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. ca.....uin mneition far the Watson Foundation at the end of this year. WATSON FOUNDATION STATEMENT OF ACTIVITIES For Year Ending December 31, 2024 (1) Contributions recelvabie Contribution revenue-intecest-net assets without donor pestrictions: (2) cith Allowance for uncollnctible oledfes fontributions recelvable (1) can (i) Confribution revenue-donations-net assets without donor restrictions (4) Cash Liabslity for conditional gift: (3) Salion expense hualthoare Cacily Beclassiffication-net assets with donor restrictions Feclassification-net assets without donor restrictions (6) Land, bullange, and equipent: Cast Libbility for conditional aift Contritution revenue-donations-net assets without doner restrictions (1) cash cantribution revenue-donations-net assets with donor restrictions tritry peords this contribution because it holds variance pourers.) (6) Land, buildings, and equipment thote payable Cash Mectassiffeation-net assets with donor restrictions Aeclassification-aet assets without donor restrictioos (To record reclassification of restricted amount properily spent.) (9) Cash Deferred revenues \begin{tabular}{|c|c|c|} \hline Debit. & Credit & \\ \hline \multirow[t]{2}{*}{20,000} & & {220,000) \\ \hline & 20,000 & (20,000) \\ \hline \multirow{3}{*}{\begin{tabular}{r} 100,000 \\ 4,000 \end{tabular}} & & (200,000) \\ \hline & & \\ \hline & 104,000 & (net of 120,000 ) \\ \hline \multirow[t]{2}{*}{180,060} & & (300,000) \\ \hline & 180,000 & (180,000) \\ \hline \multirow[t]{2}{*}{23,009} & & (403,000) \\ \hline & 23,000 & (23,000) \\ \hline \multirow[t]{2}{*}{90,000} & & (00,000) \\ \hline & 90,000 & (313,000) \\ \hline \multirow[t]{2}{*}{24,000} & & (24,809) \\ \hline & 24,009 & (24,000) \\ \hline \multirow[t]{2}{*}{23,000} & & (223,000) \\ \hline & 29,000 & (200,000) \\ \hline \multirow[t]{2}{*}{23,000} & & +3 \\ \hline & 23,1000 & (203,000) \\ \hline \multirow[t]{2}{*}{12,000} & & (3u2,015) \\ \hline & 12,000 & (12,000) \\ \hline \multirow[t]{3}{*}{500,000} & & (723,000) \\ \hline & 450,000 & (450,009) \\ \hline & 50,000 & (252,000) \\ \hline \multirow[t]{2}{*}{50,000} & & (77,000) \\ \hline & 50;000 & (7,4,000) \\ \hline \multirow[t]{3}{*}{30,000} & & (282;000) \\ \hline & 20,000 & (20,000) \\ \hline & 10,000 & (10,006) \\ \hline \end{tabular} (earnedis) (10) Cash Investarns incone-net assets without donar resteictions 49, 000 49,000 (231,000) (11) Jovestants-interially restricted for eencencies Irverstarints (12) Aent experise Adretislie expense bilitins expente 0,000 cali. 12,000 15,000 16,000 (49,000) Casil The Watson foundation, a private not-for-profit entity, starts 2024 with cash of $100,000, contributions recelvable (net) of $200,000; invesunents of $300,000 and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300.000 was purpose restricted, wheres the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new bulding. The remainder was restricted to the payment of officer salafies. Donors made no stipulations about the eventual reporting of buidings and other long-lived ossets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions: 1 Computes interest of $20,000 on the unrestricted contribution recervable 2. Receives cash of $100,000 from the contributions recelvable and wrote off another $4,000 as uncollectible 3 Recelves unrestricted cash donations of $180,000 4 Recelves $23,000 in cash that must be spent for a particutar type of office machine within the next year or the money must be returned 5. Pays salaties of $90,000. Of that amount, $24,000 came from restincted funds. The payment was made to individinals doing health care work 6 . Spends the $23,000 in (4) for the appropriate office machine. 7 Recelves a cash git of $12.000 that Watson must convey to another specified charity. However. Watson has the right to give this money to a different organization if officials so choose. 8 Buys a building for $500,000 by signing a long-term note for $450,000 and using restricted funds for the remainder 9 Collects annual membership dues of $30,000, Individuals receive substantial benefits from their memberships. Ey the end of the year, two-thirds of the time for the average membership has passed. 10. Recelves unrestricted income of $49,000 generated by net assets that must be held permanently. 