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Chapter 19 – Not-for-Profit Entities
P19-12 (continued)
Adjustments
March 31, 20X3
1.
Investments
7,000
Unrealized Gain on Investment
7,000
Note: ONPOs may value investments at full market values
2&3.
Depreciation Expense – House
9,000
Depreciation Expense – Snack Bar and Fountain
2,000
Depreciation Expense – General and
Administrative
1,000
Accumulated Depreciation – Building
4,000
Accumulated Depreciation – Furniture
and Equipment
8,000
4.
Expense – Snack Bar and Soda Fountain
4,000
Inventories
4,000
b.
Community Sports Club
Statement of Activities
For the Year Ended March 31, 20X3
Revenues, gains and other support
Snack bar and soda fountain sales
$ 28,000
Dues
20,000
Investment income
6,000
Bequest
5,000
Total revenue, gains and other support
$ 59,000
Expenses
Snack bar and soda fountain
$32,000
House
26,000
General and administrative
12,000
Total expenses
70,000
Change in net assets before unrealized
gain on investments
$(11,000)
Unrealized gain on investments
7,000
Change in net assets
$ (4,000)
Net assets on April 1, 20X2
12,000
Net assets on March 31, 20X3
$ 8,000
