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 SRS recorded the following financial events during the 2021 fiscal year (September 1, 2020 through August 31, 2021) 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 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 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 SRS sold $375,000 in tickets All tickets were paid for in cash 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 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 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) 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 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 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 Record new loan Record interest on new loan Record interest on old loan 2 Purchase of assets Record 1 2 year deprecation on new assets Record full year depreciation on old assets 3 Record membership revenue for current year Record membership revenue for future year 4 Record ticket revenue 5 Record receipt of foundation check from prior year grant Record revenue from new grant 6 Record revenue from new donor pledges Record cash received from new donor pledges Record cash received from last years balance of donor pledges Write off old donor pledges deemed uncollectible 7 Record program booklets paid for in the current year Record program booklets used in the current year Record program booklets bought for the next fiscal year 8 Record total wages due to employees for the year Record wages from prior year paid during the current year Record current year wages not yet paid (will be paid in the next fiscal year 1 months worth) 9 Record rent expense from prior year that was paid in advance Record current year rent payments (hint for 11 months) Record rent paid in current year that relates to the next fiscal year (hint 1 month at new rate) 10 Record the payment of the old note payable

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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

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

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

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
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.
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.
SRS sold $375,000 in tickets. All tickets were paid for in cash.
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.
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.
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).
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.
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.
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.