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