Please do the following exercise and problem- Open the web ebook- Government and Not-for-Profit Accounting: Concepts and Practices, Enhanced eText-https://strayer.vitalsource.com/reader/books/9781119803867/epubcfi/6/4[%3Bvnd.vst.idref%3DAnavigation]!/4-login - - username [email protected] and password - Jeannemarie75@. As for the part of WK 9 -Your readings this week focused on various aspects of accounting in not-for-profit organizations. This week, you will take your first step to completing an Excel template for the fictitious not-for-profit Capitol Good Works Organization.
To complete this week's homework, you must download the Trial Balance Word document and the Excel template. Follow the instructions to complete the organization's Balance Sheet, as found in the Week 9 Homework tab of the Excel spreadsheet.
ACC410 - Government and Not-for-Profit Accounting Week 8 Homework Submission Sheet Name: ___________________________________ Homework Due Points Possible Points Received Exercise 13-1 4 Problem 13-4 8 Chapter 13: Exercise 13-1 (Questions 1 through 10), textbook pages 616–617. (Enter the letters a, b, c, or d next to the question number.) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Problem 13-4, textbook page 621. (Indicate the category of net assets, with donor restrictions or without donor restrictions in which each contribution should be recorded and the amount of revenue, if any, that should be recognized when the pledge is made. If no revenue is recognized, enter NA. Explain your response.) 1. Donor Restrictions—With or Without: ________________________ Amount of Revenue to Be Recognized: ________________________ Explanation: ________________________________________________________________________________________________________________________________________________ 2. Donor Restrictions—With or Without: ________________________ Amount of Revenue to Be Recognized: ________________________ Explanation: ________________________________________________________________________________________________________________________________________________ 3. Donor Restrictions—With or Without: ________________________ Amount of Revenue to Be Recognized: ________________________ Explanation: ________________________________________________________________________________________________________________________________________________ 4. Donor Restrictions—With or Without: ________________________ Amount of Revenue to Be Recognized: ________________________ Explanation: ________________________________________________________________________________________________________________________________________________ 5. Donor Restrictions—With or Without: ________________________ Amount of Revenue to Be Recognized: ________________________ Explanation: ________________________________________________________________________________________________________________________________________________ Adapted from Government and Not-for-Profit Accounting: Concepts & Practices, 9th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing. Week 9 Homework Trial Balance ACC410 - Week 9 Homework Adapted from Government and Not-for-Profit Accounting: Concepts & Practices, 9th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing. CAPITOL GOOD WORKS ORGANIZATION (CGWO) Fiscal Year Ended December 31, 2021 WEEK 9 HOMEWORK: ENTER BEGINNING TRIAL BALANCE The Capitol Good Works Organization (CGWO) is beginning its new fiscal year with new software for recording and tracking transactions and preparing its financial statements. You have been provided with a chart of accounts and a trial balance as of the end of the prior f iscal year, 12/31/2020. You have two goals in this week’s homework: First, print the chart of accounts and familiarize yourself with it. Second, you will enter the beginning trial balance amounts in the Excel template. Important Notes: • In the Excel template, you