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October 29, 2020
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October 29, 2020

What is the ending Net Position in the government-wide Statement of Net Position for Save the Environment City, a local government organization in…

What is the ending Net Position in the government-wide Statement of Net Position for Save the Environment City, a local government organization in its first year of operation, given the following: 

$150,000 – Received a cash grant from the Sierra Club

$18,000 – Purchased a used electric scooter for fund-raising activities at the beginning of the year; it has a 3-year useful life and no salvage value

$6,000 – Purchased a two-year insurance policy at the beginning of the year

$40,000 – Purchased fund-raising materials on account

$25,000 – Paid current year employee wages

$4,000 – Accrued wages to be paid next year 

$78,000 – Received a grant from a local university who required that that the grant must be used for research on how to decrease pollution   

$120,000 – Received pledges of support from prospective donors in response to a general fundraising campaign; similar fundraisers indicate that approximately 90% of pledges are collectible 

$40,000 – Paid for fundraising materials purchased 

$20,000 – Cost of fundraising materials still on hand at the end of the year

Recorded all necessary adjusting entries implied by the activities above 

 

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