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The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2929 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 Land, buildings, and equipment $ Debits 48,600 16,799 117,409 $1,300 1,631,300 125,600 4,829,200 5,969,599 $ Credits 25,300 3,582,290 27,100 2,492,000 846,000 2,872,999 93,299

The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2929 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 Land, buildings, and equipment $ Debits 48,600 16,799 117,409 $1,300 1,631,300 125,600 4,829,200 5,969,599 $ Credits 25,300 3,582,290 27,100 2,492,000 846,000 2,872,999 93,299

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 not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 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 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue no restrictions Post-employment benefits payable (long-term) Reclassification-satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals $ Debits 48,600 16,799 117,400 81,399 1,631,300 125,600 4,829,290 5,969,500 2,915,300 395,000 390, 200 267,400 219,190 Credits $ 25,300 3,502,200 27,199 2,492,000 846,000 2,872,000 93,200 495,499 2,068,900 18,700 5,978,100 299,900 267,400 219,100 1,323,300 752,000 $19,107,300 $19,197,399 Complete this question by entering your answers in the tabs below. 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, 2020. c. Prepare a Statement of Financial Position as of December 31, 2020. Required A Required B Required C Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Transcribed Image Text:The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 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 Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue no restrictions Post-employment benefits payable (long-term) Reclassification-satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals $ Debits 48,600 16,799 117,400 81,399 1,631,300 125,600 4,829,290 5,969,500 2,915,300 395,000 390, 200 267,400 219,190 Credits $ 25,300 3,502,200 27,199 2,492,000 846,000 2,872,000 93,200 495,499 2,068,900 18,700 5,978,100 299,900 267,400 219,100 1,323,300 752,000 $19,107,300 $19,197,399 Complete this question by entering your answers in the tabs below. 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, 2020. c. Prepare a Statement of Financial Position as of December 31, 2020. Required A Required B Required C Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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