Hsm_260_1.Assignment__Reading_a_Balance_Sheet

1. Assignment: Reading A Balance Sheet * Read the background information provided in Appendix B. Open Appendix D XYZ Nonprofit Corp-this can be found in the Course Materials section under Week 4. CAUTION: Be sure to look at the tabs on the bottom of the spreadsheet and make sure you are on the Balance Sheet * XYZ NONPROFIT CORPORATION | BALANCE SHEET | | 2002 (A) | 2003 (A) | 2004 (A) | | ASSETS | | | | | Current assets | | | | | Cash | $2,576.00 | $20,904.00 | $86,971.00 | | Investments | $12,000.00 | $12,000.00 | $12,000.00 | | Accounts Receivables, net | $88,764.00 | $47,884.00 | $199,905.00 | | Prepaid expense | $956.00 | $1,270.00 | $4,026.00 | | Total Current Assets | $104,296.00 | $82,058.00 | $302,902.00 | | | | | | | Property and equipment, net | | | | | Land | $192,300.00 | $193,372.00 | $193,372.00 | | Furniture and equipment | $59,135.00 | $61,053.00 | $92,267.00 | | Leasehold improvements | $35,539.00 | $23,380.00 | $110,463.00 | | Total property and equipment | $286,974.00 | $277,805.00 | $396,102.00 | | | | | | | TOTAL ASSETS | $391,270.00 | $359,863.00 | $699,004.00 | | | | | | | LIABILITIES AND NET ASSETS | | | | | | | | | | LIABILITIES | | | | | Current liabilities | | | | | Accounts payable | $74,826.00 | $39,951.00 | $104,201.00 | | Accrued payroll and related liabilities | $57,888.00 | $45,954.00 | $66,359.00 | | Note payable (current portion) | $6,303.00 | $8,070.00 | $166,161.00 | | Capital lease obligation (current portion) | $0.00 | $0.00 | $312.00 | | Total current liabilities | $139,017.00 | $93,975.00 | $337,033.00 | | | | | | | Note payable (long term) | $0.00 | $0.00 | $1,904.00 | | Capital lease obligation (long term) | $171,229.00 | $166,004.00 | $0.00 | | | | | | | Total liabilities | $310,246.00 | $259,979.00 | $338,937.00 | | | | | | | NET ASSETS | | | | | Unrestricted | ($38,418.00) | ($105,127.00) | $27,202.00 | | Temporarily restricted | $119,442.00 | $205,011.00 | $332,865.00 | | | | | | | Total net assets | $81,024.00 | $99,884.00 | $360,067.00 | | | | | | | TOTAL LIABILITIES AND NET ASSETS | $391,270.00 | $359,863.00 | $699,004.00 | | | | | | | * * Look at Fiscal Year 2002 and answer the following questions: * 1. What 4 items make up the current assets' The four items that make up the current assets are cash, Investments Account Receivables and net prepaid expenses. * 2. What is the amount for each current asset listed' The amount of current assets listed are | | Cash | $2,576.00 | Investments | $12,000.00 | Accounts Receivables, net | $88,764.00 | Prepaid expense | $956.00 | * 3. What is the total amount for all current assets' The total amount of current assets for the 2022 fiscal is $104,296.00. 4. What 3 items make up the longer term assets' Three longer term assets are Land | Furniture and equipment | Leasehold improvements | * 5. What is the amount for each longer term assets listed' The longer term assets listed are Land | $192,300.00 | Furniture and equipment | $59,135.00 | Leasehold improvements | $35,539.00 | 6. What is the total amount for all longer term assets listed' The total amount is $391,270.00 7. What 4 items make up the current liabilities' The current liabilities are Accounts payable | Accrued payroll and related liabilities | Note payable (current portion) | Capital lease obligation (current portion) | 8. What is the amount for each current liability listed' Accounts payable | $74,826.00 | Accrued payroll and related liabilities | $57,888.00 | Note payable (current portion) | $6,303.00 | Capital lease obligation (current portion) | $0.00 | | | 9. * What is the total amount for all current liabilities' The current liabilities are $139,017.00. 10. What 2 items make-up longer term liabilities listed' Two long term items listed above are Note payable (long term) | Capital lease obligation (long term) | 11. What is the amount in each longer term liability' The amount for each long term listed is Note payable (long term) | $0.00 | Capital lease obligation (long term) | $171,229.00 | What is the total of the longer term liabilities' The total amount is $310,246.00. 12. What is the total amount of all liabilities' The total amount of all Liabilities is $310,246.00. 13. Which is greater, the assets or liabilities' The liability is more than the assets. 14. Is the financial position for the organization at this point positive or negative' It’s negative at this point. The assets is what the company has then is worth cash value and it is currently less than the liabilities.