Question
Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, for Olivers Place, a nonprofit. Prepare a
Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, for Olivers Place, a nonprofit. Prepare a statement of activities for the year ended December 31; also prepare a statement of financial position as of December 31.
| Olivers Place Preclosing Trial Balances December 31 Unrestricted Current Fund | ||
|---|---|---|
| Debit | Credit | |
| Cash | $12,100 | |
| Contributions receivable | 22,000 | |
| Investments | 24,200 | |
| Allowance for uncollectible contributions | $5,500 | |
| Contribution revenueSupport without donor restrictions | 126,500 | |
| Contributed servicesSupport without donor restrictions | 11,000 | |
| Investment income, without donor restrictions | 1,100 | |
| Unrealized investment gains, without donor restrictions | 2,200 | |
| Net assets without donor restrictionsReclassifications in | ||
| satisfaction of program restrictions | 3,300 | |
| Care of animals expenses | 55,000 | |
| Special programs expenses | 3,300 | |
| Administrative expenses | 33,000 | |
| Combined total | $149,600 | $149,600 |
| Restricted Current Fund | ||
|---|---|---|
| Debit | Credit | |
| Cash | $15,400 | |
| Contribution revenueSupport with donor restrictions | $18,700 | |
| Net assets with donor restrictions - Reclassifications out | ||
| satisfaction of program restrictions | 3,300 | |
| Combined total | $18,700 | $18,700 |
| Endowment Fund | ||
|---|---|---|
| Debit | Credit | |
| Investments | $51,700 | |
| Contribution revenueSupport with donor restrictions | $55,000 | |
| Unrealized investment losses, with donor restrictions | 3,300 | |
| Combined total | $55,000 | $55,000 |
Note: Contribution revenue - Support with donor restrictions includes: $2,200 classified as Purpose restricted and $13,200 that cannot be used until next fiscal year.
| Olivers Place | |||
|---|---|---|---|
| Statement of Activities | |||
| For the Year Ended December 31 | |||
| Without Donor | With Donor | ||
| Restrictions | Restrictions | Total | |
| Revenues, Gains and Other Support: | |||
| Contributions | |||
| Contributed services | |||
| Investment income | |||
| Realized/unrealized invest. gains (losses) | |||
| Net assets released from restrictions: | |||
| satisfaction of program restrictions | |||
| Total revenues, gains and other support | |||
| Expenses: | |||
| Care of animals expense | |||
| Special programs expense | |||
| Administrative expenses | |||
| Total expenses | |||
| Change in net assets | |||
| Net assets, beginning of year | |||
| Net assets, end of year | |||
| Olivers Place | |
|---|---|
| Statement of Financial Position | |
| December 31 | |
| Assets: | |
| Cash | |
| Contributions receivable, net | |
| Investments | |
| Investments restricted for endowment | |
| Total assets | |
| Liabilities and Net Assets: | |
| Liabilities | |
| Net assets: | |
| Without donor restrictions | |
| With donor restrictions: | |
| Time restricted only (for use in next fiscal year) | |
| Purpose restricted | |
| Perpetual in nature (net) | |
| Total liabilities and net assets | |
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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
11th edition
78025400, 978-0078025402
