Question

Advantage Counseling Center is a Not-for-Profit Organization, which you have been entrusted to prepare the financial statements for. Given the following list of accounts and their balances, prepare the appropriate financial statement as of June 30, 2018.

Cash $200,000

Total Assets 460,000

Accounts Payable 25,000

Investments (at fair value) 130,000

Temporarily Restricted Net Assets 70,000

Accumulated Depreciation 120,000

Pledges Receivable ($50,000 less uncollectible pledges of $???)

Inventory 5,000

Permanently Restricted Net Assets 165,000

Unrestricted Net Assets 200,000

Furniture and Equipment Cost 200,000

Please show work and use excel. Thank you.

Answer 1

Statement of Financial Positions
As on 30-6-2018
Assets	Notes	Amounts
Current Assets
Cash		200000
investment		130000
Inventory		5000
Pledges recievable	Note 1	45000
Non- Current Assets
Furniture and Equipment {Net}	Note -2	80000
Total Assets		460000
Liabilities
Accounts Payable		25000
Net Assets
Temporily Restricted assets		70000
Permanently Restricted Assets		165000
Unrestricted Assets		200000
Total Liabiities and net Assets		460000
Notes 1
Total Assets		460000
Less :
Cash		200000
investment		130000
Inventory		5000
Furniture and Equipment {Net}		80000
Balance		45000
Pledge Receivables		50000
Uncollectible Amounts		5000
		50000-45000
Notes 2
Furniture and Equipment		200000
Accumulated Depreciation		120000
Furniture and Equipment {Net}		80000