The Following Information Was Taken from the Accounts and Records

question 22

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, 2011, unless otherwise noted.
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, 2011.

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Definitions:

Unconditional Contract

An agreement whose execution does not depend on fulfilling any conditions; it is binding upon the parties as soon as it is signed.

Physical Substance

The tangible, material aspect of an asset, referring to its physical existence and properties.

Rental

A payment made periodically by a lessee to a lessor for the use of a property, facility, equipment, or service.