Question

As of December 31, 2018, The Morehead City Seafarer’s Museum had unrestricted cash of $46,000, building...

As of December 31, 2018, The Morehead City Seafarer’s Museum had unrestricted cash of $46,000, building and land with a net book value of $190,000, and permanently restricted collections totaling $ 99,000. There were no liabilities. The Museum has two programs: Operation of a Fishing Museum and Educational Programs. During the year ended December 31, 2019 the Museum incurred the following transactions:

  1. Cash contributions to the Museum included (a) unrestricted $ 520,000, (b) restricted for educational programs $ 45,000 and (c) restricted by the donor for endowment purposes $150,000.
  2. Additional unrestricted cash receipts included $ 19,900 in fees from individuals and organizations using the Museum building as a meeting facility. Included in this is $ 4,000 for a meeting to be held in January 2020.
  3. Incurred cash expenses:

           

Item

Total Amount

Portion for Museum Operations

Portion for Education Programs

Admin.

Utilities – programs

30,000

20,000

10,000

Utilities – administration

15,000

15,000

Salaries - programs

170,500

150,000

20,500

Salaries – administration

45,000

45,000

Supplies – programs

96,000

90,000

6,000

Supplies – administration

7,000

7,000

363,500

260,000

36,500

67,000
  1. Purchased land for future expansion to the adjoining lot in the amount of $50,000.
  2. Depreciation on the Museum building amounted to $ 45,000 and is allocated on the basis of square feet: $ 35,000 to Museum operations, $ 5,000 to Education Programs, and $ 5,000 to administration.
  3. Outstanding purchase orders for administrative supplies at 12-31-19 totaled $3,000.

            Required: Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2019.

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Answer #1

Statement of Activities for the Museum for the year ended 12-31-2019.

Particulars Unrestricted Temproary restricted Permanently restricted Total
Revenues and Other
SUPPORT:
Contributions 520,000 45,000 150,000 715000
Rental Fees 19,900 19900
Net Assets Released from Restriction-Satisfaction of Program Restrictions 45,000 (45,000 )
Total Revenues and Other Support 584900 0 150,000 734900
EXPENSES:
Museum Operations 295000 295000
Education Programs 41500 41500
Administration 72000 72000
Total Expenses 408500 0 408500
Income or Change in Net Assets 176400 0 150000 326,400
Net Assets in Begg 236000 0 99000 335000
Net Assets at End 412400 249000 661400

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