Please prepare a statement of financial position for the year ended December 201

Question

Please prepare a statement of financial position for the year ended December 2014, laid out in the format of the table below.

1. A business donated rent-free office space to the organization that would normally rent for $16,000 a year. ?

2.Afunddriveraised$120,000incash.Astategovernmentgrantof$50,000was received for program operating costs. ?

3. An administrator was hired to administer the program services and support services of the organization. The administrator was paid $92,000 for the year, which included fringe benefits. Part-time clerical help was paid $26,000 for the year. At year-end, $18,000 of the salaries and wages remained unpaid. ?

4. Pledges of $100,000 were received for construction of a new building. The pledges are payable over the following five fiscal years. The discounted value of the $80,000 in pledges expected to be received in years 2016–2019 is $73,400. ?

5. Office equipment was purchased for $5,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $7,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered unrestricted net assets by SOLVE. ?

6. Telephone expense for the year was $5,600, printing and postage expense was $10,000 for the year, and supplies expense was $2,100 for the year. At year-end,an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,800.

7. Volunteers contributed $15,000 of time to help with answering the phones, ?mailing materials, and various other clerical activities. ?

8. It is estimated that all of the pledges made for the 2015 year will be collected. ?Depreciation expense is recorded for the full year on the assets recorded in item ?5. ?

9. Expenses were allocated in the following percentages: public health education, ?35%; community service, 25%; management and general, 20%; and fundraising, ?20%. ?

10.Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for program purposes.?11.All nominal accounts were closed to the appropriate net asset accounts.

Explanation / Answer

statement of functional expenses

public health eductaion community service mgt and general fund raising total salary and wages 41,300 39,500 23,600 23,600 118,000 Rent expense 5600 4000 3200 3200 16,000 telephone expense 1960 1400 1120 1120 5600 printing and postage 3500 2500 2000 2000 10,000 supplies expense 735 525 420 420 2,100 Depreciation 266 190 152 152 760 expenses 22,750 16,250 13,000 13,000 65,000 Total 76,111 64,365 43,492 43,492

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