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..

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Definitions:

Cultural System

A framework of social structures and practices that reflect and uphold the shared values, beliefs, customs, and behaviors of a specific group or society.

Presumptive Error

An assumption or judgment made in error, often due to biased thinking or incomplete information.

Family Therapy

A form of psychotherapy that involves treating family relationships in order to foster healing and facilitate resolution of family issues.

Psychopathology

The study of psychological disorders, including their symptoms, etiology (causes), and treatment.