Exercise 10-8 (Algo)Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by fillingin any missing amounts as needed.RevenuesContribution revenuesNet assets released from restrictionsTotal revenuesCENTERVILLE AREA HOMELESS SHELTERStatement of ActivitiesFor the Year Ended December 31, 2020ExpensesTemporary shelter programSelf-sufficiency programFund raisingAdministrationTotal expensesIncrease in net assetsNet assets January 1Net assets December 31Net Assetswithout DonorRestrictions$0090,00021,000111,000Net Assetswith DonorRestrictions$(30,000)(30,000)028.15014,65042,800Total$ 1,595,530$01,595,5301,037,400372,2008,20059,5801,477,380118,15035,650153,800

The objective of the question is to complete the Statement of Activities for a homeless shelter by…

Answered: Exercise 10-8 (Algo) Presented below is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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P17-13 General Fund Entries [AICPA Adapted] The following information was abstracted from the accounts of the general fund of the City of Noble after the books had been closed for the fiscal year ended June 30, 20X2. Cash Taxes Receivable Total Allowance for Uncollectible Taxes Vouchers Payable Fund Balance: Assigned for Encumbrances Unassigned Total Postclosing Trial Balance, June 30, 20X1 $700,000 40,000 $740,000 $ 8,000 132,000 600,000 $740,000 Transactions July 1, 20X1-June 30, 20X2 Debit $1,820,000 1,870,000 8,000 1,852,000 70,000 Credit $1,852,000 1,828,000 10,000 1,840,000 70,000 20,000 Postclosing Trial Balance, June 30, 20X2 $668,000 82,000 $750,000 $ 10,000 120,000 70,000 550,000 $750,000 Additional Information The budget for the fiscal year ended June 30, 20X2, provided for estimated revenue of $2,000,000 and appropriations of $1,940,000. Encumbrances of $1,070,000 were made during the year. Required Prepare proper journal entries to record the budgeted and actual…
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