Preparation of financial statements for a not-for-profit organization Following is financial data for the Center for Music and Health Studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the statement of activities and the statement of financial position. Without Donor Restrictions With Donor Restrictions Support—contributions $821,780 $301,560 Revenues—investment 36,640 37,500 Net assets, beginning of year 674,480 726,960 Long-term liabilities $276,760 Contributions receivable 247,720 Expenses—support 176,580 Net assets released from restriction 67,560 Cash 189,620 Payables 165,580 Expenses—program 731,780 Investments 196,920 Depreciation expense (of which 80% relates to program expenses and 20% relates to support expenses) 33,900 Property, plant and equipment, net 1,464,740 Instructions: Round answers to the nearest whole number, when applicable. Use a negative sign to indicate a decrease in net assets or the release of net assets for restriction. Statement of Activities Without Donor Restrictions With Donor Restrictions Total Support—contributions Revenues—investment Total support and revenue Expenses program

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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Preparation of financial statements for a not-for-profit organization

Following is financial data for the Center for Music and Health Studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the statement of activities and the statement of financial position.

	Without Donor Restrictions	With Donor Restrictions
Support—contributions	$821,780	$301,560
Revenues—investment	36,640	37,500
Net assets, beginning of year	674,480	726,960

Long-term liabilities	$276,760
Contributions receivable	247,720
Expenses—support	176,580
Net assets released from restriction	67,560
Cash	189,620
Payables	165,580
Expenses—program	731,780
Investments	196,920
Depreciation expense (of which 80% relates to program expenses and 20% relates to support expenses)	33,900
Property, plant and equipment, net	1,464,740

Instructions:

Round answers to the nearest whole number, when applicable.
Use a negative sign to indicate a decrease in net assets or the release of net assets for restriction.

Statement of Activities
	Without Donor Restrictions	With Donor Restrictions	Total
Support—contributions
Revenues—investment

Total support and revenue
Expenses program
Expenses support
Total expenses

Net assets beginning of year
Net assets end of year

Statement of Financial Position
Cash
Investments
Contributions receivable
Total current assets
Property plant and equipment net
Total assets
Payables
Total current liabilities
Long-term Liabilities
Total liabilities
Net assets—without donor restrictions
Net assets—with donor restrictions
Total net assets
Total liabilities and net assets

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