Prepare heading and list three important factors

Reference no: EM133417065

Question: You have recently joined the board of directors of Food for Seniors (FFS), a not-for-pro?t organization that provides hot meals for seniors who live in their own apartments but are unable to cook for themselves. F FS relies on its annual spring fundraising drive to cover its general expenses for the next 12 months. The drive starts in March and has raised an average $400,000 in pledgees each year for the past 5 years. Approximately 90% of the pledges are collected by April 1 each year and the remainder are uncollectible. In January 2022, F FS applied for government funding for the ?rst time. It received a commitment from the government to provide a grant of $300,000 every 12 months starting on April 1, 2022, which will more than double the number of seniors who can be served. The terms of the grant require that FFS spend $25,000 of the grant on food each month. FF S must also provide audited financial statements, in accordance with generally accepted accounting principles (GAAP), to the government within 60 days of Additional information:

1. On July 1, 2022, a donor-contributed kitchen appliances (industrial- grade stoves and fridges) with a fair market value of $30,000. The equipment is expected to last 10 years.

2. F FS also has an intangible asset that it acquired during 2022 for $50,000 (related to a line of senior health foods).

3. F FS has never prepared audited ?nancial statements before, but every year its bookkeeper provides board members with a statement of cash receipts and cash disbursements for the period ended December 31.

Required

Prepare 4 heading and list three important factors for each heading that FFS needs to consider when preparing its 2022 ?nancial statements.

Reference no: EM133417065

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