Question

Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, 2018, for Oliver’s Place, a nonprofit. Prepare a statement of activities for the year ended December 31, 2018; also prepare a statement of financial position as of December 31, 2018. Oliver’s Place Preclosing Trial Balances December 31, 2018 Unrestricted Current Fund Debit Credit Cash $11,000 Contributions receivable 20,000 Investments 22,000 Allowance for uncollectible contributions $5,000 Contributions revenue—Support without donor restrictions 115,000 Contributed services—Support without donor restrictions 10,000 Investment income, without donor restrictions 1,000 Unrealized investment gains, without donor restrictions 2,000 Net assets without donor restrictions—Reclassifications in—satisfaction of program restrictions 3,000 Care of animals expenses 50,000 Special programs expenses 3,000 Administrative expenses 30,000 $136,000 $136,000 Restricted Current Fund Debit Credit Cash $14,000 Contributions revenue—Support with donor restrictions $17,000 Net assets with donor restrictions - Reclassifications out—satisfaction of program restrictions 3,000 $17,000 $17,000 Endowment Fund Debit Credit Investments $47,000 Contributions revenue—Support with donor restrictions $50,000 Unrealized investment losses, with donor restrictions 3,000 $50,000 $50,000 Use a negative sign with your answers for Realized/unrealized investment gains/losses, and Net assets released from restrictions - when applicable. Otherwise do not use negative signs with your answers. Oliver's Place Statement of Activities For the Year Ended December 31, 2018 Without Donor Restrictions With Donor Restrictions Total Revenues, Gains, and Other Support: Contributions $Answer $Answer $Answer Contributed services Answer Answer Answer Investment income Answer Answer Answer Realized/unrealized investment gains/(losses) Answer Answer Answer Net assets released from restrictions due to satisfaction of program restrictions Answer Answer Answer Total revenues, gains, and other support Answer Answer Answer Expenses: Care of animals expense Answer Answer Answer Special programs expense Answer Answer Answer Administrative expenses 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 Oliver’s Place Statement of Financial Position December 31, 2018 Assets: Cash $Answer Contributions receivable, less allowance for uncollectibles Answer Investments Answer Investments restricted for endowment Answer Total assets $Answer Liabilities and Net Assets: Liabilities $Answer Net assets: Without donor restrictions Answer With donor restrictions: Time restricted only (for use in 2019) Answer Purpose restricted Answer Perpetual in nature (net of deficiency) Answer Total liabilities and net assets $Answer

Answer 1

Answer:-

Oliver’s Place Proclamation of Activities For the year finished December 31,2018
	Without the Donor Restrictions	With the Donor Restrictions	The Total
Revenue, gain and other support:
Contributions	$115000	$67000	$182000
Contributed services	10000	-	10000
Invested Income	1000	-	1000
Acknowledged/Unrealized speculation gain/(misfortunes)	2000	(3000)	(1000)
Net assets released from restrictions due to satisfaction of program restrictions	3000	3000	6000
Add up to income gain and other help	131000	67000	198000
Expenses:
Care of animals expenses	50000	-	50000
Special programs expenses	3000	-	3000
Managerial Expenses	30000	-	30000
Total expenses	83000	-	83000
Change in net assets	-	-	-
Net assets, beginning of the year	3000	-	3000
Net resources, year's end	3000	-	3000