Options for fill in blank A, B, C, E

Accounts Payable

Allowance for Depreciation

Allowance for Uncollectible PledgesWithout Donor Restrictions

Cash

Commission Revenue

Community Art Education

Community Art Education Program

Community Service Program

Contributions Receivable

ContributionsWith Donor RestrictionsProgram

ContributionsWith Donor RestrictionsTime

ContributionsWithout Donor Restrictions

Deferred Revenue

Depreciation Expense

Discount on Contributions Receivable

Equipment

Exhibition Program

Fund-Raising

Grants Receivable

Investment IncomeWith Donor Restrictions

Investment IncomeWithout Donor Restrictions

Management and General

Membership Dues

Miscellaneous Expense

Net Assets ReleasedWith Donor Restrictions

Net Assets ReleasedWithout Donor Restrictions

Net Assets With Donor Restrictions

Net Assets Without Donor Restrictions

Payable to Artists

Prepaid Expenses

Printing and Postage Expense

Program Expenses

Provision for Uncollectible Pledges

Public Health Education Program

Rent Expense

Salaries and Benefits Expense

Short-Term Investments

Supplies Expense

Telephone Expense

Tuition and Fees

Utilities Expense

Options for fill in blank D:

Cash Paid to Employees

Cash Paid to Suppliers

Cash Received from Contributions

Change in Net Assets

Depreciation

Gift of Furniture

Increase in Accounts Payable

Increase in Net Contributions Receivable

Increase in Salaries Payable

Purchase of Equipment

Required information [The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1,2020 . During the fiscal year ended December 31,2020 , the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,000 a year. 2. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid within one year. A state government grant of $150,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. 4. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2022 . The discounted value of the pledge is expected to be $94,260. 5. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,600 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 $5,200, printing and postage expense was $12,000 for the year, utilities for the year were $8,300, and supplies expense was $4,300 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,600. 7. Volunteers contributed $15,000 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 2021 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. a. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 9 expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Requi in the first account field.) b. Prepare a statement of activities for the year ended December 31,2020 . (Amounts to be deducted should be indicated with a minus sign.) c. Prepare a statement of financial position for the year ended December 31, 2020. d. Prepare a statement of cash flows for the year ended December 31, 2020. (List of cash outflows should be indicated by a minus sign.) e. Prepare a schedule of expenses by nature and function for the year ended December 31,2020 . Required information [The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1,2020 . During the fiscal year ended December 31,2020 , the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,000 a year. 2. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid within one year. A state government grant of $150,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. 4. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2022 . The discounted value of the pledge is expected to be $94,260. 5. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,600 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 $5,200, printing and postage expense was $12,000 for the year, utilities for the year were $8,300, and supplies expense was $4,300 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,600. 7. Volunteers contributed $15,000 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 2021 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. a. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 9 expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Requi in the first account field.) b. Prepare a statement of activities for the year ended December 31,2020 . (Amounts to be deducted should be indicated with a minus sign.) c. Prepare a statement of financial position for the year ended December 31, 2020. d. Prepare a statement of cash flows for the year ended December 31, 2020. (List of cash outflows should be indicated by a minus sign.) e. Prepare a schedule of expenses by nature and function for the year ended December 31,2020