Question: This is for FINANCIAL MANAGEMENT . This is ONE question so please answer all parts thank you. 1. Forever Friends Rescue is a not-for-profit rescue



1. Forever Friends Rescue is a not-for-profit rescue shelter dedicated to helping rehabilitate and find homes for previously neglected dogs. The organization ended FY 2018 on December 31, 2018 with the following account balances (in alphabetical order): Accounts Payable 11,3501 Cash 13,000 Contracts Receivable 9,000 Equipment 125,000 Inventory 4,200 Net Assets 98,3501 Notes Payable 50,000 Pledges Receivable 8,500 b) On the balance sheet, fill in the FY 2018 column by linking to the beginning balances on the transactions worksheet. c) On the transactions worksheet, record the following financial events, which Forever Friends Rescue experienced during FY 2019, as appropriate: i) On the first day of the fiscal year, Forever Friends Rescue borrowed $11,500 from a bank. ii) The organization then used the loan to purchase $12,500 in new veterinary equipment. iii) The organization received a $7,500 contract payment from the city for services delivered in the previous fiscal year. The organization anticipates receiving the remaining amount due next fiscal year. iv) Forever Friends Rescue collected 90% of outstanding pledges earned in the previous fiscal year. The organization anticipates collecting the remaining 10% next fiscal year. v) The organization ordered and received $4,500 worth of supplies, as well as an invoice from the supplier. vi) The organization sent its suppliers a check for $6,500. vii) On the last day of the fiscal year, Forever Friends Rescue signed a contract to purchase an additional $3,000 in veterinary equipment. d) Calculate the ending balances and then fill in the FY 2019 column of the balance sheet by linking to the ending balances on the transactions worksheet. a) Use the information above to fill in the beginning balances on the transactions worksheet
Step by Step Solution
There are 3 Steps involved in it
It seems like youve uploaded a set of images related to financial management and the balance sheet for the Forever Friends Rescue organization Lets break down and address the different parts of your q... View full answer
Get step-by-step solutions from verified subject matter experts
