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Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2024.

Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2024.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Debits Credits $25,500 $48,100 16,700 3,522,200 119,400 27,200 2,492,000 82,300 1,550,100 126,600 4,586,400 802,000 2,114,100 94,200 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,659,500 2,765,400 409,600 496,400 2,048,000 Net gains on endowments-no restrictions Noncurrent pledges receivable 18,700 390,200 Program service revenue-no restrictions 5,978,100 Postemployment benefits payable (long-term) 200,900 Reclassification-Satisfaction of program restrictions 267,400 Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments 215,600 267,400 215,600 1,278,700 752,100 Supplies inventory 34,200 Totals $18,302,300 $18,302,300 Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare closing entries for the year-end, using separate entries for each net asset classification. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. No Event A 1 General Journal Debit Credit Reclassification to Net Assets without Donor Restrictions-Expiration of Time 215,600 Reclassification to Net Assets without Donor Restrictions-Satisfaction of Pro 267,400✓ Contributed Services-without Donor Restrictions ✓ 2,492,000 x Program Service Revenue-without Donor Restrictions ✓ 5,978,100 Net Gains on Endowment Investments-without Donor Restrictions 18,700 Contributions-without Donor Restrictions 27,200 x Training Seminar Expense 4,586,400✔ Education Program Expense Research Program Expense ✓ Management and General Expense Fund-Raising Expense Net Assets-without Donor Restrictions 1,550,100 1,278,700 409,600 119,400 x 496,400 x < Required A Required B >
Transcribed Image Text:The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Debits Credits $25,500 $48,100 16,700 3,522,200 119,400 27,200 2,492,000 82,300 1,550,100 126,600 4,586,400 802,000 2,114,100 94,200 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,659,500 2,765,400 409,600 496,400 2,048,000 Net gains on endowments-no restrictions Noncurrent pledges receivable 18,700 390,200 Program service revenue-no restrictions 5,978,100 Postemployment benefits payable (long-term) 200,900 Reclassification-Satisfaction of program restrictions 267,400 Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments 215,600 267,400 215,600 1,278,700 752,100 Supplies inventory 34,200 Totals $18,302,300 $18,302,300 Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare closing entries for the year-end, using separate entries for each net asset classification. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. No Event A 1 General Journal Debit Credit Reclassification to Net Assets without Donor Restrictions-Expiration of Time 215,600 Reclassification to Net Assets without Donor Restrictions-Satisfaction of Pro 267,400✓ Contributed Services-without Donor Restrictions ✓ 2,492,000 x Program Service Revenue-without Donor Restrictions ✓ 5,978,100 Net Gains on Endowment Investments-without Donor Restrictions 18,700 Contributions-without Donor Restrictions 27,200 x Training Seminar Expense 4,586,400✔ Education Program Expense Research Program Expense ✓ Management and General Expense Fund-Raising Expense Net Assets-without Donor Restrictions 1,550,100 1,278,700 409,600 119,400 x 496,400 x < Required A Required B >
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