter with the gift, saying that proceeds of the stock should Recor be used only to purchase athletic equipment for begir the basketball team. FYA sold the stock upon bala stat receipt. C 9. FYA 10. FY 11. Y $ RES Res 3. FYA paid $800 cash for athletic equipment. using some of the proceeds received in Transaction 2. The expense was charged to the Recreation programs account. 4. FYA spent $12,000 cash on the following: $8,000 for counseling programs, $3,000 for recreation programs, and $1,000 for administration. E et-for-Profit and Health-Care Organizations 429 r thly of red to cs ch 5. FYA billed the county $6,500 for costs incurred under its contract 6. A licensed social worker in the area donated 100 hours of her time to FYA. Her normal hourly rate is $50 per hour. The CEO appreciates the donation because otherwise he would have to purchase the counseling services. 7. FYA borrowed $10,000 from the local bank on an unsecured note. The whole amount will be repaid next year. 8. FYA paid the local bank $1,600, of which $400 was interest. 9. FYA recorded $300 of depreciation for the year. 10. FYA prepaid next year's rent of $12,000. 11. FYA determined that it will not be able to collect $2,500 of pledges. Record the above transactions. Then, using the beginning balances in this table, produce the balance sheet, activity statement, and cash flow statement. Account Balance Cash $2,000 Contracts Receivable 1,000 Equipment 2,500 Net Assets without Donor Restrictions 6,000 500 Pledges Receivable, Net of Allowance 16 Net Assets O B H D F 1 Transactions Worksheet Assets Liabilities Net Assets Pledges Receivable net Contract Investment Prepaid Nobe Recewables Expense Fopment Payable With Donor Restrictions Carth Without Door Restrictions $500 $1,000 $0 $0 $2.500 $0 Beginning Balance 1 2a $8.000 Donation Revenue $0 25000 Donation Revenue 10 11 Net Asset Released from Restnction BA 12 13 14 15 4 Net Asset Released from Restriction Recreation Experise Counseling Expense Recreation Expense Administration Expense Contract Revenue Donated Services Donated Services 20 21 7 8 9 10 Deprecation Experise Bad Debit pense 527000 $500 $1 000 $0 $0 $200 $0 $25 000 $3.000 50 Total Expenses 50 Total Revenues Transactions Balance Sheet Activity Statement Cash Flow Statement Type here to search O BE Transactions.C25 CA G H F 1 D B A 1 2 3 FYA Balance Sheet As of December 31, 2021 and December 31, 2020 2021 2020 2021 2020 Liabilities Current Liabilities Note Payable Total Current Liabilities $0 $0 $0 $0 Assets Current Assets Cash Pledges Receivable, net Contracts Receivable Prepaid Expense Total Current Assets $27,000 500 1.000 0 $28,500 $2,000 500 1,000 0 $3,500 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net Assets Net Assets without Donor Restriction Net Assets with Donor Restrictions Total Net Assets $6,000 25 000 $31.000 $6,000 0 $6,000 Long-Term Assets Equipment Total Long-Term Assets $2.500 $2.500 $2.500 $2.500 $6,000 $31,000 TOTAL ASSETS $6,000 TOTAL LIAB. AND NET ASSETS $31,000 22 Transactions Balance Sheet Activity Statement Cash Flow Statement Type here to search O A B D E F G 1 K 1 2 3 4 5 FYA Statement of Activities For the Year Ending December 31, 2021 6 With Donor Restrictions $0 Revenues and Support Donation Revenue Contract Revenue Donated in Kind Service Released from Restriction Total Revenue Without Donor Restrictions $0 0 0 0 $0 oo Totall $0 $0 $0 SO $0 0 $0 8 9 10 11 12 13 14 15 16 15 18 19 20 21 22 23 24 25 26 222 Expenses Recreation Counseling Administrative Interest Donated in-Kind Service Depreciation Bad Debts Total Expenses SOOOOOO $0 0 0 0 0 0 $0 Change in Net Assets Net Assets, Beginning Net Assets, Ending $0 6.000 $6,000 $0 0 $0 $0 6,000 $31,000 Transactions Balance Sheet Activity Statement Cash Flow Statement Type here to search o Clipboard Font Alignment 2 Number D22 fx D E F 3 4 B C Cash Flow Statement For the Year Ending December 31, 2021 5 6 7 8 9 $0 0 0 Cash from Operating Activities Change in Net Assets Depreciation Bad Debt Expense Changes in Current Assets Contracts Receivable Prepaid Expense Restricted Cash Net Cash from Operations ooo $0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Cash from Financing Activities Restricted Cash Note Payable Net Cash from Financing $0 0 $0 Net Change in Cash Cash, Beginning Cash, Ending $0 2.000 $2,000 24 Transactions Balance Sheet Activity Statement Cash Flow Statement 1 Type here to search O ei