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The Far North Centre (the Centre) is an anti-poverty organization funded by contributions from governments and the general public. For a number of years, it has been run by a small group of permanent employees with the help of part-timers and dedicated volunteers. It owns its premises, which are in the process of being renovated. The funds for this were obtained through a special capital fund campaign carried out last year. Its main program is the daily provision of meals to the needy. It also distributes clothing, most of which is donated. Operating funds come from government grants, interest earned from endowment investments, and a public campaign held in the latter part of each year to raise funds for the needs of the next fiscal year. The Centre maintains its records in accordance with the deferral method of accounting for contributions. Fund accounting is not used. The organization's statement of financial position on January 1, Year 6, is shown below. STATEMENT OF FINANCIAL POSITION January 1, Year 6 Current Assets Cash Pledges receivable Allowance for uncollectible pledges Grants receivable $ 842,000 832,000 (70,500) 475,000 2,078,500 430,000 Investments Capital assets Land and buildings Furniture and equipment Accumulated depreciation 838,000 507,000 (684,000) 661,000 $3,169,500 $ Current Liabilities Accounts payable Wages payable Accrued liabilities 503,600 142,000 14,100 659,700 Deferred Revenue Deferred contribution revenue Deferred unspent contributions for capital assets Deferred contributions related to capital assets 836,000 424,300 270,700 1,531,000 Net Assets Net assets restricted for endowment purposes Unrestricted net assets 473,000 505,800 978, 800 $3,169,500 The following transactions took place in Year 6: 1. $109,400 from endowment fund cash was invested in marketable securities. 2. Office equipment costing $7,350 was purchased with operating fund cash. 3. Invoices totalling $1,660,000 were received for goods and services. These invoices were recorded as accounts payable and were allocated 55% to food program, 20% to clothing program, and 25% to administration. 4. The capital fund grants receivable of $119,000 were collected in full, and the $9,600 in accounts payable was paid. During Year 6, building renovations costing $315,000 and equipment purchases of $91,000 were made. Of this cost, 90% was paid, with the balance held back and still owing at year-end. 5. Operating fund accounts payable amounting to $1,785,000 and the wages payable and accrued liabilities at the beginning of the year were all paid. 6. All of the operating fund pledges receivable and grants receivable of $356,000. 7. The deferred revenue from the Year 5 fundraising campaign was made up of the following: Contributions for Year 6 activities Less: Campaign expense $1,310,000 474,000 $ 836,000 The Centre runs the campaign with its own people and is fully responsible for all decisions made during the campaign. 8. Government grants for operating purposes totalled $1,108,500, of which $1,018,000 was received during the year, with the balance expected early in Year 7. 9. The total wage costs for the year amounted to $425,500, of which $309,000 was paid and $116,500 is payable at year-end. These costs are to be allocated 40% each to the food and clothing programs, with the balance to administration. 10. The campaign to raise funds for next year's operations was held in December. Cash of $504,000 was collected and pledges of $734,000 were received. It is expected that 5% of these pledges will be uncollectible. Total fundraising costs were $578,000, of which $120,500 is still owed to suppliers. 11. An endowment contribution of $13,200 cash was received. In addition, the investments in the endowment fund earned $33,100 in interest. 12. The annual depreciation on the buildings and equipment amounted to $138,500. Other Information: 13. Seventy percent of the depreciable capital assets at the end of the year were purchased with restricted contributions. Required: (a) Prepare the journal entries necessary to reflect the Year 6 events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (b) Prepare a Year 6 statement of financial position, a statement of revenues and expenses, and a statement of changes in net assets for the year. (Input all amounts as positive values. Omit $ sign in your response.) Far North Centre Statement of financial position December 31, Year 6 December 31, Year 6 Current Assets Cash $ Pledges receivable (net of uncollectible allowance) Grants receivable Investments Capital assets Land and buildings Furniture and equipment Accumulated depreciation Current Liabilities Accounts payable Wages payable UA Deferred Revenue Deferred contributions Deferred unspent contributions for capital assets Deferred contributions related to capital assets Net Assets Restricted for endowment Unrestricted Far North Centre Statement of Revenues and Expenses for the Year Ended December 31, Year 6 Revenues Contributions Government grants Interest earned Amortization of deferred contributions HA Expenses Food program Clothing program Administration Fundraising Depreciation Excess of expenses over revenue Far North Centre Statement of Changes in Net Assets for the Year Ended December 31, Year 6 Restricted for endowment Unrestricted Total $ Balance January 1 Excess of expenses over revenues Endowment contributions Balance December 31 $ $ (c) Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet To close unrestricted