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: Debit $ Credits 24,100 46,200 15,900 3,334,400 111,800 25,700 2,364,000 802,000 2.724.000 77.100 1,547,100 119.200 88.400 4,580,400 5,653,500 2,765, 100 375,200 Trial Balance December 31, 2017 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services-unrestricted Contributions-unrestricted Contributions temporarily restricted Contributions-permanently restricted Current pledges receivable (net) Education program expenses Fundraising expense Grant revenue-temporarily restricted Training seminar expenses Land, buildings, and equipment Long-term investments Management and general expense Net assetst Unrestricted (January 1) Temporarily restricted (January 1) Permanently restricted (January 1) Net gains on endowment investments-unrestricted Noncurrent pledge receivables (net) Program service revenue-unrestricted Postemployment benefits payable (noncurrent) Reclassifications Satisfaction of program restrictions Satisfaction of time restrictions Satisfaction of program restrictions Satisfaction of time restrictions Renearch program expenses Short-term investments Supplies inventory Totale 470.000 677.400 1.284.900 17.900 373.400 5,720, 700 192,300 255,800 209,700 255,800 209,700 1,278,700 750,600 32.400 $18, 192,100 $18, 192,100 800 25,700 2,364,000 802,000 2,724,000 77,100 1,547,100 119,200 88, 400 4,580,400 5,653,500 2,765,100 375,200 Cash Contributed services-unrestricted Contributions-unrestricted contributions temporarily restricted Contributions-permanently restricted Current pledges receivable (net) Education program expenses Fund-raising expense Grant revenue-temporarily restricted Training seminar expenses Land, buildings, and equipment Long-term investments Management and general expense Net assets: Unrestricted (January 1) Temporarily restricted (January 1) Permanently restricted (January 1) Net gains on endowment investments-unrestricted Noncurrent pledge receivables (net) Program service revenue-unrestricted Postemployment benefits payable (noncurrent) Reclassifications: Satisfaction of program restrictions Satisfaction of time restrictions Satisfaction of program restrictions Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals 470, 800 677,400 1,284,900 17,900 373,400 5,720,700 192,300 255,800 209,700 255,800 209,700 1,278,700 750,600 32,400 $18,192,100 $18,192,100 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, 2017 c. Prepare a Statement of Financial Position as of December 31, 2017 1 of 1 Next