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.



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  • CreatedOctober 25, 2014
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