1 Exercise 10-10 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 10 polnts Credits 25,300 Debits Trial Balance-December 31, 2817 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash $ 48,608 16,700 eBook 3,502, 288 117,408 27,188 2,492,e0e 846,e08 2,872,e08 Contributed services-unrestricted Contributions-unrestricted Contributions-temporarily restricted Contributions-permanently restricted Currer Ask pledges receivable (net) 81,300 1,631,300 125,600 Education progran expenses Fund-raising expense Grant revenue-temporarily restricted Training seninar expenses Land, buildings, and equipment Long-term investments Managenent and general expense Print 93,200 4,829, 280 5,960,500 2,915,300 395,600 References Net assets: Unrestricted (January Temporarily restricted (January 1) Permanently restricted (Januaryy 1) Net gains on endowment investnents-unrestricted 496,400 714,200 1,354,708 18,700 Noncurrent pledge receivables (net) Progran service revenue-unrestricted Postemployment benefits payable (noncurrent) Reclassifications: 390,288 5,978,108 288,908 Satisfaction of program restrictions Satisfaction of time restrictions 267,408 219,108 Satisfaction of program restrictions Satisfaction of time restrictions Research progran expenses 267,488 219,10e 1,323,388 752,e88 Short-term investments Supplies inventory 33,800 $19,187,300 $19, 187,388 Totals Required: a. Prepare closing entrles for the year-end, using separate entrles for each net asset classificaton. b. Prepare a Statement of Activitles for the year ended December 31, 2017. c. Prepare a Statement of Financlal Position as of December 31, 2017 Complete this question by entering your answers in the tabs below. Required C Required A Required B 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.) Vlew transaction list Journal entry worksheet 1 2 3 Record the year end closing entry for Unrestricted net assets. Note: Enter debits before credits. Event General Journal Debit Credit 1 Clear entry Record entry View general journal Required A Required B Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activitles for the year ended December 31, 2017 c. Prepare a Statement of Financlal Position as of December 31, 2017 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Activities for the year ended December 31, 2017. (Deductions should be entered with a minus sign.) OMBUDSMAN FOUNDATION Statement of Activities For the Year Ended December 31, 2017 Temporarily Restricted Permanently Restricted Unrestricted Total Revenues: Program Service Revenue Contribution Revenues Contributed Services Grant Revenue Net gains on endowment investments Net Assets Released from Restriction: Satisfaction of time restrictions Satisfaction of program restrictions Total Revenues Expenses Training seminar expenses Education program expenses Research program expense Total program service expenses Fund raising Management and general expense Total supporting service expenses Total Expenses Increase in Net Assets Net Assets January 1 Net Assets December 31 Required C Required A Required: a. Prepare closing entrles for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activitles for the year ended December 31, 2017 C. Prepare a Statement of Financlal Position as December 31, 2017 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Financial Position as of December 31, 2017 OMBUD SMAN FOUNDATION Statement of Financial Position December 31, 2017 Current Assets: Receivables Total current assets Noncurrent Assets: Total Assets Current Liabilities: Total current liabilities Noncurrent Liabilities: Total Liabilities Net Assets: Total Net Assets Total Liabilities and Net Assets Required C Required B