I requested help with the below and I was given an answer for cost production not a statement of Activities. Please see below and provide what was asked. Please help with preparing the statement of Activities.

Please help with preparing the statement of Activities.

Here is the information needed:

INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred.

1. A business donated rent-free office space to the organization that would normally rent for $35,200 a year.
2. A fund drive raised $186,000 in cash and $102,000 in pledges that will be paid next year. A state government grant of $152,000 was received for program operating costs related to public health education.
3. Salaries and fringe benefits paid during the year amounted to $208,760. At year-end, an additional $16,200 of salaries and fringe benefits were accrued.
4. A donor pledged $102,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,460.
5. Office equipment was purchased for $12,200. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,800 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE.
6. Telephone expense for the year was $5,400, printing and postage expense was $12,200 for the year, utilities for the year were $8,500 and supplies expense was $4,500 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,800.
7. Volunteers contributed $15,200 of time to help with answering the phones, mailing materials, and various other clerical activities.
8. It is estimated that 90 percent of the pledges made for the 2024 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5.
9. All expenses were allocated to program services and support services in the following percentages: public health education, 35 percent; community service, 30 percent; management and general, 20 percent; and fund-raising, 15 percent.
10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.
11. All nominal accounts were closed to the appropriate net asset accounts.
12. Prepare a statement of activities for the year ended December 31, 2023.
13. 
14. Below is the answer that your expert provided which is not remotely what was asked:

Expert Answer

This solution was written by a subject matter expert. It's designed to help students like you learn core concepts.

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1st step

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Step 1/3

ANSWER:

Explanation:

To prepare a cost of production report for the Cutting Department, we need to calculate the equivalent units of production and the cost per equivalent unit for both direct materials and conversion costs. We also need to calculate the total costs incurred during January.

Here's the breakdown:

1. Equivalent units of production:

• Units started and completed during January: 127,800 units
• Units in ending work in process (January 31): 6,800 units (45% completed)
• Total equivalent units of production: Units completed + Units in ending work in process Total equivalent units of production: 127,800 + (6,800 * 45%)

1. Cost per equivalent unit:

• Direct materials: Total direct materials cost / Total equivalent units of production
• Conversion costs: Total conversion costs / Total equivalent units of production

Step 2/3

1. Total costs incurred during January:

• Direct materials added during January: $1,049,120
• Direct labor for January: $305,038
• Factory overhead for January: $372,824

Explanation:

• Total costs incurred during January: Direct materials + Direct labor + Factory overhead

Step 3/3

Now let's calculate the values:

1. Equivalent units of production: Total equivalent units of production = 127,800 + (6,800 * 45%)
2. Cost per equivalent unit:

• Direct materials cost per equivalent unit = Total direct materials cost / Total equivalent units of production
• Conversion cost per equivalent unit = Total conversion costs / Total equivalent units of production

Explanation:

Total costs incurred during January: Total costs incurred during January = Direct materials + Direct labor + Factory overhead

Final answer

By calculating the above values, you will have the necessary information to prepare a cost of production report for the Cutting Department.

I HOPE THIS HELPS YOU.