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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 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, 2020, the end of its fiscal year:
Trial BalanceDecember 31, 2020 | Debits | Credits | ||||
Accounts payable | $ | 23,500 | ||||
Accounts receivable (net) | $ | 45,000 | ||||
Accrued interest receivable | 15,500 | |||||
Accumulated depreciation | 3,250,500 | |||||
Cash | 109,000 | |||||
Contributed services | 35,000 | |||||
Contributionsno restrictions | 2,300,000 | |||||
Contributionspurpose restrictions | 780,000 | |||||
Contributionsendowment | 2,650,000 | |||||
Current pledges receivable | 75,000 | |||||
Education program expenses | 1,555,000 | |||||
Fund-raising expenses | 116,000 | |||||
Investment revenuepurpose restrictions | 86,000 | |||||
Training seminars expenses | 4,456,000 | |||||
Land, buildings, and equipment | 5,500,000 | |||||
Long-term investments | 2,690,000 | |||||
Management and general expenses | 365,000 | |||||
Net assets without donor restrictions | 448,000 | |||||
Net assets with donor restrictions | 1,909,000 | |||||
Net gains on endowments - no restrictions | 17,500 | |||||
Noncurrent pledges receivable | 365,000 | |||||
Program service revenue - no restrictions | 5,592,000 | |||||
Post-employment benefits payable (long-term) | 188,000 | |||||
ReclassificationSatisfaction of program restrictions | 250,000 | |||||
ReclassificationSatisfaction of time restrictions | 205,000 | |||||
ReclassificationSatisfaction of program restrictions | 250,000 | |||||
ReclassificationSatisfaction of time restrictions | 205,000 | |||||
Research program expenses | 1,206,000 | |||||
Short-term investments | 750,000 | |||||
Supplies inventory | 32,000 | |||||
Totals | $ | 17,734,500 | $ | 17,734,500 | ||
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.
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