Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, for Oliver's Place, a nonprofit. Prepare a statement of activities for the year ended December 31; also prepare a statement of financial position as of December 31. Oliver's Place Preclosing Trial Balances December 31 Unrestricted Current Cash Fund Contributions receivable Investments Allowance for uncollectible contributions Contribution revenue-Support without donor restrictions Contributed services-Support without donor restrictions Investment income, without donor restrictions Unrealized investment gains, without donor restrictions Net assets without donor restrictions-Reclassifications in- satisfaction of program restrictions Care of animals expenses Special programs expenses Administrative expenses Combined total Debit $13,200 Credit 24,000 26,400 $6,000 138,000 12,000 1,200 2,400 3,600 60,000 3,600 36,000 $163,200 $163,200 Cash Restricted Current Fund Debit Credit $16,800 $20,400 Contribution revenue-Support with donor restrictions Net assets with donor restrictions - Reclassifications out- satisfaction of program restrictions Combined total 3,600 $20,400 $20,400 Investments Endowment Fund Debit Credit $56,400 $60,000 3,600 $60,000 $60,000 Contribution revenue-Support with donor restrictions Unrealized investment losses, with donor restrictions Combined total Note: Contribution revenue - Support with donor restrictions includes: $2,400 classified as Purpose restricted and $14,400 that cannot be used until next fiscal year. Note: Contribution revenue - Support with donor restrictions includes: $2,400 classified as Purpose restricted and $14,400 that cannot be used until next fiscal year. Oliver's Place Statement of Activities For the Year Ended December 31 Without Donor Restrictions Revenues. Gains and Other Support: Contributions Contributed services Investment income Realized/unrealized invest. gains (losses) Net assets released from restrictions: satisfaction of program restrictions Total revenues, gains and other support Expenses: Care of animals expense Special programs expense Administrative expenses Total expenses Change in net assets $ 138,000 $ With Donor Restrictions Total 82,400 x $ 0 x 12,000✓ 1,200 0✓ 12,000 ✔ 2,400 ✔ ○ ✓ (3,600) ▼ 1,200 ✔ (1,200) 3,600 ✔ (3.600) ▼ 157,200 16,800 x 0 x 60,000 ✔ 60,000 ✔ 3,600 ✔ 3,600 ✔ 36,000 ▼ 99,600 ✔ 57,600 ▼ 0✓ 0✓ 16,800 x 36,000 ▼ 99,600 ✔ 0 x 0✓ 0✓ $ 57,600 $ 74,400 x $ 0 x Oliver's Place Net assets, beginning of year Net assets, end of year Statement of Financial Position December 31 Assets: Cash $ 163,200 x Contributions receivable, net 0х Investments 26,400 ✔ Investments restricted for endowment 0 x Total assets $ 74,400 x Liabilities and Net Assets: Liabilities $ Net assets: Without donor restrictions 60,800 x With donor restrictions: Time restricted only (for use in next fiscal year) Purpose restricted 0✓ 0 х 0 х Perpetual in nature (net) 0 x Total liabilities and net assets $ Check