accounting-Prepare a statement of activities for the Weinstein Musical Society,

QUESTION

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 $800,000Unrestricted pledges during year (and outstanding at year end) 540,000Membership dues 100,000Collections of unrestricted pledges from prior year 300,000Cash contributions restricted for Classical Music Appreciation Program 250,000Pledges during year (and outstanding at year end) to supportMaestro Program 1,200,000Administrative salaries 45,000Fundraising expenses 75,000Teacher salaries—Classical Music Appreciation Program 23,000Teacher salaries—Maestro Program 77,000Depreciation—Office Equipment 1,300Depreciation—Equipment—Classical Music Appreciation Program 12,000Depreciation—Maestro Program 5,000Materials and supplies used—Maestro Program 330,000Salaries—Professional Program 379,000Rent—Performance Halls—Professional Program 500,000Ticket sales—Performances of Musicians in the Professional Program 150,000Payment to retire long-term note that matured during the year 250,000Payment of interest on note 22,000Unrestricted net assets, January 1, 20X4 320,000Temporarily restricted net assets, January 1, 20X4 1,100,000Unrestricted earnings on investments of temporarily restricted investments 58,000All expenses of the Maestro and the Classical Music Appreciation Programs are payable from donor restricted resources.

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