Kind to Animals (KTA)is a NFP That Operates an Animal

question 16

Essay

Kind to Animals (KTA)is a NFP that operates an animal shelter and commenced operations in 20X9.KTA has a December 31 year end.In 20X9,the organization received $1.5 million to build a new shelter which was completed in October,20X9.The shelter is expected to have a useful life of 40 years.This was financed with $800,000 of private donations and $700,000 of government grants.In addition,$150,000 was provided in government grants on October 1,20X9 to fund two veterinarians for the next twelve months.Two veterinarians were hired October 1,20X9 at an annual salary of $120,000 each.The organization is expected to generate $1,250,000 in annual revenues.During the period October 1 to December 31,KIA received donations of $275,000 and paid out operating expenses of $235,000.
Required:
Prepare a partial statement of financial position to capture the above transactions occurring during 20X9.KIA uses the deferral method and does not have a separate capital fund..

---

Definitions:

Thoracic Duct

The thoracic duct is the largest lymphatic vessel in the human body, transporting lymph and chyle from the lymphatic system into the bloodstream.

Right Upper Limb

The segment of the human body that extends from the right shoulder to the fingertips, comprising the arm, forearm, and hand.

Pelvis

The lower part of the torso, in the human body, encasing the reproductive organs and part of the bowel.

Efferent

Relating to nerve fibers that carry impulses away from the central nervous system to effectors, such as muscles and glands.