As of December 31,2013,The Halifax Fishing Museum had unrestricted cash of $52,000,building and land with a net book value of $145,000,and permanently restricted collections totaling $ 105,000.There were no liabilities.The Museum has two programs:
Operation of a Fishing Museum and Educational Programs.During the year ended December 31,2014 the Museum incurred the following transactions:
(1)Cash contributions to the Museum included (a)unrestricted $ 512,000,(b)restricted for educational programs $ 37,000 and (c)restricted by the donor for endowment purposes $100,000.
(2)Additional unrestricted cash receipts included $ 29,000 in fees from individuals and organizations using the Museum building as a meeting facility.Included in this is $ 3,000 for a meeting to be held in January 2013.
(3)Incurred cash expenses:
(4)Purchased land for future expansion to the adjoining lot in the amount of $ 35,000.
(5)Depreciation on the Museum building amounted to $ 55,000 and is allocated on the basis of square feet:
$ 40,000 to Museum operations,$ 5,000 to Education Programs,and $ 10,000 to administration.
(6)Outstanding purchase orders for administrative supplies at 12-31-2014 totaled $2,000.
Required:
Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2014.

Question

As of December 31,2013,The Halifax Fishing Museum had unrestricted cash of $52,000,building and land with a net book value of $145,000,and permanently restricted collections totaling $ 105,000.There were no liabilities.The Museum has two programs:
 Operation of a Fishing Museum and Educational Programs.During the year ended December 31,2014 the Museum incurred the following transactions:
(1)Cash contributions to the Museum included (a)unrestricted $ 512,000,(b)restricted for educational programs $ 37,000 and (c)restricted by the donor for endowment purposes $100,000.
(2)Additional unrestricted cash receipts included $ 29,000 in fees from individuals and organizations using the Museum building as a meeting facility.Included in this is $ 3,000 for a meeting to be held in January 2013.
(3)Incurred cash expenses:
  (4)Purchased land for future expansion to the adjoining lot in the amount of $ 35,000.
(5)Depreciation on the Museum building amounted to $ 55,000 and is allocated on the basis of square feet:
 $ 40,000 to Museum operations,$ 5,000 to Education Programs,and $ 10,000 to administration.
(6)Outstanding purchase orders for administrative supplies at 12-31-2014 totaled $2,000.
Required:
 Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2014.

Quizplus · Accepted Answer

The Answer of As of December 31,2013,The Halifax Fishing Museum had unrestricted cash of $52,000,building and land with a net book value of $145,000,and permanently restricted collections totaling $ 105,000.There were no liabilities.The Museum has two programs:
 Operation of a Fishing Museum and Educational Programs.During the year ended December 31,2014 the Museum incurred the following transactions:
(1)Cash contributions to the Museum included (a)unrestricted $ 512,000,(b)restricted for educational programs $ 37,000 and (c)restricted by the donor for endowment purposes $100,000.
(2)Additional unrestricted cash receipts included $ 29,000 in fees from individuals and organizations using the Museum building as a meeting facility.Included in this is $ 3,000 for a meeting to be held in January 2013.
(3)Incurred cash expenses:
  (4)Purchased land for future expansion to the adjoining lot in the amount of $ 35,000.
(5)Depreciation on the Museum building amounted to $ 55,000 and is allocated on the basis of square feet:
 $ 40,000 to Museum operations,$ 5,000 to Education Programs,and $ 10,000 to administration.
(6)Outstanding purchase orders for administrative supplies at 12-31-2014 totaled $2,000.
Required:
 Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 12-31-2014.

As of December 31,2013,The Halifax Fishing Museum Had Unrestricted Cash