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

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 12Q: Charity Navigator (https://www.charitynavigator.org) is a website dedicated to providing information...

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