Journal EntriesFinancial StatementsLibrary Preston Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its fiscal year ended February 28, 2007. Preston Library Statement of Financial Position February 28, 2007 Temporarily Assets Unrestricted Restricted Current Assets Cash $ 285,000 $80,000 Grants Receivable 80,000 Prepaid Expenses 65,000 Total 430,000 Investments (at market) 1,020,000 Land, Building, and Equipment (less accumulated depreciation of $50,000) 530,000 Total Assets $1,980,000 $80,000 Liabilities and Fund Balances Current Liabilities Accounts Payable and Accrued Expenses $ 150,000 Total 150,000 Long-Term Debt 200,000 Fund Balances 1,630,000 80,000 Total Liabilities and Fund Balances $1,980,000 $80,000 LO2 962 Problems 925 Preston Library Statement of Activities for Year Ended February 28, 2007 Temporarily Support and Revenue Unrestricted Restricted Support Grants $ 70,000 $0 Gifts 300,000 80,000 Total 370,000 80,000 Revenue Service Fees 22,000 Book Rentals and Fines 107,000 Investment Income 71,000 Total 200,000 0 Total Support and Revenue $ 570,000 $80,000 Expenses Program Services Circulating library $ 212,000 Research library 86,000 Exhibits 20,000 Community services 10,000 Total 328,000 0 Supporting Services General and administrative 175,000 Fund raising 111,000 Total 286,000 0 Total Expenses 614,000 0 Increase (decrease) in net assets (44,000) 80,000 Fund Balancesbeginning of year 1,674,000 0 Fund Balancesend of year $1,630,000 $80,000 The following transactions occurred during the fiscal year ended February 28, 2008. 1. Fees were billed as follows: Service fees $30,000 Book rentals 43,000 Book fines 78,000 2. $40,000 of the Grant Receivable was received. Another grant in the amount of $20,000 was promised. 3. Contributions in the amounts summarized below were received: Unrestricted $215,000 Restricted 108,000 4. Investment income totaled $75,000 for the year. 5. Vouchers for the year were approved as follows: Circulating library $189,000 Research library 74,000 Exhibits 15,000 Community services 12,000 General and administrative 166,000 Fund raising 103,000 Total $559,000 6. During the year, $500,000 worth of vouchers were paid. 963