In: Accounting
NVOLVE was incorporated as a not-for-profit voluntary health and
welfare organization on January 1, 2020. During the fiscal year
ended December 31, 2020, the following transactions
occurred.
Prepare a statement of activities for the year ended December 31, 2020. (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.)
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Preparation of statement of activities for the year ended December 31, 2020 of INVOLVE
INVOLVE | |||
Statement of Activities | |||
For the Year Ended December 31, 2020 | |||
Particular | Without Donor Restrictions ($) | With Donor Restrictions ($) | Total ($) |
Revenue & Other Support : | |||
Rent free office space | 35,200 | - | 35,200 |
Cash raised in Fund Drive | 1,86,000 | - | 1,86,000 |
Pledges paid within a year | 1,02,000 | - | 1,02,000 |
State Government Grant | - | 1,52,000 | 1,52,000 |
Discounted value of pledge for building | - | 94,460 | 94,460 |
Office Equipment Purchased | 12,200 | - | 12,200 |
Office Furniture | 9,800 | - | 9,800 |
Contribution by Volunteers | 15,200 | - | 15,200 |
- | |||
Total Revenue & Other Support | 3,60,400 | 2,46,460 | 6,06,860 |
- | |||
Expenses : | - | ||
Salaries & Fringe Benefits | -2,08,760 | - | -2,08,760 |
Accrued Salaries & Fringe Benefits | -16,200 | - | -16,200 |
Cash paid for office equipment | -12,200 | - | -12,200 |
Telephone Expense | -5,400 | - | -5,400 |
Printing & Postage Expense | -12,200 | - | -12,200 |
Utilities | -8,500 | - | -8,500 |
Supplies Expense | -4,500 | - | -4,500 |
Accounts Payable | -3,800 | - | -3,800 |
Depreciation | -3,420 | - | -3,420 |
Total Expenses | -2,74,980 | - | -2,74,980 |
- | |||
Increase in Net Assets | 85,420 | 2,46,460 | 3,31,880 |
Beginning Net Assets | - | - | - |
Ending Net Assets | 85,420 | 2,46,460 | 3,31,880 |
Calculation of Depreciation | |
On Equipment | = 12200/5 |
=2440 | |
On Furniture | =9800/10 |
=980 | |
Total Depreciation | =2440+980 |
=3420 |