Question 6 Not complete Marked out of 6.00 Flag question 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 Credit $13,200 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 Revenues, Gains and Other Support: Without Donor Restrictions Restrictions With Donor Total Contributions $ 0 $ Contributed services 0 0 0 Investment income 0 0 0 Realized/unrealized invest. gains (losses) Net assets released from restrictions: 0 0 0 satisfaction of program restrictions 0 0 Total revenues, gains and other support 0 0 0 Expenses: Care of animals expense Special programs expense Administrative expenses Total expenses Change in net assets 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ Oliver's Place Net assets, beginning of year Net assets, end of year Statement of Financial Position December 31 Assets: Cash Contributions receivable, net Investments Investments restricted for endowment Total assets Liabilities and Net Assets: Liabilities Net assets: $ 0 0 0 0 $ 0 $ Without donor restrictions 0 With donor restrictions: Time restricted only (for use in next fiscal year) Purpose restricted 0 0 0 Perpetual in nature (net) 0 Total liabilities and net assets $ 0 Check

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ISBN:9780357391365
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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 Credit
$13,200
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.
Transcribed Image Text:Question 6 Not complete Marked out of 6.00 Flag question 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 Credit $13,200 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
Revenues, Gains and Other Support:
Without
Donor
Restrictions Restrictions
With Donor
Total
Contributions
$
0 $
Contributed services
0
0
0
Investment income
0
0
0
Realized/unrealized invest. gains (losses)
Net assets released from restrictions:
0
0
0
satisfaction of program restrictions
0
0
Total revenues, gains and other support
0
0
0
Expenses:
Care of animals expense
Special programs expense
Administrative expenses
Total expenses
Change in net assets
0
0
0
0
0
0
0
0
0
0
0
0
0
$
0 $
0 $
Oliver's Place
Net assets, beginning of year
Net assets, end of year
Statement of Financial Position
December 31
Assets:
Cash
Contributions receivable, net
Investments
Investments restricted for endowment
Total assets
Liabilities and Net Assets:
Liabilities
Net assets:
$
0
0
0
0
$
0
$
Without donor restrictions
0
With donor restrictions:
Time restricted only (for use in next fiscal year)
Purpose restricted
0
0
0
Perpetual in nature (net)
0
Total liabilities and net assets
$
0
Check
Transcribed Image Text: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 Revenues, Gains and Other Support: Without Donor Restrictions Restrictions With Donor Total Contributions $ 0 $ Contributed services 0 0 0 Investment income 0 0 0 Realized/unrealized invest. gains (losses) Net assets released from restrictions: 0 0 0 satisfaction of program restrictions 0 0 Total revenues, gains and other support 0 0 0 Expenses: Care of animals expense Special programs expense Administrative expenses Total expenses Change in net assets 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ Oliver's Place Net assets, beginning of year Net assets, end of year Statement of Financial Position December 31 Assets: Cash Contributions receivable, net Investments Investments restricted for endowment Total assets Liabilities and Net Assets: Liabilities Net assets: $ 0 0 0 0 $ 0 $ Without donor restrictions 0 With donor restrictions: Time restricted only (for use in next fiscal year) Purpose restricted 0 0 0 Perpetual in nature (net) 0 Total liabilities and net assets $ 0 Check
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