Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help please!Please answer all The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following

Help please!Please answer all

image text in transcribed
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 $ 24, 200 Accounts receivable (net) $ 47 , 500 oped Accrued interest receivable 16 , 700 Accumulated depreciation 3, 344, 400 Cash 112, 800 Contributed services 26 , 700 Contributions-no restrictions 2, 446, 000 Contributions-purpose restrictions 818, 000 Book Contributions-endowment 2, 631, 000 current pledges receivable 77 , 600 Education program expenses 1 , 578 , 200. Fund-raising expenses 119 , 700 Print Investment revenue-purpose restrictions 88 , 900 Training seminars expenses 4, 670 , 500 Land, buildings, and equipment 5 , 764 , 200 Long-term investments 2 , 818 , 400 erences Management and general expenses 398 , 600 Net assets without donor restrictions 470, 800 Net assets with donor restrictions 2, 037, 000 Net gains on endowments - no restrictions 17,900 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 267 , 400 restrictions Reclassification-Satisfaction of time restrictions 215 , 600 Reclassification-Satisfaction of program 267, 400 restrictions Reclassification-Satisfaction of time restrictions 215, 600 Research program expenses 1, 305 , 400 Short-term investments 751, 500 Supplies inventory 32, 600 Totals $18 ,566, 900 $18, 566, 900 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

18th Edition

1119790972, 9781119790976

More Books

Students also viewed these Accounting questions

Question

9.7 List and briefly discuss four management development methods.

Answered: 1 week ago