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 1st to August 31* fiscal year. The organization began the year with the following account balances: Cash Grants Receivable Inventory Net Assets without Donor Restrictions Notes Payable Pledges Receivable, net Property, Plant & Equipment, Net Prepaid Rent Wages Payable $40,000 100,000 4,000 169,000 50,000 75,000 75,000 10,000 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. SRS's 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, 2021. 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. 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. SRS's 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 SRS's 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. To complete this exercise: 1. Record the above transactions on the "Transactions" tab in the template provided. Remember that every entry must affect at least two accounts to remain in balance! Transaction 1 is done for you to remind you how this works. 2. Use the ending balance from the "Transactions" tab to complete the 2021 column on the balance sheet located in the "Balance Sheet" tab. 3. Use the activity from the "Transactions" tab to complete the Statement of Activities in the "Activity Statement" tab. Note that when you record transactions on the "Activity Statement" you do not need to enter expense amounts as negative. Enter everything as a positive number since expenses are deemed to be negative in that statement. 4. Use the information from the Balance Sheet and Activity Statement tabs to complete the Statement of Cash Flows on the "Cash Flow Statement" tab. The Science Road Show. Transactions Worksheet, FY 2021 Receivable mad Cash Grants Receivable 100,000 PPAL, NetPyable 75000 20,000 royable even 10,000 4,000 10,000 0 Loyable 5 0,000 Without Donor Restriction 169.000 Traction Numbe 200,000 Purchase of assets Record your Record all your depreciation on old as 15 Record membership venue for current yes 18 Record breve you Record ticket revenue Record receipt of foundation check from prior year grant Record revenue from new Record revenue from new domor pledges Record cash received from new donor pledges Record cash received from last years balance of door pledges Write of old door pledges deemed Record program booklets paid for in the Record program booklets ned is the current Record program booklets bought for the next Record total wages due to employees for the Redwap from player dag current year Record current year wipe tot el paid will be balance sheet Activity Statement on How Statement Normal Ve Ready CDE The Sec Read Show, Transacties Worksheet, FY 2011 Net Art Cash Grants Receivable Receivable, N et Inventory Prepaid Rent Wages PP&E, NetPayable Account Payable Revenue Payable Without Donor Restrictions 200,000 Record interest on old loan -9.000 Purchase of assets Record 12 year deprecation on wat Racond full year depreciation or old Record membership revenue for current year Record membership revenue for future year Record ticket reven Kecord receipt of foundation check from prior year grant Record revenue from new donar pledges Recond cash received from now donor pledges Record cash received from last years balance of donor pledges Write of old door pledges deemed collectible Record program booklets paid for in the current year Record program booklets used in the current MacBook Air CCB Exercise 7 The Science Road Show, Transactions Worksheet, FY 2021 Assets Receivable, Prepaid Wages Inventory RentPPAL NetPayable Grants Receivable Liabilities Account Defred Notes Payable Revenge Payable Net Without Donor Restrictions Write of old door pledges deemed collectible Record program booklet paid for in the current your Record program booklets used in the current Cecord program booklets bought for the next fiscal year Record total wages due to employees for the Recondage free prior your padding the Kecond current your not yet paid will be paid in the entral year - 1 months worth Recordent expense from prior year that was paid in advance Record current year payments (hint for 11 months) Record rent paid in current you that relates to the becal year (hint: 1 month a new rate) Recond the payment of the old one payable Questions: De you need to record anything for the payment that will be made on the woo OS X 61. 2. 2s. Y G 100 Homa Formu Fill abc Wrap Text Times New Roman-12 B T U Gfx A TE Merge G41 ZAB C NMON 2020 The Science Road Show Statements of Financial Position As of August 31, 2021 and August 31, 2020 2021 Current Assets Cash Grants Receivable Pledges Receivable, Net Inventory Prepaid Rent Total Current Assets SO Long-Term Assets PP&E, Net Total Assets $40,000 100,000 10,000 4,000 10,000 $164,000 $75,000 $239,000 $20,000 Liabilities Current Liabilities Wages Payable Accounts Payable Deferred Revenue Notes Payable-Current Portion Total Current Liabilities Long-Term Liabilities Notes Payable-Long-Term Portion Total Liabilities Net Assets Total Liabilities and Net Assets SO 50,000 $70,000 SO $70,000 S169,000 $239,000 SO A Home Layout Tables Charts SmartArt Formulas Edit Font Fill Times New Roman - 12 A A- Clear B IU EAAEEEE M32 B IC II III The Science Road Show Statement of Activities For the Year Ending August 31, 2021 RECONOUAWN- Revenues and Support Ticket Sales Memberships Grants Donations Total Revenue and Support SO Expenses Wages Rent Supplies Interest Bad Debts Depreciation Total Expenses SO Change in Net Assets Net Assets, Beginning Net Assets, Ending $169,000 S169,000 Paste Clear BI U A ALEES P27 2A B NOU AWNE 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 Cash From Investing Activities Purchase of Equipment Net Cash (Used For) Investing Activities Cash From Financing Activities Loan Proceeds Principal Repayment Net Cash From/(Used For) Financing Activities Net Increase/(Decrease) in Cash Cash, Beginning of Year Cash, End of Year 40,000 $40,000 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 1st to August 31* fiscal year. The organization began the year with the following account balances: Cash Grants Receivable Inventory Net Assets without Donor Restrictions Notes Payable Pledges Receivable, net Property, Plant & Equipment, Net Prepaid Rent Wages Payable $40,000 100,000 4,000 169,000 50,000 75,000 75,000 10,000 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. SRS's 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, 2021. 