Answer and Explanation:
Net assets:
Donor without restrictions $488400
Donor with restrictions. $320100
Liabilities:
Notes payable. $250000
Salaries payable. $5000
Deferred revenue $27500
Donated amount in separate entity $10000.
$1101000
Assets:
Cash $738000
Equipment $280000
Receivables $83000
$1101000
Notes:
1. Cash.
Beginning cash $700,000
contributions $210,000
less salaries $80,000
less equipment purchase $50,000
Membership dues $30,000
Add contribution $10,000
Add investment income $13,000
less advertisement pay $2,000
less pay for supplies $93,000
2.Pledges receivable:
$78,000 plus the $5,000 in interest for period
3. Equipment. acquired equipment at $300,000 during the year.
4. Accumulated Depreciation: depreciation amounted to $20,000 for the equipment purchased till date.
5. Deferred Revenue: deferred revenue amounts to 27500 in membership dues since they've only earned 1/12 of the $30000 in exchange transactions.
6. Notes Payable: amount accrued for equipment
7. Salaries Payable: salaries owed employees as at end of the year
9. Donated Amount in Separate Entity. The organization does not hold variance powers for the amount contributed by a donor and so it's a liability
