Question

Following is financial data for the Center for Music and Health Studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the statement of activities and the statement of financial position.

	Without Donor Restrictions	With Donor Restrictions
Support—contributions	$821,780	$301,560
Revenues—investment	36,640	37,500
Net assets, beginning of year	674,480	726,960

Long-term liabilities	$276,760
Contributions receivable	247,720
Expenses—support	176,580
Net assets released from restriction	67,560
Cash	189,620
Payables	165,580
Expenses—program	731,780
Investments	196,920
Depreciation expense (of which 80% relates to program expenses and 20% relates to support expenses)	33,900
Property, plant and equipment, net	1,464,740

Instructions:

• Round answers to the nearest whole number, when applicable.
• Use a negative sign to indicate a decrease in net assets or the release of net assets for restriction.

Statement of Activities
	Without Donor Restrictions	With Donor Restrictions	Total
Support—contributions	Answer	Answer	Answer
Revenues—investment	Answer	Answer	Answer
Net assets released from restrictions	Answer	Answer	Answer
Total support and revenue	Answer	Answer	Answer
Expenses ­program	Answer	Answer	Answer
Expenses ­support	Answer	Answer	Answer
Total expenses	Answer	Answer	Answer
Change in net assets	Answer	Answer	Answer
Net assets beginning of year	Answer	Answer	Answer
Net assets end of year	Answer	Answer	Answer

Statement of Financial Position
Cash	Answer
Investments	Answer
Contributions receivable	Answer
Total current assets	Answer
Property plant and equipment net	Answer
Total assets	Answer
Payables	Answer
Total current liabilities	Answer
Long-term Liabilities	Answer
Total liabilities	Answer
Net assets—without donor restrictions	Answer
Net assets—with donor restrictions	Answer
Total net assets	Answer
Total liabilities and net assets	Answer

Answer 1

Statement of Activities
	Without	With	Total
	Donor Restrictions	Donor Restrictions
Support—contributions	$       821,780.00	$        301,560.00	$ 1,123,340.00
Revenues—investment	$         36,640.00	$          37,500.00	$      74,140.00
Net assets released from restrictions	$                     -	$                      -	$                   -
Total support and revenue	$       858,420.00	$        339,060.00	$ 1,197,480.00
Expenses ­program	$       758,900.00	$                      -	$    758,900.00
Expenses ­support	$       183,360.00	$                      -	$    183,360.00
Total expenses	$       942,260.00	$                      -	$    942,260.00
Change in net assets	$       (83,840.00)	$        339,060.00	$    255,220.00
Net assets beginning of year	$       674,480.00	$        726,960.00	$ 1,401,440.00
Net assets end of year	$       590,640.00	$     1,066,020.00	$ 1,656,660.00
Statement of Financial Position
Cash	$       189,620.00
Investments	$       196,920.00
Contributions receivable	$       247,720.00
Total current assets	$       634,260.00
Property plant and equipment net	$    1,464,740.00
Total assets	$    2,099,000.00
Payables	$       165,580.00
Total current liabilities	$       165,580.00
Long-term Liabilities	$       276,760.00
Total liabilities	$       442,340.00
Net assets—without donor restrictions	$       590,640.00
Net assets—with donor restrictions	$    1,066,020.00
Total net assets	$    1,656,660.00
Total liabilities and net assets	$    2,099,000.00