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. 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. SRS's 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 SRS's 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. To complete this exercise: 1. Record the above transactions on the "Transactions" tab in the template provided. Remember that every entry must affect at least two accounts to remain in balance! Transaction 1 is done for you to remind you how this works. 2. Use the ending balance from the "Transactions" tab to complete the 2021 column on the balance sheet located in the "Balance Sheet" tab. 3. Use the activity from the "Transactions" tab to complete the Statement of Activities in the "Activity Statement" tab. Note that when you record transactions on the "Activity Statement" you do not need to enter expense amounts as negative. Enter everything as a positive number since expenses are deemed to be negative in that statement. 4. Use the information from the Balance Sheet and Activity Statement tabs to complete the Statement of Cash Flows on the "Cash Flow Statement" tab. The Science Road Show. Transactions Worksheet, FY 2021 Receivable mad Cash Grants Receivable 100,000 PPAL, NetPyable 75000 20,000 royable even 10,000 4,000 10,000 0 Loyable 5 0,000 Without Donor Restriction 169.000 Traction Numbe 200,000 Purchase of assets Record your Record all your depreciation on old as 15 Record membership venue for current yes 18 Record breve you Record ticket revenue Record receipt of foundation check from prior year grant Record revenue from new Record revenue from new domor pledges Record cash received from new donor pledges Record cash received from last years balance of door pledges Write of old door pledges deemed Record program booklets paid for in the Record program booklets ned is the current Record program booklets bought for the next Record total wages due to employees for the Redwap from player dag current year Record current year wipe tot el paid will be balance sheet Activity Statement on How Statement Normal Ve Ready CDE The Sec Read Show, Transacties Worksheet, FY 2011 Net Art Cash Grants Receivable Receivable, N et Inventory Prepaid Rent Wages PP&E, NetPayable Account Payable Revenue Payable Without Donor Restrictions 200,000 Record interest on old loan -9.000 Purchase of assets Record 12 year deprecation on wat Racond full year depreciation or old Record membership revenue for current year Record membership revenue for future year Record ticket reven Kecord receipt of foundation check from prior year grant Record revenue from new donar pledges Recond cash received from now donor pledges Record cash received from last years balance of donor pledges Write of old door pledges deemed collectible Record program booklets paid for in the current year Record program booklets used in the current MacBook Air CCB Exercise 7 The Science Road Show, Transactions Worksheet, FY 2021 Assets Receivable, Prepaid Wages Inventory RentPPAL NetPayable Grants Receivable Liabilities Account Defred Notes Payable Revenge Payable Net Without Donor Restrictions Write of old door pledges deemed collectible Record program booklet paid for in the current your Record program booklets used in the current Cecord program booklets bought for the next fiscal year Record total wages due to employees for the Recondage free prior your padding the Kecond current your not yet paid will be paid in the entral year - 1 months worth Recordent expense from prior year that was paid in advance Record current year payments (hint for 11 months) Record rent paid in current you that relates to the becal year (hint: 1 month a new rate) Recond the payment of the old one payable Questions: De you need to record anything for the payment that will be made on the woo OS X 61. 2. 2s. Y G 100 Homa Formu Fill abc Wrap Text Times New Roman-12 B T U Gfx A TE Merge G41 ZAB C NMON 2020 The Science Road Show Statements of Financial Position As of August 31, 2021 and August 31, 2020 2021 Current Assets Cash Grants Receivable Pledges Receivable, Net Inventory Prepaid Rent Total Current Assets SO Long-Term Assets PP&E, Net Total Assets $40,000 100,000 10,000 4,000 10,000 $164,000 $75,000 $239,000 $20,000 Liabilities Current Liabilities Wages Payable Accounts Payable Deferred Revenue Notes Payable-Current Portion Total Current Liabilities Long-Term Liabilities Notes Payable-Long-Term Portion Total Liabilities Net Assets Total Liabilities and Net Assets SO 50,000 $70,000 SO $70,000 S169,000 $239,000 SO A Home Layout Tables Charts SmartArt Formulas Edit Font Fill Times New Roman - 12 A A- Clear B IU EAAEEEE M32 B IC II III The Science Road Show Statement of Activities For the Year Ending August 31, 2021 RECONOUAWN- Revenues and Support Ticket Sales Memberships Grants Donations Total Revenue and Support SO Expenses Wages Rent Supplies Interest Bad Debts Depreciation Total Expenses SO Change in Net Assets Net Assets, Beginning Net Assets, Ending $169,000 S169,000 Paste Clear BI U A ALEES P27 2A B NOU AWNE 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 Cash From Investing Activities Purchase of Equipment Net Cash (Used For) Investing Activities Cash From Financing Activities Loan Proceeds Principal Repayment Net Cash From/(Used For) Financing Activities Net Increase/(Decrease) in Cash Cash, Beginning of Year Cash, End of Year 40,000 $40,000