11 The boord of directors of the Watson Foundation votes to set section $9.000 of its investments for emergency purposes 12. Pays rent of $12,000 for the past month, advertising of $15,000, and utilities of $16.000. These were half for the program service and one-fourth each for the two supporting services. 13. Recelves an unrestricted pledge of $200,000 Watson will collect the money in five years and does not expect arry part to be uncollectible. Present value at inception is $149,000, but interest for the year to date is $6,000. 14 Computes depreciation of $40000,50 percent for heath care, 30 percent for administrative, and 10 percent for fundraising. 15. Pay5 $15.000 in interent on the note signed in (8). All of this cost is assumed to be related to health care Required: a. Piepoie in statemient of gctivities for the Watson foundation for this year b. Prepare a state inent of financial position for the Watson Foundation at the end of this year (Neaberihip dues are revenues aod not contributions because nembers recefve substantial benefits. of the total, 2/3 have been carneds) (28) cash investaent incons-net assets without donor restrictions (Incane is carned on permanently restricted net assets but use of the subsequent incobe is unrestricted.) (11) thivestients - Internally restricted for emergencies investanents (12) Fient cxpense Advertising experise titilities expense cish 9,000 12,000 15,000 16,000 (Expenses are on thalf for healthcare, one-fourth for fundraising, and one-fourth for administrative.) (17) Contributions recelvabie 149,000 Contribution revenue-donations-net assets with donor restrictions 49,000(331,000)(99,000) tht though this pledge is unrestricted, It will not be collected for five years and, therefore, the proceeds, are viewed as ting restricted ) Contributions recelvable Contritution revenue-interest-net assets with donor resteictions (16) Doprectition expense tand, butidincisi and equipent (Oepreclintion is 60 percent for healthcare, 30 percent for administration, and 19 percent for fundraising.) (45) intirest tiepetst" Casin. (1) Contributions recelvabie Contribution revenue-intecest-net assets without donor pestrictions: (2) cith Allowance for uncollnctible oledfes fontributions recelvable (1) can (i) Confribution revenue-donations-net assets without donor restrictions (4) Cash Liabslity for conditional gift: (3) Salion expense hualthoare Cacily Beclassiffication-net assets with donor restrictions Feclassification-net assets without donor restrictions (6) Land, bullange, and equipent: Cast Libbility for conditional aift Contritution revenue-donations-net assets without doner restrictions (1) cash cantribution revenue-donations-net assets with donor restrictions tritry peords this contribution because it holds variance pourers.) (6) Land, buildings, and equipment thote payable Cash Mectassiffeation-net assets with donor restrictions Aeclassification-aet assets without donor restrictioos (To record reclassification of restricted amount properily spent.) (9) Cash Deferred revenues \begin{tabular}{|c|c|c|} \hline Debit. & Credit & \\ \hline \multirow[t]{2}{*}{20,000} & & {220,000) \\ \hline & 20,000 & (20,000) \\ \hline \multirow{3}{*}{\begin{tabular}{r} 100,000 \\ 4,000 \end{tabular}} & & (200,000) \\ \hline & & \\ \hline & 104,000 & (net of 120,000 ) \\ \hline \multirow[t]{2}{*}{180,060} & & (300,000) \\ \hline & 180,000 & (180,000) \\ \hline \multirow[t]{2}{*}{23,009} & & (403,000) \\ \hline & 23,000 & (23,000) \\ \hline \multirow[t]{2}{*}{90,000} & & (00,000) \\ \hline & 90,000 & (313,000) \\ \hline \multirow[t]{2}{*}{24,000} & & (24,809) \\ \hline & 24,009 & (24,000) \\ \hline \multirow[t]{2}{*}{23,000} & & (223,000) \\ \hline & 29,000 & (200,000) \\ \hline \multirow[t]{2}{*}{23,000} & & +3 \\ \hline & 23,1000 & (203,000) \\ \hline \multirow[t]{2}{*}{12,000} & & (3u2,015) \\ \hline & 12,000 & (12,000) \\ \hline \multirow[t]{3}{*}{500,000} & & (723,000) \\ \hline & 450,000 & (450,009) \\ \hline & 50,000 & (252,000) \\ \hline \multirow[t]{2}{*}{50,000} & & (77,000) \\ \hline & 50;000 & (7,4,000) \\ \hline \multirow[t]{3}{*}{30,000} & & (282;000) \\ \hline & 20,000 & (20,000) \\ \hline & 10,000 & (10,006) \\ \hline \end{tabular} (earnedis) (10) Cash Investarns incone-net assets without donar resteictions 49, 000 49,000 (231,000) (11) Jovestants-interially restricted for eencencies Irverstarints (12) Aent experise Adretislie expense bilitins expente 0,000 cali. 12,000 