Question
Question text Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, 2018, for Olivers Place, a
Question text
Preparation of financial statements for a nonprofit
Following are the preclosing fund trial balances as of December 31, 2018, for Olivers Place, a nonprofit. Prepare a statement of activities for the year ended December 31, 2018; also prepare a statement of financial position as of December 31, 2018.
| Olivers Place 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 | |
| Contributions revenueSupport without donor restrictions | 115,000 | |
| Contributed servicesSupport without donor restrictions | 10,000 | |
| Investment income, without donor restrictions | 1,000 | |
| Unrealized investment gains, without donor restrictions | 2,000 | |
| Net assets without donor restrictionsReclassifications insatisfaction of program restrictions | 3,000 | |
| Care of animals expenses | 50,000 | |
| Special programs expenses | 3,000 | |
| Administrative expenses | 30,000 | |
| $136,000 | $136,000 | |
| Restricted Current Fund | ||
|---|---|---|
| Debit | Credit | |
| Cash | $14,000 | |
| Contributions revenueSupport with donor restrictions | $17,000 | |
| Net assets with donor restrictions - Reclassifications outsatisfaction of program restrictions | 3,000 | |
| $17,000 | $17,000 | |
| Endowment Fund | ||
|---|---|---|
| Debit | Credit | |
| Investments | $47,000 | |
| Contributions revenueSupport with donor restrictions | $50,000 | |
| Unrealized investment losses, with donor restrictions | 3,000 | |
| $50,000 | $50,000 | |
Use a negative sign with your answers for Realized/unrealized investment gains/losses, and Net assets released from restrictions - when applicable. Otherwise do not use negative signs with your answers.
| Oliver's Place Statement of Activities For the Year Ended December 31, 2018 | |||
|---|---|---|---|
| Without Donor Restrictions | With Donor Restrictions | Total | |
| Revenues, Gains, and Other Support: | |||
| Contributions | 115000 | 67000 | 182000 |
| Contributed services | 10000 | 0 | 10000 |
| Investment income | 1000 | 0 | 1000 |
| Realized/unrealized investment gains/(losses) | 2000 | -3000 | -1000 |
| Net assets released from restrictions due to satisfaction of program restrictions | 3000 | 3000 | 6000 |
| Total revenues, gains, and other support | 131000 | 67000 | 198000 |
| Expenses: | |||
| Care of animals expense | 50000 | 0 | 50000 |
| Special programs expense | 3000 | 0 | 3000 |
| Administrative expenses | 30000 | 0 | 30000 |
| Total expenses | 83000 | 0 | 83000 |
| Change in net assets | 0 | 0 | 0 |
| Net assets, beginning of year | 3000 | 0 | 3000 |
| Net assets, end of year | 3000 | 0 | 3000 |
| Olivers Place Statement of Financial Position December 31, 2018 | ||
|---|---|---|
| Assets: | ||
| Cash | _______ | |
| Contributions receivable, less allowance for uncollectibles | _______ | |
| 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 2019) | _______ | |
| Purpose restricted | _______ | |
| Perpetual in nature (net of deficiency) | _______ | |
| Total liabilities and net assets | _______ | |
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062
