Question

Preparation of financial statements for not-for-profit Following is financial data for the Center for Cardio Research, a not-for profit organization investigating the benefits of exercise for heart disease. Given this information, prepare the Statement of Activities and the Statement of Financial Position.

	Unrestricted	Temporarily Restricted	Permanently Restricted
Revenues—contributions	$4,238,993	$427,332	$80,553
Revenues—investment	183,224	83,772	103,758
Net Assets, beginning of year	3,732,853	2,851,667	783,228
Long-term liabilities			$1,383,859
Contributions receivable			1,238,657
Expenses—support			882,937
Net assets released from restriction			337,833
Cash			438,654
Payables			827,938
Expenses—program			3,658,933
Investments			984,688
Depreciation expense			153,852
PPE, net			7,339,456

Center for Cardio Research Consolidated Statement of Activities
		Unrestricted	Temporarily Restricted	Permanently Restricted	Total
Operating revenues and gains:
	Contributions:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer	$Answer	$Answer	$Answer
	Revenues--investment	Answer	Answer	Answer	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer	Answer	Answer	Answer
	Total operating revenues and gains	Answer	Answer	Answer	Answer
Operating expenses:
	Program services:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer	Answer	Answer	Answer
	Supporting services:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer	Answer	Answer	Answer
	Depreciation expense	Answer	Answer	Answer	Answer
	Total supporting services	Answer	Answer	Answer	Answer
	Total operating expenses	Answer	Answer	Answer	Answer
Change in net assets from operations		Answer	Answer	Answer	Answer
AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year		Answer	Answer	Answer	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer	$Answer	$Answer	$Answer

Center for Cardio Research Consolidated Statement of Financial Position
Assets:
	Current assets:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer
	Investments	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	Total current assets	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	Total assets	$Answer
Liabilities and Net Assets
	Current liabilities:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer
	Long-term liabilities	Answer
	Total liabilities	Answer
Net Assets:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	Total net assets	Answer
	Total liabilities and net assets	$Answer

Answer 1

Center for Cardio Research
Consolidated Statement of Activities
		Unrestricted	Temporarily	Permanently	Total
			Restricted	Restricted
Operating revenues and gains:
	Contributions:
	Revenue - Contributions	4,238,993	427,332	80,553	4746878
	Revenues--investment	183,224	83,772	103,758	370754
	Net assets released from restrictions	337,833	337,832		675665
	Total operating revenues and gains	4760050	848936	184311	5793297
Operating expenses:
	Program services:
	Expenses—program			3,658,933	3,658,933
	Total Program services			3,658,933	3,658,933
	Supporting services:
	Expenses—support			882937	882937
	Depreciation expense			153,852	153,852
	Total supporting services			1036789	1036789
	Total operating expenses			4,695,722	4,695,722
Change in net assets from operations (Revenue -Expenses)		4760050	848936	-4511411	1097575
Net Assets at beginning of year		3732853	2851667	783228	7367748
Net Assets at end of year of year (Net assets Change + Beginning balance)		8,492,903	3,700,603	-3,728,183	8,465,323

Center for Cardio Research
Consolidated Statement of Financial Position
Assets:
	Current assets:
	Contributions receivable	1,238,657
	Cash	438,654
	Investments	984,688
	Total current assets	2,661,999
	PPE, net	7,339,45
	Total assets	2,661,999
Liabilities and Net Assets
	Current liabilities:
	Payables	827,938
	Long-term liabilities	$1,383,859
	Total liabilities	827,938
Net Assets:
	Unrestricted	8492903
	Temporarily Restricted	3700603
	Permanently Restricted	-3728183
	Total net assets	8465323
	Total liabilities and net assets	9,293,261

Notes:

Operating expenses has been assumed to be part of permanent restricted.