Question
This is not the same problem already listed.... please help different numbers!! The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare
This is not the same problem already listed.... please help different numbers!!
The Kare 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, 2017, follows. |
Debits | Credits | ||||||||
Cash | $ | 126,500 | |||||||
Pledges ReceivableUnrestricted | 41,000 | ||||||||
Estimated Uncollectible Pledges | $ | 4,100 | |||||||
Inventory | 2,800 | ||||||||
Investments | 178,000 | ||||||||
Furniture and Equipment | 210,000 | ||||||||
Accumulated DepreciationFurniture and Equipment | 120,000 | ||||||||
Accounts Payable | 20,520 | ||||||||
Unrestricted Net Assets | 196,500 | ||||||||
Temporarily Restricted Net Assets | 50,500 | ||||||||
Permanently Restricted Net Assets | 140,000 | ||||||||
ContributionsUnrestricted | 348,820 | ||||||||
ContributionsTemporarily Restricted | 38,100 | ||||||||
Investment IncomeUnrestricted | 9,200 | ||||||||
Net Assets Released from RestrictionsTemporarily Restricted | 22,000 | ||||||||
Net Assets Released from RestrictionsUnrestricted | 22,000 | ||||||||
Salaries and Fringe Benefit Expense | 288,410 | ||||||||
Occupancy and Utility Expense | 38,400 | ||||||||
Supplies Expense | 6,940 | ||||||||
Printing and Publishing Expense | 4,190 | ||||||||
Telephone and Postage Expense | 3,500 | ||||||||
Unrealized Gain on Investments | 2,000 | ||||||||
Depreciation Expense | 30,000 | ||||||||
Totals | $ | 951,740 | $ | 951,740 | |||||
1. | Salaries and fringe benefits were allocated to program services and supporting services in the following percentages: counseling services, 40 percent; professional training, 20 percent; community service, 10 percent; management and general, 20 percent; and fund-raising, 10 percent. 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. | ||||
2. | The organization had $165,314 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 $38,100 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 $288,410 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. A.Prepare a statement of financial position as of June 30, 2017.
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