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The Joslyn Museum is a private, not-for-profit organization that exhibits quot;an eclectic collection of works beginning with Greek pottery and
The Joslyn Museum is a private, not-for-profit organization that exhibits "an eclectic collection of works beginning with Greek pottery and moving through Europe and into American Western art and finishing in the 20th century" [www.joslyn.org.]
The Museum has a fiscal year end of December 31st.
On January 1, 2017, the Statement of Financial Position had the following amounts:
a)Cash $8,000,000 (debit)
b)Unrestricted Net Assets $7,000,000 (credit)
c)Restricted by Donors Net Assets $1,000,000 (credit)
During the year 2017, the following events happened:
1.Cash that was received last year, and was Restricted by Donors, was spend on a new art piece in 2017. The cost was $600,000.
2.Cash, that was NOT restricted by donors of $1,000,000 was received in 2017.
Required:
A)Record the two transactions above in journal entry form.
B)Prepare a Statement of Activities for the year 2017.
C)Prepare a Statement of Changes in Net Assets for 2017.
D)Prepare a Statement of Financial Position (balance sheet) as of December 31, 2017.
