ARCH began the year with the following balances (shown in alphabetical order) in their accounts: Accounts Payable

Fantastic news! We've Found the answer you've been seeking!

Question:

ARCH began the year with the following balances (shown in alphabetical order) in their accounts:

Accounts Payable ...................................................................... $27,000

Accounts Receivable, net ........................................................... 26,000

Cash ............................................................................................. 10,000

Inventory ...................................................................................... 25,000

Notes Payable ............................................................................ 270,000

Permanently Restricted Net Assets ......................................... 100,000

Pledges Receivable ................................................................... 350,000

Property, Plant, and Equipment, net ....................................... 350,000

Temporarily Restricted Net Assets ............................................ 30,000

Unrestricted Net Assets ............................................................ 302,000

Wages Payable ............................................................................ 32,000

Record this information and the transactions from Problem 11-14 in a worksheet similar to Exhibit 11-7.

(Problem 11-14) The American Research Council of Humanity (ARCH) had the following financial events during the current year:

1. January 12. Received a $300,000 payment from a pledge made last year.

2. February 4. Placed an order for new cubicle partitions with five-year useful lives, for $15,000. ARCH uses straight-line depreciation. Payment was not yet made, and the partitions have not yet been delivered.

3. March 1. Paid out a $50,000 grant to the Governmental Archeological Research Committee for History (GARCH). This was a new grant made in the current fiscal year.

4. May 29. Paid a $5,000 deposit for the partitions ordered on February 4.

5. June 12. Collected $80,000 in new donations.

6. September 1. ARCH bought $60,000 of books it has sponsored in the past to sell in its online bookstore. They paid half now, and still owe the other half, to be paid at the end of the year. ARCH has budgeted to sell the books for $100,000 total.

7. October 15. The partitions ordered on February 4 arrived, and ARCH paid for the balance owed.

8. November 10. ARCH borrowed $75,000 from its bank on a note payable.

9. December 5. ARCH repaid $25,000 on the note payable, and also $3,000 in interest expenses.

10. December 28. ARCH paid its employees $75,000 of wages in cash for the year, $70,000 of which was for the current year and $5,000 of which was for the outstanding balance owed. Employees earned $90,000 in wages for the year.