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
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Order Paper Now$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