Statement of activities, closing entries. We Care, a VHWO, conducts two programs: Adult Services and Education. It has the typical supporting services of management and fund raising. The condensed...

Statement of activities, closing entries. We Care, a VHWO, conducts two programs: Adult Services and Education. It has the typical supporting services of management and fund raising. The condensed trial balances after allocable expenses have been assigned are presented as follows:

1. Prepare a statement of activities in the format shown in Illustration 18-2 on page 953.

2. Prepare closing entries for each net asset classification.