Prepare a statement of financial position as of June $30,2023$

iThe Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adJusted trial balance as of June 30, 2023, follows. Cash Pledges ReceivableWithout Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated DepreciationFurniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor RestrictionsPrograms Net Assets With Donor RestrictionsPermanent Endowment ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsPrograms Investment IncomeWithout Donor Restrictions Net Assets Released from RestrictionsWith Donor Restrictions Net Assets Released from RestrictionsWithout Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense Unrealized Gain on Investments Depreciation Expense Totals Debits $126,500 41 ,OOO 2,800 178,000 210,000 22,000 288,410 38,400 6,940 4, 190 3,500 30,000 $951,740 Credits $4, 100 120,000 20,520 196,500 50,500 140,000 348,820 38, 100 9,200 22,000 2,000 $951,740 Required 1. Prepare a statement of financial position as of June 30, 2023. RE COUNSELINGCENTE Statement of Financial Position June 30, 2023 Assets Cash Pledges Receivable Inventory Investments Furniture and Equipment Total Assets Liabilities Accounts Payable Total Liabilities Net Assets Without Donor Restrictions With Donor RestrictionsPrograms With Donor RestrictionsPermanent Endowment Total Net Assets Total Liabilities and Net Assets 2 Salaries and fringe benefits were allocated to program services and supporting services in the following percentages: counseling services, 40 percent; professional training, 20 percent; community service, 10 percent; management and general, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, and telephone and postage expenses were allocated to the programs in the same manner as salaries and fringe benefits. Depreciation expense was divided equally among all five functional expense categories The organization had $165,314 of cash on hand at the beginning of the year. During the year, the center received cash from contributors. $310,800 that was unrestricted and $38, 100 that was restricted for the purchase of equipment for the center. It had $9,200 of income earned and received on long-term investments. The center spent cash of $288,410 on salaries and fringe benefits, $22,000 on the purchase of equipment for the center, and $86,504 for operating expenses. Other pertinent information follows: net pledges receivable increased $6,000, inventory increased $1 ,000, accounts payable decreased $102,594, and there were no salaries payable at the beginning of the year. iThe Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adJusted trial balance as of June 30, 2023, follows. Cash Pledges ReceivableWithout Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated DepreciationFurniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor RestrictionsPrograms Net Assets With Donor RestrictionsPermanent Endowment ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsPrograms Investment IncomeWithout Donor Restrictions Net Assets Released from RestrictionsWith Donor Restrictions Net Assets Released from RestrictionsWithout Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense Unrealized Gain on Investments Depreciation Expense Totals Debits $126,500 41 ,OOO 2,800 178,000 210,000 22,000 288,410 38,400 6,940 4, 190 3,500 30,000 $951,740 Credits $4, 100 120,000 20,520 196,500 50,500 140,000 348,820 38, 100 9,200 22,000 2,000 $951,740 Required 1. Prepare a statement of financial position as of June 30, 2023. RE COUNSELINGCENTE Statement of Financial Position June 30, 2023 Assets Cash Pledges Receivable Inventory Investments Furniture and Equipment Total Assets Liabilities Accounts Payable Total Liabilities Net Assets Without Donor Restrictions With Donor RestrictionsPrograms With Donor RestrictionsPermanent Endowment Total Net Assets Total Liabilities and Net Assets 2 Salaries and fringe benefits were allocated to program services and supporting services in the following percentages: counseling services, 40 percent; professional training, 20 percent; community service, 10 percent; management and general, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, and telephone and postage expenses were allocated to the programs in the same manner as salaries and fringe benefits. Depreciation expense was divided equally among all five functional expense categories The organization had $165,314 of cash on hand at the beginning of the year. During the year, the center received cash from contributors. $310,800 that was unrestricted and $38, 100 that was restricted for the purchase of equipment for the center. It had $9,200 of income earned and received on long-term investments. The center spent cash of $288,410 on salaries and fringe benefits, $22,000 on the purchase of equipment for the center, and $86,504 for operating expenses. Other pertinent information follows: net pledges receivable increased $6,000, inventory increased $1 ,000, accounts payable decreased $102,594, and there were no salaries payable at the beginning of the year.