Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 BalanceDecember 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 servicesunrestricted | 25,500 | |||||
Contributionsunrestricted | 2,346,000 | |||||
Contributionstemporarily restricted | 796,000 | |||||
Contributionspermanently restricted | 2,704,000 | |||||
Current pledges receivable (net) | 76,500 | |||||
Education program expenses | 1,535,100 | |||||
Fund-raising expense | 118,300 | |||||
Grant revenuetemporarily 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 investmentsunrestricted | 17,800 | |||||
Noncurrent pledge receivables (net) | 371,300 | |||||
Program service revenueunrestricted | 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 | ||
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started