The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as ofJune 30, 2023, follows.CashPledges Receivable-Without Donor RestrictionsEstimated Uncollectible PledgesInventoryInvestmentsFurniture and EquipmentAccumulated Depreciation Furniture and EquipmentAccounts PayableNet Assets Without Donor RestrictionsNet Assets With Donor Restrictions-ProgramsNet Assets With Donor Restrictions-Permanent EndowmentContributions-Without Donor RestrictionsContributions-With Donor Restrictions ProgramsInvestment Income-Without Donor RestrictionsNet Assets Released from Restrictions-With Donor RestrictionsNet Assets Released from Restrictions-Without Donor RestrictionsSalaries and Fringe Benefit ExpenseOccupancy and Utility ExpenseSupplies ExpensePrinting and Publishing ExpenseTelephone and Postage ExpenseUnrealized Gain on InvestmentsDepreciation ExpenseTotalsRequireda. Prepare a statement of financial position as of June 30, 2023.Without Danar RestrictionsTotal AssetsTotal LiabilitiesTotal Net AssetsTotal Liabilities and Net AssetsKARE COUNSELING CENTERStatement of Financial PositionJune 30, 2023AssetsLlabilitiesNet AssetsDebits$ 126,50041,0001. Salaries and fringe benefits were allocated to program services and supporting services in the following percentages:counseling services, 40 percent; professional training, 20 percent; community service, 10 percent; management andgeneral, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, andtelephone and postage expenses were allocated to the programs in the same manner as salaries and fringe benefits.Depreciation expense was divided equally among all five functional expense categories.2. The organization had $165,314 of cash on hand at the beginning of the year. During the year, the center received cashfrom contributors: $310,800 that was unrestricted and $38,100 that was restricted for the purchase of equipment forthe center. It had $9,200 of income earned and received on long-term investments. The center spent cash of $288,410on salaries and fringe benefits, $22,000 on the purchase of equipment for the center, and $86,504 for operatingexpenses. Other pertinent information follows: net pledges receivable increased $6,000, inventory increased $1,000,accounts payable decreased $102,594, and there were no salaries payable at the beginning of the year.$2,800178,000210,00022,000288,41838,4006,9484,1983,50030,000$ 951,74800Credits00$ 4,108128,80828,528196,50058,508148,888348,82038,1009,20022,8002,000$ 951,748

Given,Cash = $126,500,Inventory = $2,800,Investments = $178,000Accounts Payable = $20,520.

Answered: Prepare a statement of financial…

Business

Accounting

Prepare a statement of financial position as of June 30, 2023.

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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