The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000,contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, andequipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000,the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000was purpose restricted whereas the other $100,000 had to be held permanently, although thesubsequently earned income is without restriction. Fifty percent of the purpose restricted netassets had to be used to help pay for a new building. The remainder was restricted to the paymentof officer salaries. Donors made no stipulations about the eventual reporting of buildings and otherlong-lived assets when acquired. Watson has one program service (health care) and twosupporting services (fundraising and administrative).During the current year, Watson Foundation has the following transactions.1. Computed interest of $20,000 on the unrestricted contribution receivable.2. Received cash of $100,000 from the contributions receivable and wrote off another $4,000as uncollectible.3. Received unrestricted cash donations of $180,000.4. Received $23,000 in cash that must be spent for a particular type of office machine withinthe next year or the money must be returned.5. Paid salaries of $90,000. Of that amount, $22,000 came from restricted funds. The paymentwas made to individuals doing health care work.6. Spent the $23,000 in (4) for the appropriate office machine.7. Received a cash gift of $12,000 that Watson must convey to another specified charity.However, Watson has the right to give this money to a different organization if officials sochoose.8. Bought a building for $500,000 by signing a long-term note for $450,000 and usingrestricted funds for the remainder.9. Collected annual membership dues of $30,000. Individuals receive substantial benefits fromtheir memberships. By the end of the year, two-thirds of the time for the averagemembership has passed.10. Received unrestricted income of $47,000 generated by net assets that must be heldpermanently.11. The board of directors of the Watson Foundation vote to set aside $9,000 of its investmentsfor emergency purposes.12. Paid rent of $12,000 for the past month, advertising of $15,000, and utilities of $16,000.These were half for the program service and one-fourth each for the two supportingservices.13. Received an unrestricted pledge of $200,000. Watson will collect the money in five yearsand does not expect any part to be uncollectible. Present value at inception is $149,000, butinterest for the year to date is $6,000.14. Computed depreciation of $40,000, 60 percent for health care, 30 percent foradministrative, and 10 percent for fundraising.15. Paid $15,000 in interest on the note signed in (8). All of this cost is assumed to be related tohealth care. Required:a. Prepare a statement of activities for the Watson Foundation for this year. (Negative amounts should be indicated by a minus sign.)WATSON FOUNDATIONSTATEMENT OF ACTIVITIESFor Year Ending December 31, 2020Net AssetsNet AssetsWithout DonorWith DonorRestrictionsRestrictionsContribution revenue:DonationsInterestTotalInvestment incomeExchange revenues-membershipsTotal contributions and revenuesNet assets released from restrictionsTotal contributions, revenues, and net assetsreleased from restrictionsExpenses:Program services-healthcareSalaryRentAdvertisingUtilitiesDepreciationInterestSupporting services-fundraisingRentAdvertisingUtilitiesDepreciationSupporting services-administrativeRentAdvertisingUtilitiesDepreciationTotal expensesExcess of total contributions, revenues, and netassets released from restriction over expensesNet assets at beginning of yearNet assets at end of year

Non Profit Organisation The purpose of establishing the non profit organisation is the primary motor…

Required: a. Prepare a statement of activities for the Watson Foundation for this year. (Negative amounts should be indicated by a minus sign.) WATSON FOUNDATION STATEMENT OF ACTIVITIES For Year Ending December 31, 2020

Required: a. Prepare a statement of activities for the Watson Foundation for this year. (Negative amounts should be indicated by a minus sign.) WATSON FOUNDATION STATEMENT OF ACTIVITIES For Year Ending December 31, 2020

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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