Following is financial data for Opportunity Knocks, a not-for profit organization providing prescho care and education for children. Given this information, prepare the Statement of Activities and th Statement of Financial Position. Long-term liabilities .... PPE, net ... Expenses-support. Payables .... Depreciation expense. Investments. Net assets released from restriction $2,683,000 4,337,898 993,227 1,837,222 337,622 5,125,565 621 337
Following is financial data for Opportunity Knocks, a not-for profit organization providing prescho care and education for children. Given this information, prepare the Statement of Activities and th Statement of Financial Position. Long-term liabilities .... PPE, net ... Expenses-support. Payables .... Depreciation expense. Investments. Net assets released from restriction $2,683,000 4,337,898 993,227 1,837,222 337,622 5,125,565 621 337
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Preparation of financial statements for not-for-profit
Following is financial data for Opportunity Knocks, a not-for profit organization providing preschool
care and education for children. Given this information, prepare the Statement of Activities and the
Statement of Financial Position.
Long-term liabilities ...
PPE, net...
Expenses-support.
Payables.....
Depreciation expense.
Investments.
Net assets released from restriction..
Expenses-program..
Cash....
Contributions receivable..
Revenues-contributions ..
Revenues-investment
Net assets, beginning of year. ....
Unrestricted
$8,337,953
398,543
3,732,853
Temporarily
Restricted
$ 827,334
160,889
2,851,667
$2,683,000
4,337,898
993,227
1,837,222
337,622
5,125,565
621,337
7,938,665
833,934
2,437,938
Permanently
Restricted
$163,827
228,333
783,228
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