Preparation of financial statements for not-for-profit Following is financial data for the Center for music and health studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the Statement of Activities and the Statement of Financial Position.

	Unrestricted	Temporarily Restricted	Permanently Restricted
Revenues—contributions	$4,238,993	$427,332	$80,553
Revenues—investment	183,224	83,772	103,758
Net Assets, beginning of year	3,732,853	2,851,667	783,228
Long-term liabilities			$1,383,859
Contributions receivable			1,238,657
Expenses—support			882,937
Net assets released from restriction			337,833
Cash			438,654
Payables			827,938
Expenses—program			3,658,933
Investments			984,688
Depreciation expense			153,852
PPE, net			7,339,456

Center for Cardio Research Consolidated Statement of Activities
		Unrestricted	Temporarily Restricted	Permanently Restricted	Total
Operating revenues and gains:
	Contributions:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer	$Answer	$Answer	$Answer
	Revenues--investment	Answer	Answer	Answer	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer	Answer	Answer	Answer
	Total operating revenues and gains	Answer	Answer	Answer	Answer
Operating expenses:
	Program services:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer	Answer	Answer	Answer
	Supporting services:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer	Answer	Answer	Answer
	Depreciation expense	Answer	Answer	Answer	Answer
	Total supporting services	Answer	Answer	Answer	Answer
	Total operating expenses	Answer	Answer	Answer	Answer
Change in net assets from operations		Answer	Answer	Answer	Answer
AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year		Answer	Answer	Answer	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer	$Answer	$Answer	$Answer

Center for Cardio Research Consolidated Statement of Financial Position
Assets:
	Current assets:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer
	Investments	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	Total current assets	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	Total assets	$Answer
Liabilities and Net Assets
	Current liabilities:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	$Answer
	Long-term liabilities	Answer
	Total liabilities	Answer
Net Assets:
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	AnswerCashInvestmentsContributions receivablePPE, netPayablesLong-term liabilitiesNet assets--unrestrictedNet assets--temporarily restrictedNet assets--permanently restrictedRevenues--contributionsRevenues--investmentNet assets released from restrictionExpenses--programExpenses--supportDepreciation expenseNet assets, end of yearNet assets, beginning of year	Answer
	Total net assets	Answer
	Total liabilities and net assets	$Answer

Answer rating: 100% (QA)

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