In: Accounting
The following account balances were taken from the accounting records of the Senior Citizen Alternative Living Center.
Cash |
$4,750 |
Building |
$102,600 |
Revenue |
$42,500 |
Accounts receivable |
$11,400 |
Notes payable (due 19*9) |
$30,000 |
Restricted fund balance |
$19,500 |
Pledges receivable |
$31,600 |
Wages payable |
$5,100 |
Supplies on hand |
$1,250 |
Salary expense |
$46,000 |
Unearned revenue |
$7,100 |
Unrestricted fund balance |
$89,700 |
Depreciation expense |
$12,500 |
Accounts payable |
$3,800 |
Utilities expense |
$6,100 |
Long-term investments |
$26,800 |
Prepaid insurance |
$1,800 |
Insurance expense |
$900 |
Endowment fund balance |
$25,000 |
Supplies used expense |
$3,600 |
Interest expense |
$3,000 |
Calculate the total current assets, total long-term assets, total current liabilities, and total long-term liabilities. Prepare a statement of financial position and an operating statement.
Senior Citizen Alternative Living Center | |||||||
Total current assets | Operating statement | ||||||
Cash | $4,750.00 | Revenue | $42,500 | ||||
Accounts Receivable | $11,400.00 | Less : Expenses | |||||
Pledges receivable | $31,600.00 | Salary Expense | $46,000 | ||||
Supplies on hand | $1,250.00 | Depreciation Expense | $12,500 | ||||
Prepaid insurance | $1,800.00 | Utilities Expense | $6,100 | ||||
Total current assets | $50,800.00 | Insurance Expense | $900 | ||||
Supplies Used Expense | $3,600 | ||||||
Total long-term assets | Interest Expense | $3,000 | |||||
Building | $102,600.00 | Total Expenses | $72,100 | ||||
Long-term investments | $26,800.00 | Net Surplus / (Deficit) | -$29,600 | ||||
Total Long term assets | $129,400.00 | ||||||
Senior Citizen Alternative Living Center | |||||||
Total current Liabilities | Balance Sheet | ||||||
Wages Payable | $5,100.00 | Assets | |||||
Unearned revenue | $7,100.00 | Current assets | $50,800 | ||||
Accounts payable | $3,800.00 | Long term assets | $129,400 | ||||
Total Current Liabilities | $16,000.00 | Total Assets | $180,200 | ||||
Liabilities and Equity | |||||||
Total Long term liabilities | Current Liabilities | $16,000 | |||||
Notes Payable | $30,000.00 | Long term Liabilities | $30,000 | ||||
Total Long term Liabilities | $30,000.00 | Equity | |||||
Restricted fund balance | $19,500 | ||||||
Unrestricted fund balance | $89,700 | ||||||
Endowment fund balance | $25,000 | ||||||
Total Equity | $134,200 | ||||||
Total Liabilities and Equity | $180,200 | ||||||