3.4. NFP Financial Statements The following information was taken from the accounts and records of...
60.1K
Verified Solution
Link Copied!
Question
Accounting
3.4. NFP Financial Statements The following information was taken from the accounts and records of the NSP Foundation, a private, not-for-profit organization. All balances are as of June 30, 2011, unless otherwise noted.
Unrestricted Support Contributions $250,000 Unrestricted Revenues Investment Income 28,000 Temporarily Restricted Gain on Sale of Investments 13,000 Expenses Scholarships 300,000 Expenses Fund Raising 60,000 Expenses Management and General 120,000 Restricted Support Contributions 420,000 Restricted Revenues Investment Income 30,000 Permanently Restricted Support Contributions 50,000 Unrestricted Net Assets, July 1, 2010 250,000 Temporarily Restricted Net Assets, July 1, 2010 40,000 Permanently Restricted Net Assets, July 1, 2010 10,000
The unrestricted support from contributions was received in cash during the year. The expenses included $500,000 payable from donor-restricted resources. Prepare NSPs Statement of Activities for the fiscal year ended June 30, 2011. (10 points for correct Statement (all or nothing); 5 points for formatting; 15 points total) ?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
