Not-For-Profit Financial Statements. Renfrow Rehabilitation Center uses fund accounting for internal purposes. Presented is the December 31, 2011 balance sheet prepared from the funds the center uses.
Required
The controller asks that you prepare an aggregated balance sheet in accordance with current financial reporting standards for a not-for-profit health care organization using SFAS No. 117 and the AICPA Audit and Accounting Guide. Health Care Organizations, Based on additional information provided, you determine that
1. The cash and investments of the plant are restricted under the terms of several gifts to use for plant expansion, with income from plant fund investments restricted to the same purpose.
2. Income from endowment fund investments may be used at the discretion of the center€™s governingboard.

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RENFROW REHABILITATION CENTER Balance Sheet As of December 31, 2011 Liabilities and Fund Balances Assets Operating Fund $ 120,000 $ 516,000 Cash Accounts payable Accrued expenses payable Short-term investments 500,000 96,000 Accounts receivable Less: Allowance for uncollectible $ 137,000 27,000 Total liabilities 110,000 612,000 accounts Inventory of supplies 74,000 Fund balance 192,000 $ 804,000 Total Total 804,000 Liabilities and Fund Balances Assets Plant Fund $ 53,800 $ 950,000 Cash Mortgage bonds payable Investments Land 871,200 400,000 Buildings $2,750,000 Less: Accumulated depreciation Fund balance: 525,000 Investment in plant 2,621,000 2,225,000 Reserved for plant improvement and replacement Equipment Less: Accumulated 1,380,000 925,000 depreciation Total fund balance 434,000 946,000 3,546,000 Total $4.496,000 Total $4,496,000 Endowment Fund Cash 6,000 1,260,000 Fund balance income unrestricted $1,266,000 Investments Total $1,266,000 Total $1,266,000