The following account balances were taken from the accounting records of the Senior Citizen Alternative Living...

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.

Expert Solution

		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

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