Oriole Library, a nonprofit organization, presented the following statement of financial position and statement of activities...

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Oriole Library, a nonprofit organization, presented the following statement of financial position and statement of activities fo year ended February 28, 2024. Oriole Library Statement of Financial Position February 28, 2024 Assets Temporarily Unrestricted Restricted Current Assets Cash $263,000 $76,000 Grants Receivable 75,000 Prepaid Expenses 65,000 Total 403,000 Investments (at market) 1,024,000 Land, Building, and Equipment (less accumulated depreciation of $57,943) 513,000 Total Assets $1,940,000 $76,000 Liabilities and Fund Balances Current Liabilities Accounts Payable and Accrued Expenses Total Long-Term Debt Fund Balances $140,000 140,000 217,000 1,583,000 76,000 Total Liabilities and Fund Balances $1,940,000 $76,000 Oriole Library Statement of Activities for Year Ended February 28, 2024 Support and Revenue Support Grants Gifts Temporarily Unrestricted Restricted $73,000 $-0- 312,000 76,000 385,000 76,000 Total Revenue Service Fees 23,000 Book Rentals and Fines 105,000 Investment Income 75,000 Total 203,000 -0- Total Support and Revenue $588,000 $76,000 Expenses Program Services Circulating library $225,000 Research library 93,000 Exhibits 19,000 Total 348,000 -0- Supporting Services General and administrative 160,000 Fund raising 122,000 Total 282,000 -0- Total Expenses 630,000 -0- Increase (decrease) in net assets (42,000) 76,000 Fund Balances-beginning of year 1,625,000 Fund Balances-end of year $1,583,000 $76,000 The following transactions occurred during the fiscal year ended February 28, 2025. 1. Fees were billed as follows: Service fees $28,770 Book rentals 40,740 Book fines 80,740 2. $36,760 of the Grant Receivable was received. Another grant in the amount of $20,270 was promised. 3. Contributions in the amounts summarized below were received: Unrestricted $211,400 Restricted 104,580 4. Investment income totaled $75,990 for the year. 5. Vouchers for the year were approved as follows: Circulating library Research library Exhibits $203,860 69,220 15,270 Community services 11,640 General and administrative 169,200 Fund raising 93,760 Total $562,950 6. During the year, $545,200 worth of vouchers were paid. Adjustment Data 7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $165,500. The difference should be allocated to the following expenses: Research library General and administrative $4,830 2,920 8. Additions to the research library in the amount of $61,940 that were approved in (5) above were made in accordance with the terms of a contribution that had been received earlier and that was restricted for that purpose. 9. The current market value of the investments is $1,038,830 (no investment transactions occurred). 10. Depreciation amounted to $8,943 for the year. It should be allocated as follows: Circulating library $3,530 Research library 2,618 General and administrative 2,795 11. Prepaid Expenses should be $59,956. The difference should be allocated to: Exhibits $3,699 General and administrative 1,345 Prepare the statement of financial position and the statement of activities for the year ended February 28, 2025. (Enter negative amounts using either a negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Assets ORIOLE LIBRARY Statement of Financial Position $ $ Unrestricted $ Temporarily Restricted Liabilities and Fund Balances $ +A +A $ Oriole Library, a nonprofit organization, presented the following statement of financial position and statement of activities fo year ended February 28, 2024. Oriole Library Statement of Financial Position February 28, 2024 Assets Temporarily Unrestricted Restricted Current Assets Cash $263,000 $76,000 Grants Receivable 75,000 Prepaid Expenses 65,000 Total 403,000 Investments (at market) 1,024,000 Land, Building, and Equipment (less accumulated depreciation of $57,943) 513,000 Total Assets $1,940,000 $76,000 Liabilities and Fund Balances Current Liabilities Accounts Payable and Accrued Expenses Total Long-Term Debt Fund Balances $140,000 140,000 217,000 1,583,000 76,000 Total Liabilities and Fund Balances $1,940,000 $76,000 Oriole Library Statement of Activities for Year Ended February 28, 2024 Support and Revenue Support Grants Gifts Temporarily Unrestricted Restricted $73,000 $-0- 312,000 76,000 385,000 76,000 Total Revenue Service Fees 23,000 Book Rentals and Fines 105,000 Investment Income 75,000 Total 203,000 -0- Total Support and Revenue $588,000 $76,000 Expenses Program Services Circulating library $225,000 Research library 93,000 Exhibits 19,000 Total 348,000 -0- Supporting Services General and administrative 160,000 Fund raising 122,000 Total 282,000 -0- Total Expenses 630,000 -0- Increase (decrease) in net assets (42,000) 76,000 Fund Balances-beginning of year 1,625,000 Fund Balances-end of year $1,583,000 $76,000 The following transactions occurred during the fiscal year ended February 28, 2025. 1. Fees were billed as follows: Service fees $28,770 Book rentals 40,740 Book fines 80,740 2. $36,760 of the Grant Receivable was received. Another grant in the amount of $20,270 was promised. 3. Contributions in the amounts summarized below were received: Unrestricted $211,400 Restricted 104,580 4. Investment income totaled $75,990 for the year. 5. Vouchers for the year were approved as follows: Circulating library Research library Exhibits $203,860 69,220 15,270 Community services 11,640 General and administrative 169,200 Fund raising 93,760 Total $562,950 6. During the year, $545,200 worth of vouchers were paid. Adjustment Data 7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $165,500. The difference should be allocated to the following expenses: Research library General and administrative $4,830 2,920 8. Additions to the research library in the amount of $61,940 that were approved in (5) above were made in accordance with the terms of a contribution that had been received earlier and that was restricted for that purpose. 9. The current market value of the investments is $1,038,830 (no investment transactions occurred). 10. Depreciation amounted to $8,943 for the year. It should be allocated as follows: Circulating library $3,530 Research library 2,618 General and administrative 2,795 11. Prepaid Expenses should be $59,956. The difference should be allocated to: Exhibits $3,699 General and administrative 1,345 Prepare the statement of financial position and the statement of activities for the year ended February 28, 2025. (Enter negative amounts using either a negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Assets ORIOLE LIBRARY Statement of Financial Position $ $ Unrestricted $ Temporarily Restricted Liabilities and Fund Balances $ +A +A $