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The Meals for the Homeless is a private, not-for-profit organization that provides free meals for the destitute...

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Accounting

The Meals for the Homeless is aprivate, not-for-profit organization that provides free meals forthe destitute in a large city. The following transactions tookplace in the accounts of Meals for the Homeless during 2020.

1.         Restricted Cashgifts of $80,000 that were received last year (in cash)        were spent on food (thisyear) in 2020.

2.         UnrestrictedCash of $200,000 was received as a donation in 2020.

Additional Information: The January 1,2020 balances from the Statement of Financial Position (balancesheet) were as follows:

a)         Cash $700,000(debit)

b)         Net AssetsUnrestricted By Donor $500,000 (credit)

c)         Net AssetsRestricted By Donor $200,000 (credit)

Required:

A)        Record the twotransactions above in journal entry form.

B)        Prepare a Statement ofActivities for the year 2020.

C)        Prepare a Statement ofChanges in Net Assets for 2020.

D)        Prepare a Statement ofFinancial Position (balance sheet) as of December 31, 2020.

?

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