The last transaction should be $250 not $2,500, there was a typo in the book

11-17. For Youth Agency (FYA) is a voluntary health and welfare organization that provides counseling CHAPTER 11 Unique Aspects of Accounting for Not-for-Profit and Health Care Organizations 429 and recreation programs for youthful offenders and delinquents. FYA's programs are financed 5. FYA billed the county $6,500 for costs incurred through a contract with the county in which it under its contract. is located and through contributions from local 6. A licensed social worker in the area donated 100 citizens. Its contract with the county provides for hours of her time to FYA. Her normal hourly reimbursement of allowable costs based on monthly rate is $50 per hour. The CEO appreciates the billings to the county. FYA uses the accrual basis of donation because otherwise he would have to accounting, and the following transactions occurred purchase the counseling services. 7. FYA borrowed $10,000 from the local bank on during 2021: an unsecured note. The whole amount will be 1. FYA received cash in the amount of $25,000, to repaid next year. be used as the FYA board of directors considers 8. FYA paid the local bank $1,600, of which $400 appropriate. was interest 2. FYA received a gift of Intel stock that had a fair 9. FYA recorded $300 of depreciation for the year. 10. FYA prepaid next year's rent of $12,000. market value of $1,300 total at the time of the gift. The donor sent FYA's president a letter with 11. FYA determined that it will not be able to collect $2,50g of pledges. the gift, saying that proceeds of the stock should Record the above transactions. Then, using the be used only to purchase athletic equipment for beginning balances in this table, produce the the basketball team. FYA sold the stock upon balance sheet, activity statement, and cash flow receipt. statement 3. FYA paid $800 cash for athletic equipment, using some of the proceeds received in Account Balance Transaction 2. The expense was charged to the Cash $2,000 Recreation programs account. Contracts Receivable 1.000 4. FYA spent $12,000 cash on the following: Equipment 2,500 $8,000 for counseling programs, $3.000 Net Assets without Donor Restrictions 6,000 for recreation programs, and $1,000 for Pledges Receivable, Net of Allowance 500 administration a. 2.2.7. 6E-11-17 Template.xls 100% 2 De Review Nu For Wrap Text General Merge %) Condition Formatting had Det 1 U L M N o A Home Layout Tables Charts SmartArt Formulas Date Edit Font Migment F Times New Roman 12 A. A abx Pa Clear B1 826 of Ending Balance A D G H 1 Problem 11-18 2 3 TEMPLATE 5 5 Transactions Worksheet 6 Asts Pledges Cont Prepaid Cash Receivable et Receivables lavestments Expertise Equipment Beginning B Net Assets Lisbites Note Payable W Door Restrictions Without Decor Restrictions 10 2 3a 3b 12 13 14 15 16 17 5 6 7 19 20 22 9 10 11 50 30 SO 50 SO SU 50 SO 29 10 Activity Statement Content Transactions Hely 50 NE? ? ? ? MacBook Pro 22 Ya 100% Home Layout Tables Charts SmartArt Formulas Data Review Edit Font Abonnent Norbe 12 Fill Times New Roman abc General Wrap Text AIA : WA B Clear - 9% U 1 Merge 100 0.0 Bio ce FO Paste F19 X fx TOTAL LIABILITIES AND NET ASSETS C D E G H ! B 2 3 FYA Balance Sheet As of December 31, 2021 and December 31, 2020 5 6 2021 2020 2020 2021 Liabilities Current Liabilities Note Payable Total Current Liabilities SO SO 1818 Assets Current Assets Cash Pledges Receivable, net Contracts Receivable Prepaid Expense Total Current Assets SO SO SO 0 0 0 SO SO 0 0 0 SO SO 2 8 9 10 11 12 13 14 15 16 17 18 19 Net Assets Net Assets without Donor Restrictions