The bookkeeper of the West Texas Zoological and Botanical Society, a nongovernment ONPO, prepared the following Balance

Question:

The bookkeeper of the West Texas Zoological and Botanical Society, a nongovernment ONPO, prepared the following Balance Sheet:

West Texas Zoological and Botanical Society

Balance Sheet

December 31, 20X5

Assets

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 350,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000

Allowance for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . (20,000)

Pledges receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000

Allowance for doubtful pledges . . . . . . . . . . . . . . . . . . . . . . . . (100,000)

Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000

Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000

Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,000,000)

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150,000

$ 44,500,000

Liabilities and Fund Balance

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 525,000

Accrued expenses payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000

Unearned revenue—unrestricted (exchange transactions) . . . . 75,000

Deferred support—restricted . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000

Deferred capital contributions . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000

Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000

12,400,000

Fund Balance:

Invested in plant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,000,000

Endowment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,850,000

Restricted—specific programs . . . . . . . . . . . . . . . . . . . . . . . 1,000,000

Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,250,000

32,100,000

$ 44,500,000

Additional Information

1. The Endowment Fund consists solely of investments, except for $50,000 of cash, and has no liabilities.

2. Restricted operating gifts include $115,000 cash, the pledges receivable, and $25,000 of accounts payable, in addition to investments.

3. The deferred support and deferred capital contributions relate to unconditional pledges collected.

Required

Prepare in good form a corrected Balance Sheet for the West Texas Zoological and Botanical Society, a nongovernment ONPO, at December 31, 20X5.

Balance Sheet
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...