ACC – Non Profit Project Summer 2014

For the month of July: 1-Jul The monthly grant allotment is collected, $20,000 1-Jul Monthly pledges are collected, $4,000 in unrestricted and $9,500 restricted 3-Jul A surprise $5,000 donation is made local business. The donor made no stipulation as to how the funds were to be used 5-Jul A local company pledges $120,000 to fund an agency program. $10,000 is received today, then 10,000 per month for the next 11 months. 7-Jul A $500 cash donation is made by an individual. 8-Jul A local restraunt promised to donate 10% of revenues on July 4 to Here to Help. A check for $819 is received. 15-Jul Investment income of $4,000 was collected, including the year end accrued interest. All investment earnings are unrestricted. 15-Jul Six employees attended a four hour webinar as part of maintaining certification required by the state. Total cost $360. 15-Jul The June payroll taxes were paid, $14,200. 15-Jul The July payroll is recorded. The employees will be paid 7/22 Gross pay 50,000 Taxes withheld 13,500 Benefits withheld 1,200 Net pay 35,300 Employer cost: Payroll taxes 2,100 Benefits 1,400 16-Jul Payment of June payables, $2,000 16-Jul Supplies with an invoice $1,800, terms n/30 are received. Supplies are a prepaid expense. 22-Jul The employees are paid 23-Jul A major plumbing problem required an estimated $350 in repairs. The plumber had benefited from the agencies programs as a youth & donated the time, but asked that the agency pay $50 for parts. ($50 cash paid). 24-Jul An agency motor vehicle was damaged in an accident earlier in the month. Information on the damaged vehicle: Cost 14,000 Allowance for depreciation 7,700 Book value 6,300 A check for $8,000 was received from the insurance company. 31-Jul A replacement vehicle was purchased for $20,000. A $12,000, 5 year loan was secured from a local bank. 31-Jul Billings for the following monthly costs were received (credit accounts payable): Utilities 900 Telephone 700 Fuel 2,100 31-Jul The monthly mortgage payment of $1,350 was made. Per notice from the bank, $350 was interest. 31-Jul The postage meter had $500 added. Monthly adjusting entries: The insurance policy had cost $24,000, with a one year term and was a debit to prepaid expense when purchased. Postage used $450 The building is being depreciated for 40 years, straight-line method and a 10% salvage value The equipment is being depreciated for 5 years, straight-line method and a 5% salvage value Supplies used $1,800 Accrued interest receivable $3,000 Change in fair value will be recored only at fiscal year end. Release of restrictions will also occur at fiscal year end. Non-Profit ProjectInstructionsThe project is to prepare financial statements for the month of July, some adjustments and closing will not be necessary.Provided on the Excel spreadsheet:1) Trial balance at July 1 and July 31. All accounts are listed, even those without a2)3)4)5)balance.Transactions and adjustments.Journal page.General ledger.Financials this tab is blank. Prepare a four column statement of activities with changes in net assets, a statement of financial position, and a statement of cash flows. If you would like to put each financial on a separate tab, you may do so.Here to Help is a Human Services Agency. The period is July of the current year. The fiscal year end is June 30.