The Following Information Was Taken from the Accounts and Records

question 10

Essay

The following information was taken from the accounts and records of the Community Chest Foundation,a private,not-for-profit VHWO organization.All balances are as of December 31,2014,unless otherwise noted.
$\begin{array}{ll}\text { Unrestricted Support - Contributions }&\$6,500,000\\\text { Unrestricted Support - Membership Dues } & 700,000 \\\text { Unrestricted Revenues - Investment Income } & 63,000 \\\text { Temporarily restricted gain on sale of investments } & 20,000 \\\text { Expenses - Program Services } & 2,950,000 \\\text { Expenses - Supporting Services } & 670,000\\\text { Expenses - Supporting Services } & 350,000 \\\text { Temporarily Restricted Support - Contributions } & 560,000 \\\text { Temporarily Restricted Revenues - Investment Income } & 70,000 \\\text { Permanently Restricted Support - Contributions } & 80,000 \\\text { Unrestricted Net Assets, January 1, 2014 } & 500,000 \\\text { Temporarily Restricted Net Assets, January 1, 2014 } & 4,000,000 \\\text { Permanently Restricted Net Assets, January 1, 2014 } & 50,000\end{array}$ The unrestricted support from contributions was received in cash during the year.The expenses included $980,000 paid from temporarily-restricted cash donations.
Required:
Prepare Community Chest's Statement of Activities for the year ended December 31,2014.

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Definitions:

Total Revenue

The complete amount of money received by a company or organization from its business activities, such as sales of goods or services, before any expenses are subtracted.

Total Cost

The complete cost of production, including both fixed and variable costs.

Economic Profits

The distinction between the total income of a company and its overall expenses, encompassing both direct and indirect costs.

Actual Expenses

The real or verified costs incurred during a specific period for operations, projects, or activities.