Question
PROBLEM 3 (Preparation of financial statements for an NFPO) Following are the preclosing fund trial balances as of December 31, 2018, for Pet City, an
PROBLEM 3
(Preparation of financial statements for an NFPO)
Following are the preclosing fund trial balances as of December 31, 2018, for Pet City, an NFPO. (The trial balances are based on the transactions contained in PROBLEM 2 above)
Prepare (a)statement of activities for the year ended December 31, 2018; and
(b) prepare a statement of financial position as of December 31, 2018.
Pet City
Preclosing Trial Balances
December 31, 2018
Unrestricted Current Fund
| Debit | Credit | ||
| Cash | $ 11,000 | ||
| Contributions Receivable | 20,000 | ||
| Investments | 22,000 | ||
| Allowance for uncollectible contributions | 5,000 | ||
| Unrestricted support-contributions | 115,000 | ||
| Unrestricted support-donated services | 10,000 | ||
| Unrestricted revenue-investment income | 1,000 | ||
| Unrestricted gains-unrealized investment gains | 2,000 | ||
| Unrestricted asset reclassification in-Satisfaction of program restrictions | 3,000 | ||
| Care of animals expenses | 50,000 | ||
| Special programs expenses | 3,000 | ||
| Administrative expenses | 30,000 | ||
| Total | 136,000 | 136,000 | |
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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
12th edition
1259918947, 1260091908, 978-1259918940
