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) Debits Credits $ 24,900 $ 47,800 Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable 16,400 3,439,300 115,300 26,600 2,446,000 830,000 2,818,000 79,800 Education program expenses 1,601,200 Fund-raising expenses 123,300 Investment revenue-purpose restrictions 91,500 Training seminars expenses 4,741,100 Land, buildings, and equipment 5,851,800 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 2,862,100 388,400 487,400 2,031,500 18,400 383,900 5,881,600 197,700 263,100 215,600 263,100 215,600 1,296,800 751,600 33,400 $18,771,600 $18,771,600 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 Accounts payable Accounts receivable (net) Debits Credits $ 24,900 $ 47,800 Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable 16,400 3,439,300 115,300 26,600 2,446,000 830,000 2,818,000 79,800 Education program expenses 1,601,200 Fund-raising expenses 123,300 Investment revenue-purpose restrictions 91,500 Training seminars expenses 4,741,100 Land, buildings, and equipment 5,851,800 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 2,862,100 388,400 487,400 2,031,500 18,400 383,900 5,881,600 197,700 263,100 215,600 263,100 215,600 1,296,800 751,600 33,400 $18,771,600 $18,771,600 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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)
Debits
Credits
$
24,900
$
Accrued interest receivable
Accumulated depreciation
Cash
Contributed services
47,800
16,400
3,439,300
115,300
26,600
Contributions-no restrictions
2,446,000
Contributions-purpose restrictions
830,000
Contributions-endowment
2,818,000
Current pledges receivable
79,800
Education program expenses
1,601,200
Fund-raising expenses
123,300
Investment revenue-purpose restrictions
91,500
Training seminars expenses
4,741,100
Land, buildings, and equipment
5,851,800
Long-term investments
Management and general expenses
Net assets without donor restrictions
Net assets with donor restrictions
2,862,100
388,400
487,400
2,031,500
Net gains on endowments no restrictions
Noncurrent pledges receivable
18,400
383,900
Program service revenue no restrictions
Post-employment benefits payable (long-term)
5,881,600
197,700
Reclassification-Satisfaction of program restrictions
Reclassification-Satisfaction of time restrictions
Reclassification-Satisfaction of program restrictions
Reclassification-Satisfaction of time restrictions
Research program expenses
263,100
215,600
263,100
215,600
1,296,800
Short-term investments
Supplies inventory
Totals
751,600
33,400
$18,771,600 $18,771,600
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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Step 1: Define financial statements concept.
VIEWStep 2: (a) Prepare closing entries using separate entries for each net asset classification:
VIEWStep 3: (b) Prepare a Statement of Activities for the year ended December 31, 2020.
VIEWStep 4: (c) Prepare a Statement of Financial Position as of December 31, 2020.
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