15,000 16,000 (49,000) Casil . ca.....uin mneition far the Watson Foundation at the end of this year. WATSON FOUNDATION STATEMENT OF ACTIVITIES For Year Ending December 31, 2024 (1) Contributions recelvabie Contribution revenue-intecest-net assets without donor pestrictions: (2) cith Allowance for uncollnctible oledfes fontributions recelvable (1) can (i) Confribution revenue-donations-net assets without donor restrictions (4) Cash Liabslity for conditional gift: (3) Salion expense hualthoare Cacily Beclassiffication-net assets with donor restrictions Feclassification-net assets without donor restrictions (6) Land, bullange, and equipent: Cast Libbility for conditional aift Contritution revenue-donations-net assets without doner restrictions (1) cash cantribution revenue-donations-net assets with donor restrictions tritry peords this contribution because it holds variance pourers.) (6) Land, buildings, and equipment thote payable Cash Mectassiffeation-net assets with donor restrictions Aeclassification-aet assets without donor restrictioos (To record reclassification of restricted amount properily spent.) (9) Cash Deferred revenues \begin{tabular}{|c|c|c|} \hline Debit. & Credit & \\ \hline \multirow[t]{2}{*}{20,000} & & {220,000) \\ \hline & 20,000 & (20,000) \\ \hline \multirow{3}{*}{\begin{tabular}{r} 100,000 \\ 4,000 \end{tabular}} & & (200,000) \\ \hline & & \\ \hline & 104,000 & (net of 120,000 ) \\ \hline \multirow[t]{2}{*}{180,060} & & (300,000) \\ \hline & 180,000 & (180,000) \\ \hline \multirow[t]{2}{*}{23,009} & & (403,000) \\ \hline & 23,000 & (23,000) \\ \hline \multirow[t]{2}{*}{90,000} & & (00,000) \\ \hline & 90,000 & (313,000) \\ \hline \multirow[t]{2}{*}{24,000} & & (24,809) \\ \hline & 24,009 & (24,000) \\ \hline \multirow[t]{2}{*}{23,000} & & (223,000) \\ \hline & 29,000 & (200,000) \\ \hline \multirow[t]{2}{*}{23,000} & & +3 \\ \hline & 23,1000 & (203,000) \\ \hline \multirow[t]{2}{*}{12,000} & & (3u2,015) \\ \hline & 12,000 & (12,000) \\ \hline \multirow[t]{3}{*}{500,000} & & (723,000) \\ \hline & 450,000 & (450,009) \\ \hline & 50,000 & (252,000) \\ \hline \multirow[t]{2}{*}{50,000} & & (77,000) \\ \hline & 50;000 & (7,4,000) \\ \hline \multirow[t]{3}{*}{30,000} & & (282;000) \\ \hline & 20,000 & (20,000) \\ \hline & 10,000 & (10,006) \\ \hline \end{tabular} (earnedis) (10) Cash Investarns incone-net assets without donar resteictions 49, 000 49,000 (231,000) (11) Jovestants-interially restricted for eencencies Irverstarints (12) Aent experise Adretislie expense bilitins expente 0,000 cali. 12,000 15,000 16,000 (49,000) Casil The Watson foundation, a private not-for-profit entity, starts 2024 with cash of $100,000, contributions recelvable (net) of $200,000; invesunents of $300,000 and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300.000 was purpose restricted, wheres the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new bulding. The remainder was restricted to the payment of officer salafies. Donors made no stipulations about the eventual reporting of buidings and other long-lived ossets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions: 1 Computes interest of $20,000 on the unrestricted contribution recervable 2. Receives cash of $100,000 from the contributions recelvable and wrote off another $4,000 as uncollectible 3 Recelves unrestricted cash donations of $180,000 4 Recelves $23,000 in cash that must be spent for a particutar type of office machine within the next year or the money must be returned 5. Pays salaties of $90,000. Of that amount, $24,000 came from restincted funds. The payment was made to individinals doing health care work 6 . Spends the $23,000 in (4) for the appropriate office machine. 7 Recelves a cash git of $12.000 that Watson must convey to another specified charity. However. Watson has the right to give this money to a different organization if officials so choose. 8 Buys a building for $500,000 by signing a long-term note for $450,000 and using restricted funds for the remainder 9 Collects annual membership dues of $30,000, Individuals receive substantial benefits from their memberships. Ey the end of the year, two-thirds of the time for the average membership has passed. 10. Recelves unrestricted income of $49,000 generated by net assets that must be held permanently. 