The Science Road Show (SRS) is a not-for-profit organization that puts on traveling science demonstrations throughout the state. SRS operates on a September 1^st to August 31^st fiscal year. The organization began the year with the following account balances:

Cash	$40,000
Grants Receivable	100,000
Inventory	4,000
Net Assets without Donor Restrictions	169,000
Notes Payable	50,000
Pledges Receivable, net	75,000
Property, Plant & Equipment, Net	75,000
Prepaid Rent	10,000
Wages Payable	20,000

These beginning balances have already been recorded on the template provided to you for completion of this exercise.

SRS recorded the following financial events during the 2021 fiscal year (September 1, 2020 through August 31, 2021):

1. On September 1, 2020, SRS took out a $200,000 bank loan with an annual interest rate of 4.5 percent. SRSs prior outstanding loan ($50,000 as reflected above) has an annual interest rate of 6.0 percent. Annual interest payments on both loans are due August 31, 202
2. Halfway through the fiscal year, SRS used the new loan proceeds to purchase a new asset that is expected to last 10 years and have no salvage value (it will be worth $0 when it is disposed of). SRS also recorded $5,000 in depreciation on its existing equipment, per its policy of recording depreciation annually.
3. On the first day of the fiscal year, SRS held a membership drive. Each 2-year membership is priced at $1,000 and entitles the member to benefits for 2 years. SRS sold and received payment for 50 memberships.
4. SRS sold $375,000 in tickets. All tickets were paid for in cash.
5. SRS received a $100,000 check for a foundation grant that was awarded in the previous fiscal year. During the year, SRS was awarded another $50,000 foundation grant. Payment on the second grant is expected in October 2021.
6. During the fiscal year, SRS received $60,000 in new donor pledges and collected 75% of those pledges. SRS also collected 60 percent of the outstanding pledges from the previous fiscal year. Based on past experience, SRS expects that none of the remaining outstanding pledges from the prior fiscal year will be collected.
7. Throughout the year, SRS ordered, paid for, and used $15,000 of program booklets. In August, SRS ordered (on account) $5,000 of programs for the following fiscal year (on account means they did not pay for these programs and still owes the supplier).
8. SRSs employees earned $25,000 per month. Employees are paid with a 1-month lag. SRS also fully paid its prior-year obligations to employees.
9. Payments on SRSs operating leased vehicles and equipment are due 1 month in advance. Currently lease payments totaled $10,000 per month. Next year, they will rise to $12,000 per month.
10. On August 31, in addition to making annual interest payments SRS repaid the loan outstanding prior to FY 2021 in full (the $50,000 loan in the beginning balance). A $25,000 principal repayment on the loan taken out at the beginning of the fiscal year is due on September 1, 2021.

	The Science Road Show
	Statement of Cash Flows
	For the Year Ending December 31, 2021
	Cash From Operating Activities
	Change in Net Assets
	Adjustment for Non-Cash Expense: Depreciation
	(Increases)/Decreases in Non-Cash Current Assets:
	Grants Receivable
	Pledges Receivable, Net
	Inventory
	Prepaid Rent
	Increases/(Decreases) in Current Liabilities:
	Wages Payable
	Accounts Payable
	Deferred Revenue
	Net Cash From Operating Activities	$0
	Cash From Investing Activities
	Purchase of Equipment
	Net Cash (Used For) Investing Activities	$0
	Cash From Financing Activities
	Loan Proceeds
	Principal Repayment
	Net Cash From/(Used For) Financing Activities	$0
	Net Increase/(Decrease) in Cash	$0
	Cash, Beginning of Year	40,000
	Cash, End of Year	$40,000