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 Debits Credits Accounts payable $ 25,400 Accounts receivable (net) $ 47,200 Accrued interest receivable 16,700 Accumulated depreciation 3,512,200 Cash 118,400 Contributed services 26,500 Contributions—no restrictions 2,446,000 Contributions—purpose restrictions 796,000 Contributions—endowment 2,057,500 Current pledges receivable 81,800 Education program expenses 1,537,100 Fund-raising expenses 126,100 Investment revenue—purpose restrictions 93,700 Training seminars expenses 4,548,100 Land, buildings, and equipment 5,612,700 Long-term investments 2,743,400 Management and general expenses 402,600 Net assets without donor restrictions 496,400 Net assets with donor restrictions 2,041,000 Net gains on endowments - no restrictions 18,700 Noncurrent pledges receivable 390,200 Program service revenue - no restrictions 5,978,100 Post-employment benefits payable (long-term) 200,900 Reclassification—Satisfaction of program restrictions 267,400 Reclassification—Satisfaction of time restrictions 215,600 Reclassification—Satisfaction of program restrictions 267,400 Reclassification—Satisfaction of time restrictions 215,600 Research program expenses 1,282,700 Short-term investments 751,400 Supplies inventory 34,000 Totals $ 18,175,400 $ 18,175,400 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.

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 Debits Credits Accounts payable $ 25,400 Accounts receivable (net) $ 47,200 Accrued interest receivable 16,700 Accumulated depreciation 3,512,200 Cash 118,400 Contributed services 26,500 Contributions—no restrictions 2,446,000 Contributions—purpose restrictions 796,000 Contributions—endowment 2,057,500 Current pledges receivable 81,800 Education program expenses 1,537,100 Fund-raising expenses 126,100 Investment revenue—purpose restrictions 93,700 Training seminars expenses 4,548,100 Land, buildings, and equipment 5,612,700 Long-term investments 2,743,400 Management and general expenses 402,600 Net assets without donor restrictions 496,400 Net assets with donor restrictions 2,041,000 Net gains on endowments - no restrictions 18,700 Noncurrent pledges receivable 390,200 Program service revenue - no restrictions 5,978,100 Post-employment benefits payable (long-term) 200,900 Reclassification—Satisfaction of program restrictions 267,400 Reclassification—Satisfaction of time restrictions 215,600 Reclassification—Satisfaction of program restrictions 267,400 Reclassification—Satisfaction of time restrictions 215,600 Research program expenses 1,282,700 Short-term investments 751,400 Supplies inventory 34,000 Totals $ 18,175,400 $ 18,175,400 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.

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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Trial Balance—December 31, 2020		Debits		Credits
Accounts payable			$	25,400
Accounts receivable (net)	$	47,200
Accrued interest receivable		16,700
Accumulated depreciation				3,512,200
Cash		118,400
Contributed services				26,500
Contributions—no restrictions				2,446,000
Contributions—purpose restrictions				796,000
Contributions—endowment				2,057,500
Current pledges receivable		81,800
Education program expenses		1,537,100
Fund-raising expenses		126,100
Investment revenue—purpose restrictions				93,700
Training seminars expenses		4,548,100
Land, buildings, and equipment		5,612,700
Long-term investments		2,743,400
Management and general expenses		402,600
Net assets without donor restrictions				496,400
Net assets with donor restrictions				2,041,000
Net gains on endowments - no restrictions				18,700
Noncurrent pledges receivable		390,200
Program service revenue - no restrictions				5,978,100
Post-employment benefits payable (long-term)				200,900
Reclassification—Satisfaction of program restrictions		267,400
Reclassification—Satisfaction of time restrictions		215,600
Reclassification—Satisfaction of program restrictions				267,400
Reclassification—Satisfaction of time restrictions				215,600
Research program expenses		1,282,700
Short-term investments		751,400
Supplies inventory		34,000
Totals	$	18,175,400	$	18,175,400

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.

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