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I would like Shrugal to answer the homework question attached and to show all work NLT 25 Feb. Thanks Homework number 4 As of December
I would like Shrugal to answer the homework question attached and to show all work NLT 25 Feb. Thanks
Homework number 4 As of December 31, 2013, The Halifax Fishing Museum had unrestricted cash of $52,000, building and land with a net book value of $145,000, and permanently restricted collections totaling $ 105,000. There were no liabilities. The Museum has two programs: Operation of a Fishing Museum and Educational Programs. During the year ended December 31, 2014 the Museum incurred the following transactions: (1) Cash contributions to the Museum included (a) unrestricted $ 512,000, (b) restricted for educational programs $ 37,000 and (c) restricted by the donor for endowment purposes $100,000. (2) Additional unrestricted cash receipts included $ 29,000 in fees from individuals and organizations using the Museum building as a meeting facility. Included in this is $ 3,000 for a meeting to be held in January 2013. (3) Incurred cash expenses: Item Total Amount Utilities - programs Utilities - administration Salaries - programs Salaries - administration Supplies - programs Supplies - administration 30,000 15,000 170,500 45,000 96,000 7,000 363,500 Portion for Museum Operations 20,000 Portion for Education Programs 10,000 Admin. 15,000 150,000 20,500 45,000 90,000 260,000 6,000 36,500 7,000 67,000 (4) Purchased land for future expansion to the adjoining lot in the amount of $ 35,000. (5) Depreciation on the Museum building amounted to $ 55,000 and is allocated on the basis of square feet: $ 40,000 to Museum operations, $ 5,000 to Education Programs, and $ 10,000 to administration. (6) Outstanding purchase orders for administrative supplies at 12-31-2014 totaled $2,000. Required: Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2014Step by Step Solution
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