will notice that all f ields requiring responses have a shaded highlight. They are also marked for students using assistive technology. Make sure you don’t miss any fields! • Restriction codes must be selected for all revenues, and program codes must be selected for all expenses. General Ledger Code Account Description General Ledger Code Account Description 11000 Cash 41001 Contributions 12000 Investments 41002 In kind contributions 13000 Pledges receivable 42000 Net Assets released from restriction 14000 Grants receivable 43001 State grant revenues 15000 Other receivables 43002 Federal grant revenues 16000 Prepaid expenses 44001 Membership dues 17001 Land 44002 Program service fees 17002 Buildings and improvements 45000 Investment earnings 17003 Leasehold improvements 51001 Salaries 17004 Equipment 51002 Payroll taxes 17500 Accumulated depreciation 51003 Employee benefits 18000 Investments endowment 52001 Professional Services 21000 Line of credit 52002 Supplies 22000 Accounts payable 52003 Telephone 24000 Lease incentive liability 52004 Postage and shipping ACC410 - Week 9 Homework Adapted from Government and Not-for-Profit Accounting: Concepts & Practices, 9th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing. 25000 Notes payable 52005 Rent 31000 Net assets 52006 Printing and artwork 52007 Local transportation 52008 Conferences, Meetings and Conventions 52009 Scholarships, assistance to individuals 52011 Depreciation expense 52012 Interest expense 52013 Other expense 60000 Gain or loss Program Codes 100 Physical and Social Development 200 Supplementary Education 300 Community Development and Organization 400 Scholarships 500 Management and General 600 Fundraising Restriction Codes 1 Without donor restrictions 2 With donor restrictions ACC410 - Week 9 Homework Adapted from Government and Not-for-Profit Accounting: Concepts & Practices, 9th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing. Capitol Good Works Organization Ending Trial Balance As of December 30, 2020 General Ledger Code Restriction Code Account Description Balances, 1/1/2021 Debit Credit 11000 Cash 1,480,367.50 12000 Investments 5,905,361.25 13000 Pledges receivable 1,847,387.50 14000 Grants receivable 1,524,171.25 15000 Other receivables – 16000 Prepaid expenses 107,907.50 17001 Land 410,198.75 17002 Buildings and improvements 23,854,611.25 17003 Leasehold improvements 769,532.50 17004 Equipment 1,144,778.75 17500 Accumulated depreciation 20,728,211.25 18000 Investments endowment 6,996,445.00 21000 Line of credit 1,651,120.00 22000 Accounts payable 1,568,010.00 24000 Lease incentive liability 665,000.00 25000 Notes payable 2,729,375.00 31000 1 Net assets – without donor restrictions 2,007,913.00 31000 2 Net assets – with donor restrictions 14,691,132.00 44,040,761.25 44,040,761.25 Once you have entered the ending trial balance from December 30, 2020 (that is, beginning trial balance for January 1, 2021), ensure that all amounts have been entered correctly and appear in the beginning balance columns in the “Trial Balance” tab. The “Trial Balance” tab is updated based on information you have entered to complete the Week 9 Homework and will continue to update as you complete the remaining parts of the template. Chart of Accounts Capitol Good Works Organization Chart of Accounts and Other Useful Reference Information General Ledger CodeAccount DescriptionGeneral Ledger CodeAccount Description 11000Cash41001Contributions11000 12000Investments41002In kind contributions12000 13000Pledges receivable42000Net Assets released from restriction13000 14000Grants receivable43001State grant revenues14000 15000Other receivables43002Federal grant revenues15000 16000Prepaid expenses44001Membership dues16000 17001Land44002Program service fees17001 17002Buildings and improvements45000Investment earnings17002 17003Leasehold improvements51001Salaries17003 17004Equipment51002Payroll taxes17004 17500Accumulated