Question

The following is an adjusted trial balance of the General Funds of Barnes Nursing Home (non-profit)....

The following is an adjusted trial balance of the General Funds of Barnes Nursing Home (non-profit).

?

Barnes Nursing Home

Adjusted Current Funds Trial Balance

December 31, 2015

?

?

Unrestricted

Restricted

Cash

300,000

?

107,000

?

Pledges Receivable

12,000

?

206,000

?

Accrued Interest Receivable.

1,000

?

?

?

Inventory of Supplies

120,000

?

?

?

Vouchers Payable

?

50,000

?

10,000

Accrued Expenses

?

25,000

?

?

Refundable Deposits

?

2,000

?

?

Allowance for Uncollectible

?

?

?

?

Pledges

?

3,000

?

?

Net Assets, January 1, 2015

?

?

?

?

Designated--Unrestricted

?

12,000

?

?

Undesignated--Unrestricted

?

26,000

?

?

Temporarily Restricted

?

?

?

3,000

Permanently Restricted

?

?

?

250,000

Contributions

?

200,000

?

50,000

Resident Service Revenue

?

415,000

?

?

Other Operating Revenue

?

20,000

?

5,000

Outreach Expenses

20,000

?

?

?

Nursing Services Expenses

100,000

?

?

?

Dietary Service Expense

100,000

?

?

?

General Service Expense

45,000

?

?

?

Financial Service Expense

60,000

?

?

?

Reclassification In--

?

?

?

?

Satisfaction of Program

?

?

?

?

Restriction

?

5,000

?

?

Reclassification Out--

?

?

?

?

Satisfaction of Program

?

?

?

?

Restrictions

?

?

5,000

?

?

758,000

758,000

318,000

318,000

?

Required:

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Prepare a statement of activities and a statement of financial position as of December 31, 2015.

Business   Accounting   
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Homework Answers

Answer #1

Part A)

The statement of activities is provided below:

Barnes Nursing Home
Statement of Activities
For the Year Ended December 31, 2015
Unrestricted Temporarily Restricted Permanently Restricted Total
Public Support Revenue:
Contributions 200,000 50,000 250,000
Revenue
Resident Service 415,000 415,000
Other Operating 20,000 5,000 25,000
Net Assets Released from Restrictions:
Satisfaction of Program Restrictions 5,000 -5,000 0
Total Public Support, Revenue and Other 640,000 50,000 0 690,000
Expenses:
Outreach 20,000
Nursing Services 100,000
Dietary Services 100,000
General Services 45,000
Financial Services 60,000
Total Expenses 325,000 325,000
Changes in Net Assets 315,000 50,000 365,000
Net Assets, January 1, 2015 38,000 3,000 250,000 291,000
Net Assets, December 31, 2015 $353,000 $53,000 $250,000 $656,000

__________

Part B)

Barnes Nursing Home
Statement of Financial Position
For the Year Ended December 31, 2015
Cash (300,000 + 107,000) 407,000
Pledges Received (Net of Allowances) [206,000 + 12,000 - 3,000] 215,000
Accrued Interest Receivable 1,000
Inventory of Supplies 120,000
Total Assets $743,000
Vouchers Payable (50,000 + 10,000) 60,000
Accrued Expenses 25,000
Refundable Deposits 2,000
Total Liabilities $87,000
Net Assets
Unrestricted 353,000
Temporarily Restricted 53,000
Permanently Restricted 250,000
Total Net Assets 656,000
Total Liabilities and Net Assets $743,000
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