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Selected Accounts of the Weinstein Musical Society, a Nongovernment, Not-For-Profit

Question 5

Essay

Selected accounts of the Weinstein Musical Society, a nongovernment, not-for-profit organization for the year ended December 31, 20X5 is presented below in alphabetical order all amounts are in thousands of dollars and all accounts have a normal balance:
Administrative salaries $45Cash contributions restricted for Classical Music Appreciation Program 250 Collections of unrestricted pledges from prior year 300 Depreciation-Office Equipment 2 Depreciation-Equipment-Classical Music Appreciation Program. 12Depreciation-Maestro Program 5 Fundraising expenses75 Investment Income 100 Materials and supplies used-Maestro Program. 330 Payment of interest on note.22Payment to retire long-term note that matured during the year 250 Pledges during year and outstanding at year end to support Maestro Program 1,200Rent-Performance Halls-Professional Program. 500Salaries-Professional Program. 379 Teacher salaries - Classical Music Appreciation Program 23 Teacher salaries-Maestro Program77 Temporarily restricted net assets, January 1,20X51,100 Ticket sales-Performances of Musicians in the Professional Program. 150 Unrestricted cash contributions800Unrestricted net assets, January 1, 20X5. 320 Unrestricted pledges during year and outstanding at year end. 540 Unrestricted earnings on investments of temporarily restricted investments. 58\begin{array}{llr} \text {Administrative salaries } &\$45\\ \text {Cash contributions restricted for Classical Music Appreciation Program } &250\\ \text { Collections of unrestricted pledges from prior year } &300\\ \text { Depreciation-Office Equipment } &2\\ \text { Depreciation-Equipment-Classical Music Appreciation Program. } &12\\ \text {Depreciation-Maestro Program } &5\\ \text { Fundraising expenses} &75\\ \text { Investment Income } &100\\ \text { Materials and supplies used-Maestro Program. } &330\\ \text { Payment of interest on note.} &22\\ \text {Payment to retire long-term note that matured during the year } &250\\ \text { Pledges during year and outstanding at year end to support Maestro Program } &1,200\\ \text {Rent-Performance Halls-Professional Program. } &500\\ \text {Salaries-Professional Program. } &379\\ \text { Teacher salaries - Classical Music Appreciation Program } &23\\ \text { Teacher salaries-Maestro Program} &77\\ \text { Temporarily restricted net assets, January \( 1,20 \mathrm{X} 5 \). } &1,100\\ \text { Ticket sales-Performances of Musicians in the Professional Program. } &150\\ \text { Unrestricted cash contributions} &800\\ \text {Unrestricted net assets, January 1, 20X5. } &320\\ \text { Unrestricted pledges during year and outstanding at year end. } &540\\ \text { Unrestricted earnings on investments of temporarily restricted investments. } &58\\\end{array}
All expenses of the Maestro and the Classical Music Appreciation Programs are payable from donor restricted resources.
Requirement: Prepare the Statement of Activity for the Society

Correct Answer:

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