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[answered] 10. Prepare Financial Statements. The Children’s Counseling


10. Prepare Financial Statements. The Children?s Counseling Center incorporated as a not-for- profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2014, follows. Debits Credits Cash $126,500 Pledges Receivable-Unrestricted 41,000 Estimated Uncollectible Pledges $4,100 Inventory 2,800 Investments 178,000 Furniture and Equipment 210,000 Accumulated Depreciation - Furniture and Equipment 160,000 Accounts Payable 13,520 Unrestricted Net Assets 196,500 Temporarily Restricted Net Assets 50,500 Permanently Restricted Net Assets 100,000 Contributions-Unrestricted 338,820 Contributions-Temporarily Restricted 48,100 Investment Income-Unrestricted 9,200 Net Assets Released from Restrictions-Temporarily Restricted 22,000 Net Assets Released from Restrictions-Unrestricted 22,000 Salaries and Fringe Bene?ts Expense 286,410 Occupancy and Utility Expense 38,400 Supplies Expense 6,940 Printing and Publishing Expense 4,190 Telephone and Postage Expense 3,500 Unrealized Loss on Investments 2,000 Depreciation expense 21,000 Total $942,740 $942,740 1. Salaries and fringe benefits were allocated to program services and support services in the following percentages: counseling services, 40%; professional training, 15%; community service, 10%; management and general, 25%; and fund-raising, 10%. Occupancy and utility, supplies, printing and publishing, and telephone and postage expenses were allocated to the programs in the same manner as salaries and fringe benefits. Depreciation expense was divided equally among all five functional expense categories. Unrealized loss on investments was charged to the management and general function.
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