Exercises
149.As of December 31, 2014, The Halifax Fishing Museum had unrestricted cash of $52,000, building and land with a net book value of $145,000, and permanently restricted collections totaling $ 105,000. There were no liabilities. The Museum has two programs: Operation of a Fishing Museum and Educational Programs. During the year ended December 31, 2015 the Museum incurred the following transactions:
(1)Cash contributions to the Museum included (a) unrestricted $ 512,000, (b) restricted for educational programs $ 37,000 and (c) restricted by the donor for endowment purposes $100,000.
(2)Additional unrestricted cash receipts included $ 29,000 in fees from individuals and organizations using the Museum building as a meeting facility. Included in this is $ 3,000 for a meeting to be held in January 2014.
(3)Incurred cash expenses:
ItemTotal AmountPortion for Museum Operations Portion for Education Programs Admin.
Utilities – programs30,00020,00010,000
Utilities – administration15,00015,000
Salaries - programs170,500150,00020,500
Salaries – administration45,00045,000
Supplies – programs96,00090,0006,000
Supplies – administration7,0007,000
363,500260,00036,50067,000
(4)Purchased land for future expansion to the adjoining lot in the amount of $ 35,000.
(5)Depreciation on the Museum building amounted to $ 55,000 and is allocated on the basis of square feet: $ 40,000 to Museum operations, $ 5,000 to Education Programs, and $ 10,000 to administration.
(6)Outstanding purchase orders for administrative supplies at 31-2015 totaled $2,000.
Required: Prepare a Statement of Activities and Changes in Net Assets for the Museum for the year ended 31-2015.