Following is the adjusted trial balance of the Community Association for Handicapped Children, a nongovernment voluntary health
Question:
Following is the adjusted trial balance of the Community Association for Handicapped Children, a nongovernment voluntary health and welfare organization, at June 30, 20X6:
*Other information—not reflected in the trial balance:
1. Investments of permanent endowment, $500,000.
2. Equipment, $150,000.
3. Accumulated depreciation, $50,000.
4. Note payable for equipment, $12,000.
5. Current-year depreciation, management and general, $6,000.
Required
(a) Prepare the Statement of Activities for the year ended June 30, 20X6.
(b) Prepare the Balance Sheet as of June 30, 20X6. (AICPA,adapted)
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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