Question

In: Accounting

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.

Solutions

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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