Net Assets with Donor Restrictions Total Net Assets 0 so SO 0 SO Long-Term Assets Equipment Total Long-Term Assets SO SO SO SO SO SO TOTAL ASSETS SO SO TOTAL LIABILITIES AND NET ASSETS 20 21 22 23 24 25 26 27 Excel File Edit View Insert Format Tools Data Window - 0 2 -2 - Y- Home Layout Tables Charts SmartArt Formulas Data Review Edit Font Fill Times New Roman 12 . . Alignment abc Wrap Text Paste Clear B 1 U Merge . X B15 fx Counseling D B E 1 G 2 3 FYA Statement of Activities For the Year Ending December 31, 2021 4 5 Without Donor Restrictions With Donor Restrictions Revenues and Support Donation Revenue Contract Revenue Donated In-Kind Service Released from Restrictions Total Revenue Tota! SO SO SO SO SO SO SO 9 10 11 12 13 14 15 16 17 18 19 20 21 22 SO Expenses Recreation Counseling Administrative Interest Donated In-Kind Service Depreciation Bad Debts Total Expenses 0 0 0 SO SO SD Change in Net Assets Net Assets, Beginning Net Assets, Ending SO SO SO 24 25 26 27 SO SU 29 30 De Transactions Heady Balance Sheet Normal view Activity Statement Cash Flow Statement Excel Tools Data Windo File Insert Format Edit View 9. 01. 2. Y. Layout Tables Charts SmartArt Data A Home Formulas Edit Font Alignment abc FIBI Times New Roman - 12 A- A- A BIU Paste Clear 323 X fx Cash, Ending . B D E F 1 2 3 4 FYA Cash Flow Statement For the Year Ending December 31, 2021 6 2 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Cash from Operating Activities Change in Net Assets Depreciation Bad Debt Expense Changes in Current Assets Contracts Receivable Prepaid Expense Restricted Cash Net Cash from Operations so Cash from Financing Activities Restricted Cash Note Payable Net Cash from Financing SO Net Change in Cash Cash, Beginning Cash, Fading SO 24 SO 26 27 28 29 30 31 32 Normal Transactions Ready Balance Sheet Activity Statement Cash low Statement 11-17. For Youth Agency (FYA) is a voluntary health and welfare organization that provides counseling CHAPTER 11 Unique Aspects of Accounting for Not-for-Profit and Health Care Organizations 429 and recreation programs for youthful offenders and delinquents. FYA's programs are financed 5. FYA billed the county $6,500 for costs incurred through a contract with the county in which it under its contract. is located and through contributions from local 6. A licensed social worker in the area donated 100 citizens. Its contract with the county provides for hours of her time to FYA. Her normal hourly reimbursement of allowable costs based on monthly rate is $50 per hour. The CEO appreciates the billings to the county. FYA uses the accrual basis of donation because otherwise he would have to accounting, and the following transactions occurred purchase the counseling services. 7. FYA borrowed $10,000 from the local bank on during 2021: an unsecured note. The whole amount will be 1. FYA received cash in the amount of $25,000, to repaid next year. be used as the FYA board of directors considers 8. FYA paid the local bank $1,600, of which $400 appropriate. was interest 2. FYA received a gift of Intel stock that had a fair 9. FYA recorded $300 of depreciation for the year. 10. FYA prepaid next year's rent of $12,000. market value of $1,300 total at the time of the gift. The donor sent FYA's president a letter with 11. FYA determined that it will not be able to collect $2,50g of pledges. the gift, saying that proceeds of the stock should Record the above transactions. Then, using the be used only to purchase athletic equipment for beginning balances in this table, produce the the basketball team. FYA sold the stock upon balance sheet, activity statement, and cash flow receipt. statement 3. FYA paid $800 cash for athletic equipment, using some of the proceeds received in Account Balance Transaction 2. The expense was charged to the Cash $2,000 Recreation programs account. Contracts Receivable 1.000 4. FYA spent $12,000 cash on the following: Equipment 2,500 $8,000 for counseling programs, $3.000 Net Assets without Donor Restrictions 6,000 for recreation programs, and $1,000 for Pledges Receivable, Net of Allowance 500 administration a. 2.2.7. 