Prepare a statement of activities for the Weinstein Musical Society, a nongovernment, not-for-profit organization for the year ended December 31, 20X4. Information from Weinstein’s accounts for the year is provided below.
Unrestricted cash contributions $800,000
Unrestricted pledges during year (and outstanding at year end) 540,000
Membership dues 100,000
Collections of unrestricted pledges from prior year 300,000
Cash contributions restricted for Classical Music Appreciation Program 250,000
Pledges during year (and outstanding at year end) to support
Maestro Program 1,200,000
Administrative salaries 45,000
Fundraising expenses 75,000
Teacher salaries—Classical Music Appreciation Program 23,000
Teacher salaries—Maestro Program 77,000
Depreciation—Office Equipment 1,300
Depreciation—Equipment—Classical Music Appreciation Program 12,000
Depreciation—Maestro Program 5,000
Materials and supplies used—Maestro Program 330,000
Salaries—Professional Program 379,000
Rent—Performance Halls—Professional Program 500,000
Ticket sales—Performances of Musicians in the Professional Program 150,000
Payment to retire long-term note that matured during the year 250,000
Payment of interest on note 22,000
Unrestricted net assets, January 1, 20X4 320,000
Temporarily restricted net assets, January 1, 20X4 1,100,000
Unrestricted earnings on investments of temporarily restricted investments 58,000
All expenses of the Maestro and the Classical Music Appreciation Programs are payable from donor restricted resources.
