ACC 322 Final Project Two Case Study Use of the Workbook For Final Project Two, you will use the Final Project Two Student Workbook Excel spreadsheet provided for you. If you would like a refresher course on using various features of Excel, sign in to Atomic Learning and type “Excel” in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced) and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be able to find specific topics at each level that will meet your needs. SPARK Organization SPARK was incorporated as a nonprofit voluntary health and welfare organization on January 1, 2015. During the fiscal year ended December 31, 2015, the following transactions occurred: 1. A business donated rent-free office space to the organization that would normally rent for $16,000 a year. 2. A fund drive raised $120,000 in cash. A state government grant of $50,000 was received for program operating costs. 3. An administrator was hired to administer the program services and support services of the organization. The administrator was paid $92,000 for the year, which included fringe benefits. Part-time clerical help was paid $26,000 for the year. At year-end, $18,000 of the salaries and wages remained unpaid. 4. Pledges of $100,000 were received for construction of a new building. The pledges are payable over the following five fiscal years. The discounted value of the $80,000 in pledges expected to be received in years 2016–2019 is $73,400. 5. Office equipment was purchased for $5,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $7,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered unrestricted net assets by SOLVE. 6. Telephone expense for the year was $5,600, printing and postage expense was $10,000 for the year, and supplies expense was $2,100 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,800. 7. Volunteers contributed $15,000 of time to help with answering the phones, mailing materials, and various other clerical activities. 8. It is estimated that all of the pledges made for the 2015 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5. 9. Expenses were allocated in the following percentages: public health education, 35%; community service, 25%; management and general, 20%; and fundraising, 20%. 10.Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for program purposes. 11.All nominal accounts were closed to the appropriate net asset accounts. Required A. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10, expenses will be allocated to functions. B. Prepare a statement of activities for the year ended December 31, 2014. C. Prepare a statement of financial position for the year ended December 31, 2014. D. Prepare a statement of cash flows for the year ended December 31, 2014. E. Prepare a statement of functional expenses for the year ended December 31, 2014. This case study is adapted from Problem 13-8 in Reck, J., Lowensohn, S., & Wilson, E. (2013). Accounting for governmental and nonprofit entities (16th ed.). New York, NY: McGraw-Hill/Irwin.
https://assignmentshero.com/wp-content/uploads/2021/04/output-onlinepngtools-7-300x57.png 0 0 davie https://assignmentshero.com/wp-content/uploads/2021/04/output-onlinepngtools-7-300x57.png davie2019-07-01 14:48:002019-07-01 14:48:00ACC 322 Final Project Two Case Study SPARK was incorporated as a nonprofit voluntary health and welfare organization on January 1, 2015. During the fiscal year ended December 31, 2015, the following transactions occurred: