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goblinko [34]
3 years ago
8

The following information pertains to United Ways, a private voluntary health and welfare organization, for the year ended Decem

ber 31, 20X3. Balances in net assets at January 1, 20X3: without Donor Restrictions $ 3,013.888 With Donor Restrictions 11, 19.688 The following transactions occurred during the year ended December 31, 20X3:
1. Received cash donations of $519,000 from donors who did not place any time or purpose restrictions on them.
2. Received $1,003,000 of pledges from donors to be recelved in 20X4; It was estimated that 6 percent of the pledges would not be collected. Donors did not place any restrictions on the use of their pledges.
3. Earned Investment Income of $206.000 on endowment Investments that donors permanently restricted for research activities.
4. Designated $230,000 of the $515,000 of cash donations received In 20X3 for computer acquisitions.
5. Spent $152.000 of the $206,000 of Investment Income earned on endowment Investments on research during the year ended December 31, 20X3. (This amount is included in the $250.800 for research expenses shown in the following table.)
6. Acquired $119,000 of equipment from donations made in 20x2 that donors had restricted for that purchase. The governing board of United Ways reports acquisitions of capital assets as unrestricted
7. Received donated audit services from the organization's accounting firm that would have cost $16,300.
8. Learned that the fair value of endowment Investments was $604,000 higher at the end of 20X3 than at the beginning. United Ways did not acquire or sell any endowment Investments during 20x3 and treats gains and losses on endowment Investments as permanently restricted.
9. Incurred program and supporting services expenses during 20x3 as follows (depreciation expense for 20x3 has been properly allocated to the functional expenses):
Research Public health education Community services Management and general (does not include the audit that was donated) Fund-Raising $250.888 191.888 150, 100 125,900 114,300 Required: Prepare a statement of activities in good form for United Ways for the year ended December 31, 20X3. (Negative values should be entered with a minus sign.)
Business
1 answer:
bazaltina [42]3 years ago
7 0

Answer:

United Ways

Statement of Activities for the year ended December 31, 20X3:

Without Donor Restrictions

January 1, 20X3 balance          $ 3,013.888

Cash from donations                     519,000

Computer acquisition                  (230,000)

Transfer from restricted                 119,000

Equipment acquisition                  (119,000)

Program and supporting services expenses:

Fund-Raising                             ($250,888)

Public health education                (150,100)

Community services                    (125,900)

Management and general           (114,300)

December 31, 20X3 balance  $2,661,700     2,661,700

With Donor Restrictions

January 1, 20X3 balance           $1,119,688

Earned Investment Income         206,000

Research                                      (152,000)

Transfer to unrestricted              (119,000)

Other Research Expenses           (39,888)

December 31, 20X3 balance   $1,014,800       1,014,800

Donated audit services                 16,300

Audit Cost                                     (16,300)             0

Total Change in net assets                         $3,676,500

                       

Explanation:

a) Data and Calculations:

Balances in net assets at January 1, 20X3:

Without Donor Restrictions

January 1, 20X3 balance          $ 3,013.888

Cash from donations                     519,000

Computer acquisition                  (230,000)

Transfer from restricted                 119,000

Equipment acquisition                  (119,000)

Program and supporting services expenses:

Fund-Raising                             ($250,888)

Public health education                (150,100)

Community services                    (125,900)

Management and general           (114,300)

December 31, 20X3 balance  $2,661,700

Donated audit services           16,300

With Donor Restrictions

January 1, 20X3 balance           $1,119,688

Earned Investment Income         206,000

Research                                      (152,000)

Transfer to unrestricted              (119,000)

Other Research Expenses           (39,888)

December 31, 20X3 balance   $1,014,800

b) United Ways is not a profit-making organization.  It is guided by its missions.  Therefore, the terms “statement of activities” and “change in net assets” are used instead of “income statement” and “net income.”

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