Assume you are the accountant working for the Victoria

Assume you are the accountant working for the Victoria Senior Center (VSC). Following are the preclosing trial balances of VSC as of December 31, 2020.

 

                                                                                          

 

 (in thousands)

 

 

 

 

 

Debit

 

 

Credit

 

 

Cash

 

 

 

 

 

$4,000

 

 

 

 

 

Cash (with donor restrictions)

 

 

 

 

 

600

 

 

 

 

 

Pledges receivable

 

 

 

 

 

1000

 

 

 

 

 

Allowance for uncollectible pledges

 

 

 

 

 

 

 

 

300

 

 

Pledges receivable (with donor restrictions)

 

 

 

 

 

500

 

 

 

 

 

Investments

 

 

 

 

 

3200

 

 

 

 

 

Accrued interest receivable

 

 

 

 

 

100

 

 

 

 

 

Net assets, January 1, 2020

 

 

 

 

 

 

 

 

6700

 

 

Net assets (with donor restrictions), January 1, 2020

 

 

 

 

 

2000

 

 

Contributions

 

 

 

 

 

 

 

 

1000

 

 

Contributions (with donor restrictions)

 

 

 

 

 

 

 

 

500

 

 

Membership dues

 

 

 

 

 

 

 

 

1500

 

 

Program service fees

 

 

 

 

 

 

 

 

3000

 

 

Grant from county

 

 

 

 

 

 

 

 

2500

 

 

Grant from state

 

 

 

 

 

 

 

 

2500

 

 

Unrealized and realized gains on investments

 

 

 

 

 

 

 

 

200

 

 

Investment income

 

 

 

 

 

 

 

 

100

 

 

Luncheon program expenses

 

 

 

 

 

7200

 

 

 

 

 

Recreation program expenses

 

 

 

 

 

3400

 

 

 

 

 

Administration and fundraising expenses

 

 

 

 

 

300

 

 

 

 

 

Net assets with donor restrictions – released from restrictions

 

 

 

 

 

400

 

 

 

 

 

Net assets without donor restrictions – released from restrictions

 

 

 

 

 

 

 

 

400

 

(1) Prepare a statement of financial position a statement of activities at and for the year ended December 31, 2020.

(2) After reviewing the financial statements, the trustees of VSC want you to make the following changes. How do you respond?

a. VSC spent $5,000 to prepare and mail a brochure to potential contributors. The brochure contained general information about the center, described its accomplishments, pointed out that a contribution of $10 would provide 1 free dinner to a senior citizen in town. The trustees want you to record the cost to the Luncheon program.

b. Professional lawyers volunteered to perform all the legal services required by VSC. The trustees have questions about the legal fees recorded in the administration expense account, and tell you: “We didn’t pay for these services, so there’s really no point in recording any expenses for them.”

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