depreciation51003Employee benefits17500 18000Investments endowment52001Professional Services18000 21000Line of credit52002Supplies21000 22000Accounts payable52003Telephone22000 24000Lease incentive liability52004Postage and shipping24000 25000Notes payable52005Rent25000 31000Net Assets52006Printing and artwork31000 52007Local transportation41001 52008Conferences, Meeting and Conventions41002 52009Scholarships, assistance to individuals42000 52011Depreciation expense43001 52012Interest expense43002 52013Other expense44001 60000Gain or Loss44002 45000 Program Codes51001 100Physical and Social Development51002 200Supplementary EducationRestriction Codes51003 300Community Development and Organization1Without donor restrictions52001 400Scholarships2With donor restrictions52002 500Management and General52003 600Fundraising52004 52005 52006 52007 52008 52009 52011 52012 52013 60000 Trial Balance Capitol Good Works Organization Trial Balance General Ledger CodeAccount DescriptionBeginning BalancesAdjustments during the PeriodEnding Balances DebitCreditDebitCreditDebitCredit 11000Cash1,480,367.50- 0- 01,480,367.50 12000Investments5,905,361.25- 0- 05,905,361.25 13000Pledges receivable- 0- 0- 0- 0 14000Grants receivable1,524,171.25- 01,524,171.25 15000Other receivables- 0- 0- 0- 0 16000Prepaid expenses107,907.50- 0- 0107,907.50 17001Land- 0- 0- 0- 0 17002Buildings and improvements23,854,611.25- 0- 023,854,611.25 17003Leasehold improvements- 0- 0- 0- 0 17004Equipment1,144,778.75- 0- 01,144,778.75 17500Accumulated depreciation20,728,211.25- 0- 020,728,211.25 18000Investments endowment6,996,445.00- 0- 06,996,445.00 21000Line of credit1,651,120.00- 0- 01,651,120.00 22000Accounts payable1,568,010.00- 0- 01,568,010.00 24000Lease incentive liability- 0- 0- 0- 0 25000Notes payable2,729,375.00- 0- 02,729,375.00 31000Net Assets- 0- 0- 0- 0 41001Contributions- 0- 0- 0 41002In kind contributions- 0- 0- 0 42000Net Assets released from restriction- 0- 0- 0 43001State grant revenues- 0- 0- 0 43002Federal grant revenues- 0- 0- 0 44001Membership dues- 0- 0- 0 44002Program service fees- 0- 0- 0 45000Investment earnings- 0- 0- 0 51001Salaries- 0- 0- 0 51002Payroll taxes- 0- 0- 0 51003Employee benefits- 0- 0- 0 52001Professional Services- 0- 0- 0 52002Supplies- 0- 0- 0 52003Telephone- 0- 0- 0 52004Postage and shipping- 0- 0- 0 52005Rent- 0- 0- 0 52006Printing and artwork- 0- 0- 0 52007Local transportation- 0- 0- 0 52008Conferences, Meeting and Conventions- 0- 0- 0 52009Scholarships, assistance to individuals- 0- 0- 0 52011Depreciation expense- 0- 0- 0 52012Interest expense- 0- 0- 0 52013Other expense- 0- 0- 0 60000Gain or Loss- 0- 0- 0 41,013,642.5026,676,716.25 WK9 - Homework Capitol Good Works Organization Beginning Trial Balance As of January 1, 2021 General Ledger CodeRestriction CodeAccount DescriptionBalances, 1/1/2021 DebitCredit 11000Cash1,480,367.50 Investments5,905,361.25 13000Pledges receivable 140001,524,171.25 15000Other receivables- 0 16000107,907.50 17001Land Buildings and improvements23,854,611.25 17003Leasehold improvements 170041,144,778.75 Accumulated depreciation20,728,211.25 18000Investments endowment6,996,445.00 Line of credit1,651,120.00 220001,568,010.00 24000Lease incentive liability Notes payable2,729,375.00 310001Net assets - without donor restrictions 310002Net assets - with donor restrictions 41,013,642.5026,676,716.25 WK10 - Record Transactions 1-25 Transactions for the Fiscal Year Ended 12/31/2021 Cash Transaction FlgPPE Transaction FlagCash PPE Transaction 1 GL CodeProgramRestrictionGL + ProgGL + RestrDebitCredit 001,500,000.000000 001,500,000.000000 420002420000004200020000 000000 0 0 Transaction 20 0 GL CodeProgramRestrictionDebitCredit0000 00474,966.250000 000000 0 0 Transaction 30 0 GL CodeProgramRestrictionDebitCredit0 004,815,977.500000 00694,786.250000 000000 000000 000000 000000 0 0 Transaction 40 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 0 0 