A. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10, expenses will be allocated to functions.
B. Prepare a statement of activities for the year ended December 31, 2014.
C. Prepare a statement of financial position for the year ended December 31, 2014.
D. Prepare a statement of cash flows for the year ended December 31, 2014.
E. Prepare a statement of functional expenses for the year ended December 31, 2014.
This case study is adapted from Problem 13-8 in Reck, J., Lowensohn, S., & Wilson, E.( 2013). Accounting for governmental and nonprofit entities( 16th ed.). New York, NY: McGraw-Hill / Irwin