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SOMEONE TO HELP ME WITH THIS ASSIGNMENT. THANK YOU 14-2. Classification of Revenues/Support and Expenses. For each of the independent transactions listed in the left-hand
SOMEONE TO HELP ME WITH THIS ASSIGNMENT. THANK YOU
14-2. Classification of Revenues/Support and Expenses. For each of the independent transactions listed in the left-hand column below, indicate which of the revenue/support or expense classifications apply by choosing one or more of the letters from the listed items in the right-hand column. Choose all that apply. 14-8 Prepare Financial Statements. The Children's Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2011, follows. 1. Salaries and fringe benefits were allocated to program services and supporting services in the following percentages: counseling services, 40%; professional training, 15%; community service, 10%; management and general, 25%; and fund-raising, 10%. Occupancy and utility, supplies, printing and publishing, and telephone and postage expense 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. Unrealized loss on investments was charged to the management and general function. 2. The organization had $153,314 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 $48,100 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 $286,410 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. Required a. Prepare a statement of financial position as of June 30, 2011, following the format in Illustration 14- 7. b. Prepare a statement of functional expenses for the year ended June 30, 2011, following the format in Illustration 14-10. c. Prepare a statement of activities for the year ended June 30, 2011, following the format in Illustration 14-8. d. Prepare a statement of cash flows for the year ended June 30, 2011, following the format in Illustration 14-9Step by Step Solution
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