As of December 31, 2023 the Vale Maritime Museum had unrestricted cash of $52,000, building and land with a net book value of $145,000, and donor restricted permanent collections totaling $140,000. There were no liabilities. The Museum has two programs: Operation of a Maritime Museum and Educational Programs. During the year ended December 31, 2024 the Museum incurred the following transactions: (1) Cash contributions to the Museum included (a) unrestricted $421,000, (b) restricted for educational programs $45,000 and (c) restricted by the donor for endowment purposes $105,000. (2) Additional unrestricted cash receipts included $61,000 in fees from individuals and organizations using the Museum building as a meeting facility. Included in this is $9,000 for a meeting to be held in January 2023. (3) Incurred cash expenses: Portion for Museum Portion for Education Item Total Amount Utilities programs $ 54,000 $ Utilities administration 20,700 Salaries programs 136,500 Salaries administration 41,000 Supplies-programs 83,100 Supplies - administration 7,000 $ 342,300 $ Operations Programs Admin. 26,000 $ 28,000 $ 20,700 112,000 24,500 41,000 70,000 13,100 208,000 $ 7,000 65,600 $ 68,700 (4) Purchased land for future expansion to the adjoining lot in the amount of $35,000. (5) Depreciation on the Museum building amounted to $55,000 and is allocated on the basis of square feet: $40,000 to Museum operations, $5,000 to Education Programs, and $10,000 to administration. (6) Outstanding purchase orders for administrative supplies at 12-31-2023 totaled $2,000. Required: Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2023.
As of December 31, 2023 the Vale Maritime Museum had unrestricted cash of $52,000, building and land with a net book value of $145,000, and donor restricted permanent collections totaling $140,000. There were no liabilities. The Museum has two programs: Operation of a Maritime Museum and Educational Programs. During the year ended December 31, 2024 the Museum incurred the following transactions: (1) Cash contributions to the Museum included (a) unrestricted $421,000, (b) restricted for educational programs $45,000 and (c) restricted by the donor for endowment purposes $105,000. (2) Additional unrestricted cash receipts included $61,000 in fees from individuals and organizations using the Museum building as a meeting facility. Included in this is $9,000 for a meeting to be held in January 2023. (3) Incurred cash expenses: Portion for Museum Portion for Education Item Total Amount Utilities programs $ 54,000 $ Utilities administration 20,700 Salaries programs 136,500 Salaries administration 41,000 Supplies-programs 83,100 Supplies - administration 7,000 $ 342,300 $ Operations Programs Admin. 26,000 $ 28,000 $ 20,700 112,000 24,500 41,000 70,000 13,100 208,000 $ 7,000 65,600 $ 68,700 (4) Purchased land for future expansion to the adjoining lot in the amount of $35,000. (5) Depreciation on the Museum building amounted to $55,000 and is allocated on the basis of square feet: $40,000 to Museum operations, $5,000 to Education Programs, and $10,000 to administration. (6) Outstanding purchase orders for administrative supplies at 12-31-2023 totaled $2,000. Required: Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:As of December 31, 2023 the Vale Maritime Museum had unrestricted cash of $52,000, building
and land with a net book value of $145,000, and donor restricted permanent collections totaling
$140,000. There were no liabilities. The Museum has two programs: Operation of a Maritime
Museum and Educational Programs. During the year ended December 31, 2024 the Museum
incurred the following transactions:
(1) Cash contributions to the Museum included (a) unrestricted $421,000, (b) restricted for
educational programs $45,000 and (c) restricted by the donor for endowment purposes
$105,000.
(2) Additional unrestricted cash receipts included $61,000 in fees from individuals and
organizations using the Museum building as a meeting facility. Included in this is $9,000 for a
meeting to be held in January 2023.
(3) Incurred cash expenses:
Item
Total Amount
Portion for Museum
Operations
Portion for Education
Programs
Admin.
Utilities programs
$ 54,000
$
26,000
$
28,000
Utilities
administration
20,700
$
20,700
Salaries programs
136,500
112,000
24,500
Salaries
administration
41,000
41,000
Supplies
Supplies -
administration
programs
83,100
70,000
13,100
7,000
7,000
65,600 $
68,700
$ 342,300 $
208,000 $
(4) Purchased land for future expansion to the adjoining lot in the amount of $35,000.
(5) Depreciation on the Museum building amounted to $55,000 and is allocated on the basis of
square feet: $40,000 to Museum operations, $5,000 to Education Programs, and $10,000 to
administration.
(6) Outstanding purchase orders for administrative supplies at 12-31-2023 totaled $2,000.
Required:
Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year
ended 12-31-2023.
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