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: Debits $ Credits 24,200 47,500 16,700 3,344,400 112,800 26,700 2,446,000 818,000 2,631,000 77,600 1,578,200 119,700 Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments - no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions --1---: :--:-- - :- -- -- -- -- --- - - --- 88,900 4,670,500 5,764,200 2,818,400 398,600 470,800 2,037,000 17,900 390,200 5,978,100 200,900 267,400 215,600 267,400 Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals 215,600 1,305,400 751,500 32,600 $18,566,900 $18,566,900 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. Required A Required B Required C Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the year-end closing entry for net assets without donor restrictions. tions. 2 Record the year-end closing entry for net assets with donor restrictions. Credit Required A Required B Required C Prepare a Statement of Activities for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Total OMBUDSMAN FOUNDATION Statement of Activities For the Year Ended December 31, 2020 Net Assets Net Assets without Donorwith Donor Restrictions Restrictions Revenues Program Service Revenue Contribution Revenues Contributed Services Investment 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 Expenses Total Program Service Expenses Fund-Raising Expenses Management and General Expenses Total Supporting Service Expenses Total Expenses Increase in Net Assets Net Assets January 1 Net Assets December 31 Required A Required B Required C Prepare a Statement of Financial Position as of December 31, 2020. OMBUDSMAN FOUNDATION Statement of Financial Position As of December 31, 2020 Current Assets: Receivables: Total Current Assets Noncurrent Assets: Total Noncurrent Assets Total Assets Current Liabilities: Total Current Liabilities Noncurrent Liabilities: Total Noncurrent Liabilities Total Liabilities Net Assets: Total Net Assets Total Liabilities and Net Assets 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: Debits $ Credits 24,200 47,500 16,700 3,344,400 112,800 26,700 2,446,000 818,000 2,631,000 77,600 1,578,200 119,700 Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments - no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions --1---: :--:-- - :- -- -- -- -- --- - - --- 88,900 4,670,500 5,764,200 2,818,400 398,600 470,800 2,037,000 17,900 390,200 5,978,100 200,900 267,400 215,600 267,400 Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals 215,600 1,305,400 751,500 32,600 $18,566,900 $18,566,900 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. Required A Required B Required C Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the year-end closing entry for net assets without donor restrictions. tions. 2 Record the year-end closing entry for net assets with donor restrictions. Credit Required A Required B Required C Prepare a Statement of Activities for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Total OMBUDSMAN FOUNDATION Statement of Activities For the Year Ended December 31, 2020 Net Assets Net Assets without Donorwith Donor Restrictions Restrictions Revenues Program Service Revenue Contribution Revenues Contributed Services Investment 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 Expenses Total Program Service Expenses Fund-Raising Expenses Management and General Expenses Total Supporting Service Expenses Total Expenses Increase in Net Assets Net Assets January 1 Net Assets December 31 Required A Required B Required C Prepare a Statement of Financial Position as of December 31, 2020. OMBUDSMAN FOUNDATION Statement of Financial Position As of December 31, 2020 Current Assets: Receivables: Total Current Assets Noncurrent Assets: Total Noncurrent Assets Total Assets Current Liabilities: Total Current Liabilities Noncurrent Liabilities: Total Noncurrent Liabilities Total Liabilities Net Assets: Total Net Assets Total Liabilities and Net Assets