Reference no: EM131211679
The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2017, follows. Debits Credits Cash $ 126,500 Pledges Receivable—Unrestricted 41,000 Estimated Uncollectible Pledges $ 4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation—Furniture and Equipment 120,000 Accounts Payable 20,520 Unrestricted Net Assets 196,500 Temporarily Restricted Net Assets 50,500 Permanently Restricted Net Assets 140,000 Contributions—Unrestricted 348,820 Contributions—Temporarily Restricted 38,100 Investment Income—Unrestricted 9,200 Net Assets Released from Restrictions—Temporarily Restricted 22,000 Net Assets Released from Restrictions—Unrestricted 22,000 Salaries and Fringe Benefit Expense 288,410 Occupancy and Utility Expense 38,400 Supplies Expense 6,940 Printing and Publishing Expense 4,190 Telephone and Postage Expense 3,500 Unrealized Gain on Investments 2,000 Depreciation Expense 30,000 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. 1. Prepare a statement of activities for the year ended June 30, 2017. 2.Prepare a statement of cash flows for the year ended June 30, 2017. Totals $ 951,740 $ 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 expense 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.
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.
1. Prepare a Statement of Cash flows for the year ended June 30,2017.
2. Prepare a Statement of Activities for the year ended June 30, 2017.
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