Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is the total amount of net assets released from restrictions in 2019? What is the total amount of Program Expenses in 2019? Selected information
What is the total amount of net assets released from restrictions in 2019?
What is the total amount of Program Expenses in 2019?
Selected information from the accounts of the Flagstaff Musical Society, a nongovernment, not-for-profit organization for the year ended December 31, 2019 is presented below. All expenses of the Maestro and Classical Music Appreciation Program are paid from donor restricted resources. Administrative salaries $ 50.000 250,000 300,000 5,000 175,000 Cash contributions restricted for Classical Music Appreciation Program Collections of Unconditional Pledges received in 2018 Depreciation Equipment (used in administration offices) Fundraising expenses Materials and supplies used Maestro Program Net assets with donor restrictions, January 1, 2019 Net assets without donor restrictions, January 1, 2019 Payment to retire long-term note that matured during the year 330,000 1,100,000 320,000 170,000 Pledges received during year (and outstanding at year end) to support Maestro Program 1,200,000 Teacher salaries - Classical Music Appreciation Program 60,000 Teacher salaries - Maestro Program 80,000 Ticket sales from musical concerts 150,000 800,000 Unrestricted cash contributionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started