Question
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 the fiscal year:
Trial Balance-December 31, 2017 | Debits | Credits |
Accounts Payable |
| $24,900 |
Accounts Receivable (net) | $47,800 |
|
Accrued interest receivable | 16,400 |
|
Accumulated depreciation |
| 3,439,300 |
Cash | 115,300 |
|
Contributed services-unrestricted |
| 26,600 |
Contributions-unrestricted |
| 2,446,000 |
Contributions-temporarily restricted |
| 830,000 |
Contributions-permanently restricted |
| 2,818,000 |
Current pledges receivable (net) | 79,800 |
|
Education program expenses | 1,601,200 |
|
Fund-raising expense | 123,300 |
|
Grant revenue-temporarily restricted |
| 91,500 |
Training seminar expenses | 4,741,100 |
|
Land, buildings, and equipment | 5,851,800 |
|
Long-term investments | 2,862,100 |
|
Management and general expense | 388,400 |
|
Net assets: |
|
|
Unrestricted (January 1) |
| 487,400 |
Temporarily restricted (January 1) |
| 701,300 |
Permanently restricted (January 1) |
| 1,330,200 |
Net gains on endowment investments-unrestricted |
| 18,400 |
Noncurrent pledge receivables (net) | 383,900 |
|
Program service revenue-unrestricted |
| 5,881,600 |
Postemployment benefits payable (noncurrent) |
| 197,700 |
Reclassifications: |
|
|
Satisfaction of program restrictions | 263,100 |
|
Satisfaction of time restrictions | 215,600 |
|
Satisfaction of program restrictions |
| 263,100 |
Satisfaction of time restrictions |
| 215,600 |
Research program expenses | 1,296,800 |
|
Short-term investments | 751,600 |
|
Supplies inventory | 33,400 |
|
Totals | $18,771,600 | $18,771,600 |
Required:
- Prepare closing entries for the year-end, using separate entries for each net asset classification.
- Prepare a Statement of Activities for the year ended December 31, 2017.
- Prepare a Statement of Financial Position as of December 31, 2017.
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