Question: I am seeking guidance and help for the following problem. Any help appreciated. Required Information [The following information applies to the questions displayed below.] The
I am seeking guidance and help for the following problem. Any help appreciated.

![appreciated. Required Information [The following information applies to the questions displayed below.]](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2024/10/66fb9631df6b6_01766fb96317c0e5.jpg)
Required Information [The following information applies to the questions displayed below.] The Kare Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of June 30, 2020, follows. Credits Debits $ 111, 208 42,780 $ 5,888 4,500 195, eee 227,eee Cash Pledges Receivable-Without Donor Restrictions Estimated Uncollectible Pledges Inventory Investments Furniture and Equipment Accumulated Depreciation-Furniture and Equipent Accounts Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Contributions Without Donor Restrictions Contributions-With Donor Restrictions-Programs Investment Incone-Without Donor Restrictions Net Assets Released from Restrictions with Donor Restrictions Net Assets Released from Restrictions Without Donor Restrictions Salaries and Fringe Benefit Expense Occupancy and Utility Expense Supplies Expense Printing and Publishing Expense Telephone and Postage Expense Unrealized Gain on Investments Depreciation Expense Totals 128,500 22,220 198, 200 52, 280 157,eee 350,520 39,800 10,988 39, eee 39, eee 299, 110 48, 100 8,640 5,898 5,280 3,700 38,500 $1,687,848 $1, e87,848 1. Salaries and fringe benefits were allocated to program services and supporting services in the following percentages: counseling services, 30 percent, professional training. 20 percent community service, 10 percent, management and general. 20 percent, and fund-raising, 20 percent . Occupancy and utility, supplies, printing and publishing, and telephone and postage expenses were allocated to the programs in the same manner as salaries and fringe benefits. Depreciation expense was divided equally among all five functional expense categories. 2. The organization had $173,814 of cash on hand at the beginning of the year. During the year, the center received cash from contributors: $304.000 that was unrestricted and $39.800 that was restricted for the purchase of equipment for the center. It had $10,900 of Income earned and recelved on long-term Investments. The center spent cash of $290,110 on salaries and fringe benefits, $39,000 on the purchase of equipment for the center, and $88,204 for operating expenses. Other pertinent Information follows: net pledges recelvable Increased $4.100, Inventory Increased $2,700, accounts payable decreased $107.894, and there were no salaries payable at the beginning of the year. d. Prepare a statement of cash flows for the year ended June 30, 2020. (List of cash outflows should be indicated by a minus sign.) KARE COUNSELING CENTER Statement of Cash Flows Year Ended June 30, 2020 Cash Flows from Operating Activities: Cash Received from Contributors Cash Received as Investment Income Cash Paid to Employees Cash Paid for Operating Expenses 304,000 10.900 (290,110) (88,204) (63,414) (39.000) Net Cash Used for Operating Activities Cash Flows from Investing Activities Purchase of Furniture and Equipment Cash Flows from Financing Activities: Proceeds from Contributions Restricted for: Investment in Capital Assets Net Increase in Cash Cash, July 1, 2010 Cash, June 30, 2020 39,800 (62,614 173,814 111,200 Reconciliation of Changes in Net Assets to Net Cash Used for Operating Activities Change in Net Assets Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Depreciation 38,500 Unrealized Gain on Investments (3.700) Increase in Net Pledges Receivable (4.100) Increase in Inventory (2.700) Decrease in Accounts Payable (107.894) Net Cash Used for Operating Activities $ (79,894)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
