Required information [The following information applies to the questions displayed below.] The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as of June 30, 2023, follows. Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions-With Donor Restrictions-Programs Investment Income-Without Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense Unrealized Gain on Investments Depreciation Expense Totals Debits $ 126,500 41,000 2,800 178,000 210,000 22,000 288,410 38,400 6,940 4,190 3,500 30,000 $ 951,740 $ Credits 4,100 120,000 20, 520 196,500 50,500 140,000 348,820 38,100 9, 200 22,000 2,000 $951,740 1. 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 and general, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, and telephone 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 cash from contributors: $310,800 that was unrestricted and $38,100 that was restricted for the purchase of equipment for the center. It had $9,200 of income earned and received on long-term investments. The center spent cash of $288,410 on salaries and fringe benefits, $22,000 on the purchase of equipment for the center, and $86,504 for operating expenses. 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as of
June 30, 2023, follows.
Cash
Pledges Receivable-Without Donor Restrictions
Estimated Uncollectible Pledges
Inventory
Investments
Furniture and Equipment
Accumulated Depreciation-Furniture and Equipment
Accounts Payable
Net Assets Without Donor Restrictions
Net Assets With Donor Restrictions-Programs
Net Assets With Donor Restrictions-Permanent Endowment
Contributions-Without Donor Restrictions
Contributions-With Donor Restrictions-Programs
Investment Income-Without Donor Restrictions
Net Assets Released from Restrictions-With Donor Restrictions
Net Assets Released from Restrictions-Without Donor Restrictions
Salaries and Fringe Benefit Expense
Occupancy and Utility Expense
Supplies Expense
Printing and Publishing Expense
Telephone and Postage Expense
Unrealized Gain on Investments
Depreciation Expense
Totals
Debits
$ 126,500
41,000
2,800
178,000
210,000
22,000
288,410
38,400
6,940
4,190
3,500
30,000
$ 951,740
Credits
$ 4,100
120,000
20,520
196,500
50, 500
140,000
348,820
38,100
9, 200
22,000
2,000
$ 951,740
1. 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 and
general, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, and
telephone 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 cash
from contributors: $310,800 that was unrestricted and $38,100 that was restricted for the purchase of equipment for
the center. It had $9,200 of income earned and received on long-term investments. The center spent cash of $288,410
on salaries and fringe benefits, $22,000 on the purchase of equipment for the center, and $86,504 for operating
expenses. 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.
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its adjusted trial balance as of June 30, 2023, follows. Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipment Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions-Without Donor Restrictions Contributions-With Donor Restrictions-Programs Investment Income-Without Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense Unrealized Gain on Investments Depreciation Expense Totals Debits $ 126,500 41,000 2,800 178,000 210,000 22,000 288,410 38,400 6,940 4,190 3,500 30,000 $ 951,740 Credits $ 4,100 120,000 20,520 196,500 50, 500 140,000 348,820 38,100 9, 200 22,000 2,000 $ 951,740 1. 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 and general, 20 percent; and fund-raising, 10 percent. Occupancy and utility, supplies, printing and publishing, and telephone 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 cash from contributors: $310,800 that was unrestricted and $38,100 that was restricted for the purchase of equipment for the center. It had $9,200 of income earned and received on long-term investments. The center spent cash of $288,410 on salaries and fringe benefits, $22,000 on the purchase of equipment for the center, and $86,504 for operating expenses. 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.
Required
d. Prepare a statement of cash flows for the year ended June 30, 2023. (List of cash outflows should be indicated by a minus sign.)
KARE COUNSELING CENTER
Statement of Cash Flows
Year Ended June 30, 2023
Cash Flows from Operating Activities:
Cash Received from Contributors
Inventory
Salaries and Fringe
Cash Paid for Operating Expenses
Net Cash Used for Operating Activities
Cash Flows from Investing Activities:
Cash Received as Investment Income
Cash Flows from Financing Activities:
Proceeds from Contributions Restricted for:
With Donor Restrictions-Programs
Net Decrease in Cash
Cash, Beginning of year
Cash, End of year
$
$
Cash Provided by Operating Activities
Reconciliation of Changes in Net Assets to Net Cash Used for Operating Activities
Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities:
310,800
(1,000)
(310,410)
(86,504)
$
(87,114)
9,200
38,100
(39,814)
(39,814)
0
Transcribed Image Text:Required d. Prepare a statement of cash flows for the year ended June 30, 2023. (List of cash outflows should be indicated by a minus sign.) KARE COUNSELING CENTER Statement of Cash Flows Year Ended June 30, 2023 Cash Flows from Operating Activities: Cash Received from Contributors Inventory Salaries and Fringe Cash Paid for Operating Expenses Net Cash Used for Operating Activities Cash Flows from Investing Activities: Cash Received as Investment Income Cash Flows from Financing Activities: Proceeds from Contributions Restricted for: With Donor Restrictions-Programs Net Decrease in Cash Cash, Beginning of year Cash, End of year $ $ Cash Provided by Operating Activities Reconciliation of Changes in Net Assets to Net Cash Used for Operating Activities Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: 310,800 (1,000) (310,410) (86,504) $ (87,114) 9,200 38,100 (39,814) (39,814) 0
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