Non-Profit Project

  

For the month of July:1-Jul The monthly grant allotment is collected, $20,0001-Jul Monthly pledges are collected, $4,000 in unrestricted and $9,500 restricted3-Jul A surprise $5,000 donation is made local business. The donor made no stipulation as to how the funds were to be used5-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 7/22Gross pay 50,000Taxes withheld 13,500Benefits withheld 1,200Net pay 35,300Employer cost:Payroll taxes 2,100Benefits 1,40016-Jul Payment of June payables, $2,00016-Jul Supplies with an invoice $1,800, terms n/30 are received. Supplies are a prepaid expense.22-Jul The employees are paid23-Jul A major plumbing problem required an estimated $350 in repairs. The plumber had benefited from the agencies programsas 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 14,000Allowance for depreciation 7,700Book value 6,300A 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 900Telephone 700Fuel 2,10031-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 $450The building is being depreciated for 40 years, straight-line method and a 10% salvage valueThe equipment is being depreciated for 5 years, straight-line method and a 5% salvage valueSupplies used $1,800Accrued interest receivable $3,000Change 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.