ACCT567 Renfrow Rehabilitation Center Problem 17-3

$6.95

ACCT567 Renfrow Rehabilitation Center Problem 17-3
Renfrow Rehabilitation Center uses fund accounting for internal purposes. Presented is the December 31…

SKU: ACCT 567 Problem 17–3 Not-for-Profit Financial Statements Week 7 Keller Categories: , Tags: , , ,

Description

ACCT567 Renfrow Rehabilitation Center Problem 17-3

ACCT567 Renfrow Rehabilitation Center Problem 17-3

Not for Profit Financial Statements  A+

Renfrow Rehabilitation Center uses fund accounting for internal purposes. Presented is the December 31, 2011 balance sheet prepared from the funds the center uses.

Required

The controller asks that you prepare an aggregated balance sheet in accordance with current financial reporting standards for a not-for-profit health care organization using SFAS No. 117 and the AICPA Audit and Accounting Guide, Health Care Organizations. Based on additional information provided, you determine that

  1. The cash and investments of the plant are restricted under the terms of several gifts to use for plant expansion, with income from plant fund investments restricted to the same purpose.
  2. Income from endowment fund investments may be used at the discretion of the center’s governing board.                       

                                    RENFROW DRUG REHABILITATION CENTER

                                                          BALANCE SHEET

                                                AS OF DECEMBER 31, 2011

ASSETS

CASH                                                                                                                         $ 120,000

SHORT-TERM INVESTMENTS                                                                             500,000

ACCOUNTS AND NOTES RECEIVABLE                     $ 137,000

LESS: ALLOWANCE FOR UNCOLLECTIBLES              27,000                        110,000

INVENTORY                                                                                                              74,000

TOTAL CURRENT ASSETS                                                                                     …..