The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. Th 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 $24,100 $46,200 15,900 3,334,400 111,800 25,700 2,364,000 77,100 1,547,100 119,200 4,580,400 802,000 2,724,000 88,400 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,653,500 2,765,100 375,200 470,800 1,962,300 Net gains on endowments-no restrictions 17,900 Noncurrent pledges receivable 373,400 Program service revenue-no restrictions Postemployment benefits payable (long-term) 5,720,700 192,300 Reclassification-Satisfaction of program restrictions 255,800 Reclassification-Satisfaction of time restrictions 209,700 Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments 255,800 209,700 1,278,700 750,600 Supplies inventory Totals 32,400 $18,192,100 $18,192,100 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.
The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. Th 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 $24,100 $46,200 15,900 3,334,400 111,800 25,700 2,364,000 77,100 1,547,100 119,200 4,580,400 802,000 2,724,000 88,400 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions 5,653,500 2,765,100 375,200 470,800 1,962,300 Net gains on endowments-no restrictions 17,900 Noncurrent pledges receivable 373,400 Program service revenue-no restrictions Postemployment benefits payable (long-term) 5,720,700 192,300 Reclassification-Satisfaction of program restrictions 255,800 Reclassification-Satisfaction of time restrictions 209,700 Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments 255,800 209,700 1,278,700 750,600 Supplies inventory Totals 32,400 $18,192,100 $18,192,100 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alpesh
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
$24,100
$46,200
15,900
3,334,400
111,800
25,700
2,364,000
77,100
1,547,100
119,200
802,000
2,724,000
88,400
4,580,400
Land, buildings, and equipment
Long-term investments
Management and general expenses
Net assets without donor restrictions
Net assets with donor restrictions
5,653,500
2,765,100
375,200
470,800
1,962,300
Net gains on endowments-no restrictions
17,900
Noncurrent pledges receivable
373,400
Program service revenue-no restrictions
Postemployment benefits payable (long-term)
5,720,700
192,300
Reclassification-Satisfaction of program restrictions
255,800
Reclassification-Satisfaction of time restrictions
209,700
Reclassification-Satisfaction of program restrictions
255,800
Reclassification-Satisfaction of time restrictions
209,700
Research program expenses
Short-term investments
Supplies inventory
Totals
1,278,700
750,600
32,400
$18,192,100
$18,192,100
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.
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.
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