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The Ombudsman Foundation is a private not - for - profit organization providing training in dispute resolution and conflict management. The Foundation had the following
The Ombudsman Foundation is a private notforprofit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December the end of its fiscal year: Trial BalanceDecember Debits Credits Accounts payable $ Accounts receivable net $ Accrued interest receivable Accumulated depreciation Cash Contributed services Contributionsno restrictions Contributionspurpose restrictions Contributionsendowment Current pledges receivable Education program expenses Fundraising expenses Investment revenuepurpose restrictions Training seminars expenses Land, buildings, and equipment Longterm 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 Postemployment benefits payable longterm ReclassificationSatisfaction of program restrictions ReclassificationSatisfaction of time restrictions ReclassificationSatisfaction of program restrictions ReclassificationSatisfaction of time restrictions Research program expenses Shortterm investments Supplies inventory Totals $ $ Required: a Prepare closing entries for the yearend, using separate entries for each net asset classification. b Prepare a Statement of Activities for the year ended December c Prepare a Statement of Financial Position as of December
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