11 The boord of directors of the Watson Foundation votes to set section $9.000 of its investments for emergency purposes 12. Pays rent of $12,000 for the past month, advertising of $15,000, and utilities of $16.000. These were half for the program service and one-fourth each for the two supporting services. 13. Recelves an unrestricted pledge of $200,000 Watson will collect the money in five years and does not expect arry part to be uncollectible. Present value at inception is $149,000, but interest for the year to date is $6,000. 14 Computes depreciation of $40000,50 percent for heath care, 30 percent for administrative, and 10 percent for fundraising. 15. Pay5 $15.000 in interent on the note signed in (8). All of this cost is assumed to be related to health care Required: a. Piepoie in statemient of gctivities for the Watson foundation for this year b. Prepare a state inent of financial position for the Watson Foundation at the end of this year (Neaberihip dues are revenues aod not contributions because nembers recefve substantial benefits. of the total, 2/3 have been carneds) (28) cash investaent incons-net assets without donor restrictions (Incane is carned on permanently restricted net assets but use of the subsequent incobe is unrestricted.) (11) thivestients - Internally restricted for emergencies investanents (12) Fient cxpense Advertising experise titilities expense cish 9,000 12,000 15,000 16,000 (Expenses are on thalf for healthcare, one-fourth for fundraising, and one-fourth for administrative.) (17) Contributions recelvabie 149,000 Contribution revenue-donations-net assets with donor restrictions 49,000(331,000)(99,000) tht though this pledge is unrestricted, It will not be collected for five years and, therefore, the proceeds, are viewed as ting restricted ) Contributions recelvable Contritution revenue-interest-net assets with donor resteictions (16) Doprectition expense tand, butidincisi and equipent (Oepreclintion is 60 percent for healthcare, 30 percent for administration, and 19 percent for fundraising.) (45) intirest tiepetst" Casin. (1) Contributions recelvabie Contribution revenue-intecest-net assets without donor pestrictions: (2) cith Allowance for uncollnctible oledfes fontributions recelvable (1) can (i) Confribution revenue-donations-net assets without donor restrictions (4) Cash Liabslity for conditional gift: (3) Salion expense hualthoare Cacily Beclassiffication-net assets with donor restrictions Feclassification-net assets without donor restrictions (6) Land, bullange, and equipent: Cast Libbility for conditional aift Contritution revenue-donations-net assets without doner restrictions (1) cash cantribution revenue-donations-net assets with donor restrictions tritry peords this contribution because it holds variance pourers.) (6) Land, buildings, and equipment thote payable Cash Mectassiffeation-net assets with donor restrictions Aeclassification-aet assets without donor restrictioos (To record reclassification of restricted amount properily spent.) (9) Cash Deferred revenues \begin{tabular}{|c|c|c|} \hline Debit. & Credit & \\ \hline \multirow[t]{2}{*}{20,000} & & {220,000) \\ \hline & 20,000 & (20,000) \\ \hline \multirow{3}{*}{\begin{tabular}{r} 100,000 \\ 4,000 \end{tabular}} & & (200,000) \\ \hline & & \\ \hline & 104,000 & (net of 120,000 ) \\ \hline \multirow[t]{2}{*}{180,060} & & (300,000) \\ \hline & 180,000 & (180,000) \\ \hline \multirow[t]{2}{*}{23,009} & & (403,000) \\ \hline & 23,000 & (23,000) \\ \hline \multirow[t]{2}{*}{90,000} & & (00,000) \\ \hline & 90,000 & (313,000) \\ \hline \multirow[t]{2}{*}{24,000} & & (24,809) \\ \hline & 24,009 & (24,000) \\ \hline \multirow[t]{2}{*}{23,000} & & (223,000) \\ \hline & 29,000 & (200,000) \\ \hline \multirow[t]{2}{*}{23,000} & & +3 \\ \hline & 23,1000 & (203,000) \\ \hline \multirow[t]{2}{*}{12,000} & & (3u2,015) \\ \hline & 12,000 & (12,000) \\ \hline \multirow[t]{3}{*}{500,000} & & (723,000) \\ \hline & 450,000 & (450,009) \\ \hline & 50,000 & (252,000) \\ \hline \multirow[t]{2}{*}{50,000} & & (77,000) \\ \hline & 50;000 & (7,4,000) \\ \hline \multirow[t]{3}{*}{30,000} & & (282;000) \\ \hline & 20,000 & (20,000) \\ \hline & 10,000 & (10,006) \\ \hline \end{tabular} (earnedis) (10) Cash Investarns incone-net assets without donar resteictions 49, 000 49,000 (231,000) (11) Jovestants-interially restricted for eencencies Irverstarints (12) Aent experise Adretislie expense bilitins expente 0,000 cali. 12,000 15,000 16,000 (49,000) Casil