The following account balances were taken from the accounting records of the Sen
ID: 2607535 • Letter: T
Question
The following account balances were taken from the accounting records of the Senior Citizen Alternative Living Center.
Cash
$4,750
Building
$102,600
Revenue
$42,500
Accounts receivable
$11,400
Notes payable (due 19*9)
$30,000
Restricted fund balance
$19,500
Pledges receivable
$31,600
Wages payable
$5,100
Supplies on hand
$1,250
Salary expense
$46,000
Unearned revenue
$7,100
Unrestricted fund balance
$89,700
Depreciation expense
$12,500
Accounts payable
$3,800
Utilities expense
$6,100
Long-term investments
$26,800
Prepaid insurance
$1,800
Insurance expense
$900
Endowment fund balance
$25,000
Supplies used expense
$3,600
Interest expense
$3,000
Calculate the total current assets, total long-term assets, total current liabilities, and total long-term liabilities. Prepare a statement of financial position and an operating statement.
Cash
$4,750
Building
$102,600
Revenue
$42,500
Accounts receivable
$11,400
Notes payable (due 19*9)
$30,000
Restricted fund balance
$19,500
Pledges receivable
$31,600
Wages payable
$5,100
Supplies on hand
$1,250
Salary expense
$46,000
Unearned revenue
$7,100
Unrestricted fund balance
$89,700
Depreciation expense
$12,500
Accounts payable
$3,800
Utilities expense
$6,100
Long-term investments
$26,800
Prepaid insurance
$1,800
Insurance expense
$900
Endowment fund balance
$25,000
Supplies used expense
$3,600
Interest expense
$3,000
Explanation / Answer
Senior Citizen Alternative Living Center Total current assets Operating statement Cash $4,750.00 Revenue $42,500 Accounts Receivable $11,400.00 Less : Expenses Pledges receivable $31,600.00 Salary Expense $46,000 Supplies on hand $1,250.00 Depreciation Expense $12,500 Prepaid insurance $1,800.00 Utilities Expense $6,100 Total current assets $50,800.00 Insurance Expense $900 Supplies Used Expense $3,600 Total long-term assets Interest Expense $3,000 Building $102,600.00 Total Expenses $72,100 Long-term investments $26,800.00 Net Surplus / (Deficit) -$29,600 Total Long term assets $129,400.00 Senior Citizen Alternative Living Center Total current Liabilities Balance Sheet Wages Payable $5,100.00 Assets Unearned revenue $7,100.00 Current assets $50,800 Accounts payable $3,800.00 Long term assets $129,400 Total Current Liabilities $16,000.00 Total Assets $180,200 Liabilities and Equity Total Long term liabilities Current Liabilities $16,000 Notes Payable $30,000.00 Long term Liabilities $30,000 Total Long term Liabilities $30,000.00 Equity Restricted fund balance $19,500 Unrestricted fund balance $89,700 Endowment fund balance $25,000 Total Equity $134,200 Total Liabilities and Equity $180,200