Answered step by step
Verified Expert Solution
Link Copied!

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

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

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

Ensure continued excellence in people management.

Answered: 1 week ago

Question

Enhance the international team by recruiting the best people.

Answered: 1 week ago