revenues and expenses. The Far North Centre (the Centre) is an anti-poverty organization funded by contributions from governments and the general public. For a number of years, it has been run by a small group of permanent employees with the help of part-timers and dedicated volunteers. It owns its premises, which are in the process of being renovated. The funds for this were obtained through a special capital fund campaign carried out last year. Its main program is the daily provision of meals to the needy. It also distributes clothing, most of which is donated. Operating funds come from government grants, interest earned from endowment investments, and a public campaign held in the latter part of each year to raise funds for the needs of the next fiscal year. The Centre maintains its records in accordance with the deferral method of accounting for contributions. Fund accounting is not used. The organization's statement of financial position on January 1, Year 6, is shown below. STATEMENT OF FINANCIAL POSITION January 1, Year 6 Current Assets Cash Pledges receivable Allowance for uncollectible pledges Grants receivable $ 842,000 832,000 (70,500) 475,000 2,078,500 430,000 Investments Capital assets Land and buildings Furniture and equipment Accumulated depreciation 838,000 507,000 (684,000) 661,000 $3,169,500 $ Current Liabilities Accounts payable Wages payable Accrued liabilities 503,600 142,000 14,100 659,700 Deferred Revenue Deferred contribution revenue Deferred unspent contributions for capital assets Deferred contributions related to capital assets 836,000 424,300 270,700 1,531,000 Net Assets Net assets restricted for endowment purposes Unrestricted net assets 473,000 505,800 978, 800 $3,169,500 The following transactions took place in Year 6: 1. $109,400 from endowment fund cash was invested in marketable securities. 2. Office equipment costing $7,350 was purchased with operating fund cash. 3. Invoices totalling $1,660,000 were received for goods and services. These invoices were recorded as accounts payable and were allocated 55% to food program, 20% to clothing program, and 25% to administration. 4. The capital fund grants receivable of $119,000 were collected in full, and the $9,600 in accounts payable was paid. During Year 6, building renovations costing $315,000 and equipment purchases of $91,000 were made. Of this cost, 90% was paid, with the balance held back and still owing at year-end. 5. Operating fund accounts payable amounting to $1,785,000 and the wages payable and accrued liabilities at the beginning of the year were all paid. 6. All of the operating fund pledges receivable and grants receivable of $356,000. 7. The deferred revenue from the Year 5 fundraising campaign was made up of the following: Contributions for Year 6 activities Less: Campaign expense $1,310,000 474,000 $ 836,000 The Centre runs the campaign with its own people and is fully responsible for all decisions made during the campaign. 8. Government grants for operating purposes totalled $1,108,500, of which $1,018,000 was received during the year, with the balance expected early in Year 7. 9. The total wage costs for the year amounted to $425,500, of which $309,000 was paid and $116,500 is payable at year-end. These costs are to be allocated 40% each to the food and clothing programs, with the balance to administration. 10. The campaign to raise funds for next year's operations was held in December. Cash of $504,000 was collected and pledges of $734,000 were received. It is expected that 5% of these pledges will be uncollectible. Total fundraising costs were $578,000, of which $120,500 is still owed to suppliers. 11. An endowment contribution of $13,200 cash was received. In addition, the investments in the endowment fund earned $33,100 in interest. 12. The annual depreciation on the buildings and equipment amounted to $138,500. Other Information: 13. Seventy percent of the depreciable capital assets at the end of the year were purchased with restricted contributions. Required: (a) Prepare the journal entries necessary to reflect the Year 6 events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (b) Prepare a Year 6 statement of financial position, a statement of revenues and expenses, and a statement of changes in net assets for the year. (Input all amounts as positive values. Omit $ sign in your response.) Far North Centre Statement of financial position December 31, Year 6 December 31, Year 6 Current Assets Cash $ Pledges receivable (net of uncollectible allowance) Grants receivable Investments Capital assets Land and buildings Furniture and equipment Accumulated depreciation Current Liabilities Accounts payable Wages payable UA Deferred Revenue Deferred contributions Deferred unspent contributions for capital assets Deferred contributions related to capital assets Net Assets Restricted for endowment Unrestricted Far North Centre Statement of Revenues and Expenses for the Year Ended December 31, Year 6 Revenues Contributions Government grants Interest earned Amortization of deferred contributions HA Expenses Food program Clothing program Administration Fundraising Depreciation Excess of expenses over revenue Far North Centre Statement of Changes in Net Assets for the Year Ended December 31, Year 6 Restricted for endowment Unrestricted Total $ Balance January 1 Excess of expenses over revenues Endowment contributions Balance December 31 $ $ (c) Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet To close unrestricted revenues and expenses