Transaction 50 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 0 Transaction 60 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 0 0 Transaction 70 0 Part A: Release the assets from restriction 0 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 0 Part B: Record expenditures 0 0 GL CodeProgramRestrictionDebitCredit0 001,887,455.940000 001,348,182.800000 00808,909.690000 00539,273.130000 00647,127.750000 00161,781.940000 00191,720.180000 00137,071.560000 0082,242.940000 0054,828.630000 0065,974.350000 0016,448.590000 00191,439.500000 00136,742.500000 0082,045.500000 0054,697.000000 0065,636.400000 0016,409.100000 000000 0 0 Transaction 80 0 GL CodeProgramRestrictionDebitCredit0 0083,475.880000 0059,625.620000 0035,775.370000 0023,850.300000 0028,620.300000 007,155.030000 000 0 0 Transaction 90 0 GL CodeProgramRestrictionDebitCredit0000 000000 000000 0 0 Transaction 100 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 000000 0 0 Transaction 110 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 000000 000000 000 0 Transaction 120 0 GL CodeProgramRestrictionDebitCredit0 00235,700.500000 00168,357.500000 00101,014.500000 0067,343.000000 0080,811.600000 0020,202.900000 000000 000000 0 0 Transaction 130 0 GL CodeProgramRestrictionDebitCredit0 0037,119.680000 0026,514.060000 0015,908.440000 0010,605.630000 0012,726.750000 003,181.690000 000000 000000 0 0 Transaction 140 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 000000 000000 0 0 Transaction 150 0 GL CodeProgramRestrictionDebitCredit0 00251,986.860000 00179,990.630000 00107,994.380000 0071,996.250000 0086,395.500000 0021,598.880000 00719,962.500000 0 0 Transaction 160 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 000000 000000 0 0 Transaction 170 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 000000 0 0 Transaction 180 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 000000 000000 000000 000000 000000 0 0 Transaction 190 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 0 0 Transaction 200 0 GL CodeProgramRestrictionDebitCredit0 006,142.500000 004,387.500000 002,632.500000 001,755.000000 002,106.000000 00526.500000 000000 000000 0 0 Transaction 210 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 0 0 Transaction 220 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 0 0 Transaction 230 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 0 0 Transaction 240 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 0 0 Transaction 250 0 GL CodeProgramRestrictionDebitCredit0 000000 000000 000000 Rev. 3/23 Review Bal. Sheet Capitol Good Works Organization STATEMENT OF FINANCIAL POSITION Fiscal Years Ended December 31, 2021 and 2020 ASSETS 20212020 CURRENT ASSETS Cash1,480,367.501,480,367.50 Investments5,905,361.255,905,361.25 Accounts receivable: Pledges receivable- 0 Grants receivable1,524,171.251,524,171.25 Other receivables- 0 Prepaid expenses107,907.50107,907.50 Total current assets9,017,807.509,017,807.50 PROPERTY AND EQUIPMENT4,271,178.754,271,178.75 OTHER ASSETS Investments endowment6,996,445.006,996,445.00 Total other assets6,996,445.006,996,445.00 TOTAL ASSETS20,285,431.2520,285,431.25 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Line of credit1,651,120.001,651,120.00 Current portion of notes payable798,000.00791,250.00 Accounts payable1,568,010.001,568,010.00 Total current liabilities4,017,130.004,010,380.00 LONG-TERM LIABILITIES Lease incentive liability- 0- 0 Notes payable1,931,375.001,938,125.00 Total long-term liabilities1,931,375.001,938,125.00 TOTAL LIABILITIES5,948,505.005,948,505.00 NET ASSETS Without donor restrictions- 0- 0 With donor restrictions(13,509,256.25)- 0 Total net assets(13,509,256.25)- 0 TOTAL LIABILITIES AND NET ASSETS(7,560,751.25)5,948,505.00 Statement of Activities Capitol Good Works Organization STATEMENT OF ACTIVITIES Fiscal Year Ended December 31, 2021 Without Donor RestrictionsWith Donor Restrictions2021 Total OPERATING