EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for-
profit entity that operates in Missouri. The leaders of these two organizations have decided to combine
forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing
ways by which this combination can be created. The following are statements of financial position for both
charities at that date.
HELP & SAVE
Statement of Financial Position
January 1, 2020
Assets
Cash
$1,800,000
110,000
400,000
800,000
$3,110,000
Contributions receivable (net)
Investments
Buildings & equipment (net)
Total assets
Liabilities
Accounts payable and accrued liabilities
Notes payable
Total liabilities
$210,000
1,200,000
$1,410,000
Net Assets
$1,300,000
400,000
$1,700,000
$3,110,000
Net assets without donor restrictions
Net assets with donor restrictions
Total net assets
Total liabilities and net assets
SWIM FOR SAFETY
Statement of Financial Position
January…
Obtain a copy of The State of New Jersey's Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 (CAFR). This may commonly be obtained online. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. Answer the following questions related to your CAFR (include page numbers for reference).
(A) What are the inclusive dates of the fiscal year?
(B) Identify the name and address of the independent auditor. Is the auditor's opinion unmodified? If not, describe the modification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements?
(C) Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of…
Retrieve a copy of The State of New Jersey's Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 (CAFR). This may commonly be obtained online. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. Answer the following questions related to your CAFR (include page numbers for reference).
(A) What are the inclusive dates of the fiscal year?
(B) Identify the name and address of the independent auditor. Is the auditor's opinion unmodified? If not, describe the modification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements?
(C) Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of…
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