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				$	23,500
Accounts receivable (net)	$	45,000
Accrued interest receivable		15,500
Accumulated depreciation					3,250,500
Cash		109,000
Contributed servicesunrestricted					25,000
Contributionsunrestricted					2,300,000
Contributionstemporarily restricted					780,000
Contributionspermanently restricted					2,650,000
Current pledges receivable (net)		75,000
Education program expenses		1,505,000
Fund-raising expense		116,000
Grant revenuetemporarily restricted					86,000
Training seminar expenses		4,456,000
Land, buildings, and equipment		5,500,000
Long-term investments		2,690,000
Management and general expense		365,000
Net assets:
Unrestricted (January 1)					458,000
Temporarily restricted (January 1)					659,000
Permanently restricted (January 1)					1,250,000
Net gains on endowment investmentsunrestricted					17,500
Noncurrent pledge receivables (net)		365,000
Program service revenueunrestricted					5,592,000
Postemployment benefits payable (noncurrent)					188,000
Reclassifications:
Satisfaction of program restrictions		250,000
Satisfaction of time restrictions		205,000
Satisfaction of program restrictions					250,000
Satisfaction of time restrictions					205,000
Research program expenses		1,256,000
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, 2017. c. Prepare a Statement of Financial Position as of December 31, 2017.

a.

General Journal	Debit	Credit
1	1	Reclassification to Unrestricted Net AssetsExpiration of Time Restrictions	205,000
		ContributionsUnrestricted	2,300,000
		Program Service RevenueUnrestricted	5,592,000
		Net gains on endowment InvestmentsUnrestricted	17,500
		Contributed ServicesUnrestricted	25,000
		Reclassification to Unrestricted Net AssetsSatisfaction of Program Restrictions	250,000
		Research Program Expense		1,256,000
		Management and General Expense		365,000
		Fund Raising Expense		116,000
		Education Program Expense		1,505,000
		Training Seminar Expense		4,456,000
		Net AssetsUnrestricted		691,500
2	2	ContributionsTemporarily Restricted	780,000
		Grant RevenueTemporarily Restricted	86,000
		Reclassification from Temporarily Restricted Net AssetsExpiration of Time Restrictions		205,000
		Reclassification from Temporarily Restricted Net AssetsSatisfaction of Program Restrictions		250,000
		Net AssetsTemporarily Restricted		411,000
3	3	ContributionsPermanently Restricted	2,650,000
		Net AssetsPermanently Restricted		2,650,000

b.

PLEASE COMPLETE "C" - PREPARE STATEMENT OF FINANCIAL POSITION AS OF DEC 31 2017

HERE IS THE OUTLINE FOR THE STATEMENT OF FINANCIAL POSITION- USE THIS TO COMPLETE PROBLEM

Unrestricted Temporarily Restricted Permanently Restricted Total $ $ 5,592,000 2,300,000 25,000 780,000 2,650,000 5,592,000 5,730,000 25,000 86,000 17,500 86,000 17,500 01 205,000 250,000 8,389,500 (205,000) (250,000) 411,000 2,650,000 11,450,500 Revenues: Program Service Revenue Contribution Revenues Contributed Services Grant Revenue Net gains on endowment investments Net Assets Released from Restriction: Satisfaction of time restrictions Satisfaction of program restrictions Total Revenues Expenses: Training seminar expenses Education program expenses Research program expense Total program service expenses Fund raising Management and general expense Total supporting service expenses Total Expenses Increase in Net Assets Net Assets January 1 Net Assets December 31 0 4,456,000 1,505,000 1,256,000 7,217,000 116,000 365,000 481,000 7,698,000 691,500 458,000 1,149,500 $ 4,456,000 1,505,000 1,256,000 7,217,000 116,000 365,000 481,000 7,698,000 3,752,500 2,488,000 6,240,500 0 0 411,000 780,000 1,191,000 2,650,000 1,250,000 3,900,000 $ $ $ OMBUDSMAN FOUNDATION Statement of Finan Statement of Financial Position December 31, 2017 Current Assets: Cash Short-term Investments Supplies Inventories Receivables: Accounts Receivable (net) Pledges Receivable (net) Accrued Interest Total current assets Noncurrent Assets: Pledges Receivable (net) Long-term Investments Land, Buildings and Equipment (net) Total Assets Current Liabilities: Accounts Payable Total current liabilities Noncurrent Liabilities: Post Employment Benefits Payable Total Liabilities Net Assets: Unrestricted Temporarily Restricted Permanently Restricted Total Net Assets Total Liabilities and Net Assets