Prepare the following two financial statements for Housing Association Inc. for 2012. 1. Statement of operations 2.
Question:
Prepare the following two financial statements for Housing Association Inc. for 2012.
1. Statement of operations
2. Statement of financial position
Direct public support ………………………………………$ 7,500,000
Non-current assets ……………………………………….. 32,000,000
Net assets invested in capital assets ……………………... 21,400,000
Trade and other payables ………………………………… 3,000,000
Services (salaries, etc.) ………………………………….. 21,000,000
Current assets …………………………………………… 14,500,000
Current mortgage payable ……………………………… 2,500,000
Government grants …………………………………….. 1,000,000
Long-term borrowings ………………………………… 18,000,000
Finance costs …………………………………………. 2,000,000
Net assets restricted for endowment ………………… 1,600,000
Depreciation …………………………………………. 4,000,000
Program service revenue ……………………………. 21,000,000
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
1 2 Housing Association Inc Statement of Operations For the year end...View the full answer
