Business
Business, 19.09.2019 02:30, xxaurorabluexx

The watson foundation, a private not-for-profit entity, starts 2015 with cash of $109,000; contributions receivable (net) of $209,000; investments of $309,000; and land, buildings, and equipment of $209,000. in addition, its unrestricted net assets were $418,000, temporarily restricted net assets were $109,000, and permanently restricted net assets were $309,000. of the temporarily restricted net assets, 50 percent must be used to pay for a new building; the remainder is restricted for salaries. no implied time restriction was designated for the building when purchased. for the permanently restricted net assets, all income is unrestricted. during the current year, the entity has the following transactions: • computed interest of $29,000 on the contributions receivable.• received cash of $109,000 on the contributions and wrote off another $4,900 as uncollectible.• received unrestricted cash gifts of $189,000.• paid salaries of $99,000 with $24,000 of that amount coming from restricted funds.• received a cash gift of $21,000 that the entity must convey to another charity. however, watson has the right to give the money to a different organization if it so chooses.• bought a building for $509,000 by signing a long-term note for $454,500 and using restricted funds for the remainder.• collected membership dues of $39,000. individuals receive substantial benefits from the memberships.• received income of $39,000 generated by the permanently restricted net assets.• paid rent of $21,000, advertising of $24,000, and utilities of $25,000.• received an unrestricted pledge of $209,000; it will be collected in five years. the organization expects to collect the entire amount. present value is $158,000. it then recognized interest of $6,900 for the year.• computed depreciation as $49,000.• paid $24,000 in interest on the note signed to acquire the building. a. prepare a statement of activities for this entity for this year. watson organizationstatement of activitiesfor year ending december 31, 2015unrestricted net assets temporarily restricted net assets permanently restricted net assetscontributed support contributions - interest investment revenue membership revenue total support and revenues net assets released from restriction total support, revenues, and net assets released from restriction expenses: general and administrative: rent salary advertising utilities depreciation interest total expenses excess of total support, revenues and net assets released from restriction over expenses net assets at beginning of year net assets at end of year b. prepare a statement of financial position for this organization at the end of this year. watson organizationstatement of financial positiondecember 31, 2015assets total assets $0liabilities net assets 0total liabilities and net assets $0

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The watson foundation, a private not-for-profit entity, starts 2015 with cash of $109,000; contribu...

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