As of December 31, 2016, the accounts of the Middletown Youth Center contained the following balances: Accounts payable $13,520
Cash 126,500
Furniture and equipment, net of accumulated depreciation of $160,000 50,000
Inventory 2,800
Investments 178,000
Permanently restricted net assets 100,000
Temporarily restricted net assets 76,600
Unrestricted net assets 167,180
During 2017, the following activities took place:
Unrestricted contributions of $395,000 and temporarily restricted contributions of $50,000 were received in cash.
Investment income in the form of interest was received in the amount of $7,200.
Temporarily restricted net assets of $10,000 were released from their restrictions due to meeting the donor’s requirements.
The following expenses were incurred. All but $4,000 were paid in cash:
Counseling services 139,976
Professional training 55,116
Community service 38,144
General administration 91,060
Fundraising 38,144
Total 362,440
Additional equipment of $22,000 was purchased by paying $7,000 down and issuing a note payable for the rest.
Depreciation expense of $5,000 was recorded and allocated as follows: 50% to general administration, 20% to professional training, and 10% each to counseling services, community service, and fundraising.
All outstanding accounts payable at the beginning of the year were paid.
Inventory and investments remained unchanged during the year.
Instructions
Use the Excel template for Question 41 that you downloaded from this module to prepare a statement of activities for the year ended December 31, 2017. In addition, discuss how the new accounting standards (ASC 958) could impact this statement.

1. revising for conciseness - eliminating flabby expressions,limiting long lead-ins, and dropping unnecessary fillerstime is money in any business environment. people want information communicated quickly and clearly. to make your writing more concise and understandable, avoid flabby expressions, long lead-ins, and unnecessary fillers. your audience will appreciate your brevity.1. if your writing contains a flabby expression like in view of the fact that, replace it with the word because / although / probably .for each of the following two sentences, choose the best revision.2. i am sending you this letter to inform you that we have experienced an unexpected surprise within our expense sheet, but we are positively certain we will solve it.1) we need to inform you that we have experienced an unexpected surprise with our expense sheet, but we are midway to an end result.2) we have identified a problem with our expense sheet, but we will solve it.3) i am sending you this letter to inform you that we have a problem with our expense sheet, but we are positively certain we have a solution.3. it is the user who should contact the center.1) everyone knows that it is the user who should contact the center.2) the user should contact the center.3) if there is a problem, the user should contact the center.read the following passage, and then answer the question.[1] you scheduled seven conference calls for this morning between 10 and 11 a.m. [2] generally, the company limits the number of conference calls to three per hour. [3] i’m letting you know that in the future, we should be more careful about scheduling.4. which revision limits the long lead-in in sentence 3? 1) in the future, we should be more careful about scheduling.2) i’m letting you know so that in the future we are more careful about scheduling calls.3) so that you know in the future, we should be more careful about scheduling.