Required information [The following information applies to the questions displayed below.) The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 year Its adjusted trial balance as of June 30, 2020, follows. Credits $ Debits 113,000 42,500 $ 5,600 4,300 193,000 225,000 Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions With Donor Restrictions-Programs Investment Income-Without Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense 127,500 22,020 198,000 52,000 155,000 350,320 39,600 10,700 37,000 37,000 289,910 39,900 8,440 5,690 5,000 19 UN COLLLeu uaill UE LIVE LICITLS Depreciation Expense Totals 37,500 $1,001,240 $1,001,240 1. Salaries and fringe benefits were allocated to program services and supporting services in the following percentages: counseling services, 30 percent; professional training, 20 percent; community service, 10 percent; management and general, 20 percent; and fund-raising, 20 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. 2. The organization had $172,814 of cash on hand at the beginning of the year. During the year, the center received cash from contributors: $304,800 that was unrestricted and $39,600 that was restricted for the purchase of equipment for the center. It had $10,700 of income earned and received on long-term investments. The center spent cash of $289,910 on salaries and fringe benefits, $37,000 on the purchase of equipment for the center, and $88,004 for operating expenses. Other pertinent information follows: net pledges receivable increased $4,300, inventory increased $2,500, accounts payable decreased $107,294, and there were no salaries payable at the beginning of the year. Required a. Prepare a statement of financial position as of June 30, 2020. KARE COUNSELING CENTER Statement of Financial Position June 30 2020 , b. Prepare a statement of expenses by nature and function for the year ended June 30, 2020. KARE COUNSELING CENTER Statement of Expenses by Nature and Function Year Ended June 30, 2020 Program Services Counseling Professional Community Total Services Training Services All Services Supporting Services Management and General Fund-Raising Total Total Total Expenses $ 0 $ 0 $ 0 S $ 0 S 0 $ S 0 KARE COUNSELING CENTER of 4 Statement of Activities Year Ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues, Gains, and Other Support: $ 01.294, and were were no Sdiares payable at the beginning of d. Prepare a statement of cash flows for the year ended June 30, 2020. (List of cash outflows should be indicated by a minus art 4 of 4 KARE COUNSELING CENTER 7 nts Statement of Cash Flows Year Ended June 30, 2020 Cash Flows from Operating Activities eBook Cash Received from Contributors Print Cash Received as Investment Income ferences Cash Paid to Employees Cash Paid for Operating Expenses 0 Net Cash Used for Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Proceeds from Contributions Restricted for 0 Net Increase in Cash Cash, July 1, 2019 Cash, June 30, 2020 $ 0 Required information rt 4 of 4 Net Cash Used for Operating Activities Cash Flows from Investing Activities 0 7 ts Cash Flows from Financing Activities Proceeds from Contributions Restricted for eBook Net Increase in Cash 0 Print Cash, July 1, 2019 Cash, June 30, 2020 $ 0 erences Reconciliation of Changes in Net Assets to Net Cash Used for Operating Activities Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities $ 0 Net Cash Used for Operating Activities