6E-11-17 Template.xls 100% 2 De Review Nu For Wrap Text General Merge %) Condition Formatting had Det 1 U L M N o A Home Layout Tables Charts SmartArt Formulas Date Edit Font Migment F Times New Roman 12 A. A abx Pa Clear B1 826 of Ending Balance A D G H 1 Problem 11-18 2 3 TEMPLATE 5 5 Transactions Worksheet 6 Asts Pledges Cont Prepaid Cash Receivable et Receivables lavestments Expertise Equipment Beginning B Net Assets Lisbites Note Payable W Door Restrictions Without Decor Restrictions 10 2 3a 3b 12 13 14 15 16 17 5 6 7 19 20 22 9 10 11 50 30 SO 50 SO SU 50 SO 29 10 Activity Statement Content Transactions Hely 50 NE? ? ? ? MacBook Pro 22 Ya 100% Home Layout Tables Charts SmartArt Formulas Data Review Edit Font Abonnent Norbe 12 Fill Times New Roman abc General Wrap Text AIA : WA B Clear - 9% U 1 Merge 100 0.0 Bio ce FO Paste F19 X fx TOTAL LIABILITIES AND NET ASSETS C D E G H ! B 2 3 FYA Balance Sheet As of December 31, 2021 and December 31, 2020 5 6 2021 2020 2020 2021 Liabilities Current Liabilities Note Payable Total Current Liabilities SO SO 1818 Assets Current Assets Cash Pledges Receivable, net Contracts Receivable Prepaid Expense Total Current Assets SO SO SO 0 0 0 SO SO 0 0 0 SO SO 2 8 9 10 11 12 13 14 15 16 17 18 19 Net Assets Net Assets without Donor Restrictions Net Assets with Donor Restrictions Total Net Assets 0 so SO 0 SO Long-Term Assets Equipment Total Long-Term Assets SO SO SO SO SO SO TOTAL ASSETS SO SO TOTAL LIABILITIES AND NET ASSETS 20 21 22 23 24 25 26 27 Excel File Edit View Insert Format Tools Data Window - 0 2 -2 - Y- Home Layout Tables Charts SmartArt Formulas Data Review Edit Font Fill Times New Roman 12 . . Alignment abc Wrap Text Paste Clear B 1 U Merge . X B15 fx Counseling D B E 1 G 2 3 FYA Statement of Activities For the Year Ending December 31, 2021 4 5 Without Donor Restrictions With Donor Restrictions Revenues and Support Donation Revenue Contract Revenue Donated In-Kind Service Released from Restrictions Total Revenue Tota! SO SO SO SO SO SO SO 9 10 11 12 13 14 15 16 17 18 19 20 21 22 SO Expenses Recreation Counseling Administrative Interest Donated In-Kind Service Depreciation Bad Debts Total Expenses 0 0 0 SO SO SD Change in Net Assets Net Assets, Beginning Net Assets, Ending SO SO SO 24 25 26 27 SO SU 29 30 De Transactions Heady Balance Sheet Normal view Activity Statement Cash Flow Statement Excel Tools Data Windo File Insert Format Edit View 9. 01. 2. Y. Layout Tables Charts SmartArt Data A Home Formulas Edit Font Alignment abc FIBI Times New Roman - 12 A- A- A BIU Paste Clear 323 X fx Cash, Ending . B D E F 1 2 3 4 FYA Cash Flow Statement For the Year Ending December 31, 2021 6 2 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Cash from Operating Activities Change in Net Assets Depreciation Bad Debt Expense Changes in Current Assets Contracts Receivable Prepaid Expense Restricted Cash Net Cash from Operations so Cash from Financing Activities Restricted Cash Note Payable Net Cash from Financing SO Net Change in Cash Cash, Beginning Cash, Fading SO 24 SO 26 27 28 29 30 31 32 Normal Transactions Ready Balance Sheet Activity Statement Cash low Statement