tThe following information applies to the questions displayed below The Art League is a not-for-profit organization dedicated to are two programs conducted by the Art League: (0 exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are administrator, a part-time secretary-bookkeeper, visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League promoting the arts within the community. There conducted by a part-time and several part-time volunteers. The volunteers greet The post-closing trial balance for the Art League as of June 30. 2016, is shown here June 30, 2016 Cash Short-term Investments Grants Receivable Prepaid Expense $ 2.910 12.411 4.900 1,105 9495 for Restricted 5,797 Deferred Revenue Unrestricted Net Assets Temporarily Restricted Net Assets Permanently Restricted Net Assets 2,679 3100 9041 13.545 5,797 Totals $36.618 $36.618 Following is information summarizing the transactions of the Art League for the year ended June 30, 2017 1 During the year, unrestricted cash was received from the following sources: grants, $11,900, of which $4750 had been reported as receivable on June 30, 2016: annual contributions from fund drives and other unrestricted gifts, $13,891; membership dues. $16.435, tuition and fees for educational workshops $7004; and sales of members' art $12.040. of which 10 percent represents commissions eamed by the Art League 2. Interest earnings were as follows: interest on unrestricted investments totaled $689: interest on temporarily restricted investments totaled $928, interest on permanently restricted investments totaled $347 (these investment earnings are temporarily restricted for program use) 3. Grants receivable as of year-end totaled $5.080, of which $3.150 was earned in the current year (thus 4. The Art League receives free rent from the city at an estimated value of $18.300 a year unrestricted) and $1,930 was reported as deferred revenue 5. Expenses incurred during the year were as follows: salaries and fringe benefits. $47.200 utilities $3,110 6. During the year, $3.050 of short-term investments were sold, with the proceeds used to purchase two 7 In accordance with the terms of the Art League endowment income earned by the endowment for the 8. Depreclation on equipment in the amount of $1.672 was recorded postage and supplies. $1.340 and miscelaneous, $670. As of year-end, the balances of the following accounts were: Prepaid Expenses, $870: Accounts Payable and Accrued Expenses, $2.791 computers and printer at a cost of $2.865. The resources used were temporarily restricted for the purchase of equipment provision of free art instruction for handicapped children was provided at a cost of $855. This amount 9. Expenses for the year were allocated 30 percent to Exhibition Program, 20 percent to Community Art 10. Proceeds of art sales, net of commissions charged by the Art League. totaled $10,836. This amount wes 11. All nominal accounts were closed at year-end was allocated to community art ecucation Education. 30 percent to Management and General Expenses, and 20 percent to Fund-Raising paid to member artists during the year tThe following information applies to the questions displayed below The Art League is a not-for-profit organization dedicated to are two programs conducted by the Art League: (0 exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are administrator, a part-time secretary-bookkeeper, visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League promoting the arts within the community. There conducted by a part-time and several part-time volunteers. The volunteers greet The post-closing trial balance for the Art League as of June 30. 2016, is shown here June 30, 2016 Cash Short-term Investments Grants Receivable Prepaid Expense $ 2.910 12.411 4.900 1,105 9495 for Restricted 5,797 Deferred Revenue Unrestricted Net Assets Temporarily Restricted Net Assets Permanently Restricted Net Assets 2,679 3100 9041 13.545 5,797 Totals $36.618 $36.618 Following is information summarizing the transactions of the Art League for the year ended June 30, 2017 1 During the year, unrestricted cash was received from the following sources: grants, $11,900, of which $4750 had been reported as receivable on June 30, 2016: annual contributions from fund drives and other unrestricted gifts, $13,891; membership dues. $16.435, tuition and fees for educational workshops $7004; and sales of members' art $12.040. of which 10 percent represents commissions eamed by the Art League 2. Interest earnings were as follows: interest on unrestricted investments totaled $689: interest on temporarily restricted investments totaled $928, interest on permanently restricted investments totaled $347 (these investment earnings are temporarily restricted for program use) 3. Grants receivable as of year-end totaled $5.080, of which $3.150 was earned in the current year (thus 4. The Art League receives free rent from the city at an estimated value of $18.300 a year unrestricted) and $1,930 was reported as deferred revenue 5. Expenses incurred during the year were as follows: salaries and fringe benefits. $47.200 utilities $3,110 6. During the year, $3.050 of short-term investments were sold, with the proceeds used to purchase two 7 In accordance with the terms of the Art League endowment income earned by the endowment for the 8. Depreclation on equipment in the amount of $1.672 was recorded postage and supplies. $1.340 and miscelaneous, $670. As of year-end, the balances of the following accounts were: Prepaid Expenses, $870: Accounts Payable and Accrued Expenses, $2.791 computers and printer at a cost of $2.865. The resources used were temporarily restricted for the purchase of equipment provision of free art instruction for handicapped children was provided at a cost of $855. This amount 9. Expenses for the year were allocated 30 percent to Exhibition Program, 20 percent to Community Art 10. Proceeds of art sales, net of commissions charged by the Art League. totaled $10,836. This amount wes 11. All nominal accounts were closed at year-end was allocated to community art ecucation Education. 30 percent to Management and General Expenses, and 20 percent to Fund-Raising paid to member artists during the year