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, 2017, the end of its fiscal year:
Trial Balance—December 31, 2017 Debits Credits Accounts payable $ 23,900 Accounts receivable (net) $ 45,800 Accrued interest receivable 15,800 Accumulated depreciation 3,313,400 Cash 111,100 Contributed services—unrestricted 25,500 Contributions—unrestricted 2,346,000 Contributions—temporarily restricted 796,000 Contributions—permanently restricted 2,704,000 Current pledges receivable (net) 76,500 Education program expenses 1,535,100 Fund-raising expense 118,300 Grant revenue—temporarily restricted 87,700 Training seminar expenses 4,544,100 Land, buildings, and equipment 5,608,700 Long-term investments 2,743,200 Management and general expense 372,200 Net assets: Unrestricted (January 1) 467,000 Temporarily restricted (January 1) 671,900 Permanently restricted (January 1) 1,274,500 Net gains on endowment
investments—unrestricted 17,800 Noncurrent pledge receivables (net) 371,300 Program service revenue—unrestricted 5,688,500 Postemployment benefits payable
(noncurrent) 191,200 Reclassifications: Satisfaction of program restrictions 254,300 Satisfaction of time restrictions 208,500 Satisfaction of program restrictions 254,300 Satisfaction of time restrictions 208,500 Research program expenses 1,282,700 Short-term investments 750,400 Supplies inventory 32,200 Totals $ 18,070,200 $ 18,070,200
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, 2017.
c. Prepare a Statement of Financial Position as of December 31, 2017.
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The Ombudsman Foundation is a private not-for-profit organization providing training in dispute reso was first posted on June 30, 2020 at 10:40 pm.
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