Only typed solution Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by fillingIn any missing amounts as needed.CENTERVILLE AREA HOMELESS SHELTERStatement of ActivitiesFor the Year Ended December 31, 2020Net Assetswithout DonorRestrictionsNet Assetswith DonorRestrictionsTotalRevenuesContribution revenuesNet assets released from restrictionsTotal revenuesExpensesTemporary shelter programSelf-sufficiency programFund raisingAdministrationTotal expensesIncrease in net assetsNet assets January 1$1,604,210(32,000)00(32,000)1,604,2101,043,600377,0008,50052,000001,481,10094,00029,110123,11019,50014,85034,350Net assets December 31$113,500 S43,960$157,460

The statement of activities is one of the financial statements prepared by a nonprofit…

Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling In any missing amounts as needed. CENTERVILLE AREA HOMELESS SHELTER Statement of Activities For the Year Ended December 31, 2020 Revenues Net Assets without Donor Restrictions Net Assets with Donor Restrictions Total Contribution revenues Net assets released from restrictions Total revenues Expenses Temporary shelter program Self-sufficiency program Fund raising Administration Total expenses Increase in net assets Net assets January 1 $ 1,604,210 (32,000) 0 0 (32,000) 1,604,210 1,043,600 377,000 8,500 52,000 0 0 1,481,100 94,000 29,110 123,110 19,500 14,850 34,350 Net assets December 31 $ 113,500 $ 43,960 $ 157,460

Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling In any missing amounts as needed. CENTERVILLE AREA HOMELESS SHELTER Statement of Activities For the Year Ended December 31, 2020 Revenues Net Assets without Donor Restrictions Net Assets with Donor Restrictions Total Contribution revenues Net assets released from restrictions Total revenues Expenses Temporary shelter program Self-sufficiency program Fund raising Administration Total expenses Increase in net assets Net assets January 1 $ 1,604,210 (32,000) 0 0 (32,000) 1,604,210 1,043,600 377,000 8,500 52,000 0 0 1,481,100 94,000 29,110 123,110 19,500 14,850 34,350 Net assets December 31 $ 113,500 $ 43,960 $ 157,460

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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Exercise 10-8 (Algo) Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in any missing amounts as needed. Revenues Contribution revenues Net assets released from restrictions Total revenues CENTERVILLE AREA HOMELESS SHELTER Statement of Activities For the Year Ended December 31, 2020 Expenses Temporary shelter program Self-sufficiency program Fund raising Administration Total expenses Increase in net assets Net assets January 1 Net assets December 31 Net Assets without Donor Restrictions $ 0 0 90,000 21,000 111,000 Net Assets with Donor Restrictions $ (30,000) (30,000) 0 28.150 14,650 42,800 Total $ 1,595,530 $ 0 1,595,530 1,037,400 372,200 8,200 59,580 1,477,380 118,150 35,650 153,800
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in any missing amounts.
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…
Statement of activities for a nonprofit The following information was excerpted from the records of a nonprofit. All account balances are as of the fiscal year ended June 30, 2019, except for the net asset balances at the beginning of the year. Prepare a statement of activities for the nonprofit. Contribution revenue (without donor restrictions) $ 86,000 Contribution revenue (with donor restrictions) 80,000 Investment return, net (without donor restrictions) 5,000 Investment return, net (with donor restrictions) 15,000 Expenses-Program A 23,000 Expenses-Program B 26,000 Expenses-Management and general 4,000 Expenses-Fundraising 2,000 Net assets with donor restrictions-Reclassifications out- Satisfaction of program restrictions 17,000 Net assets without donor restrictions-Reclassifications in- Satisfaction of program restrictions 17,000 Net assets at beginning of year-without donor restrictions 80,000 Net assets at beginning of year-with donor restrictions 180,000 Use a negative sign…
4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
Prepare the Balance Sheet for the Debt Service fund for the Village of Earl as of June 30, 2020 using the trial balance provided below: Account Title Cash Matured Notes Payable Matured Interst Payable Estimated other Financing Sources Estimated Revenues Appropriations Budgetary Fund Balance Revenues Financial Statement Expenditures-Debt Service Principal Expenditures-Debt Service Interest Village of Earl Debt Service Fund Adjusted Trial Balance 6/30/2020 Other Financing Sources-Transfer from General Fund Other Financing Sources-Transfer from Capital Project Fund Debit $22,000 10,000 18,000 20,000 7,600 $77,600 Credit 10,000 3,600 27,600 400 20,000 10,000 6,000 $77,600
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, and equipment (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, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. 1. Computed interest of…
The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…