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:

Audit

A systematic review or assessment of financial accounts, records, or transactions to ensure accuracy, compliance with standards, and to verify reports.

Negligent

Failing to take reasonable care to avoid causing harm or injury to others, typically resulting in legal liability.

Reasonably Competent Accountant

A professional who possesses the necessary skills and knowledge expected of a qualified accountant in performing their duties.

Circumstances

The specific conditions or facts affecting a situation, event, or action which can influence the outcome.