The Ombudsman Foundation is a private not-for-profit organization providing tralning In dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017, the end of its fiscal year lance-December 31, 2817 25,308 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services-unrestricted Contributions-unrestricted Contributions-temporarily restricted Contributions-permanently restricted Curnent pledges receivable (net) Education program expenses Fund-raising expense Grant revenue-temporarily restricted Training seminar expenses Land, buildings, and equipment Long-term investments Managenent and general expense Net assets: s 48,68e 16,700 3,582,288 117,488 27,180 2,492,80e 846,800 2,872,808 81 300 1,631,3ee 125,600 93,200 4,829,208 5,968,5 2,915, 38e 395,680 unrestricted (January 1) Temporarily restricted (January Permanently restricted Canuary 1) 496,400 714,288 1,354 7ee Net gains on endowment investsents-unrestricted Noncurrent pledge receivables (ner) Program service revenue-unrestricted Postemployrent benefits payab a9eize8 5,978,18e noncurnent Reclassifications: 267,488 219,180 Satisfaction of program restrictions Satisfaction of time restrictions Satisfaction of program ,restrictions Satisfaction of time restrictions 267,408 219,108 Research program expenses Short-term investments Supplies inventory 1,323,30e 752,008 33,800 $19,107, Totals $19,107, Required: e. 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 Financlal Position as of December 31, 2017. Journal entry worksheet 2 3 Record the year end closing entry for Unrestricted net assets. Note: Enter debits before credits. Event General Journal Debit Credit ut For the Year Ended December 31, 2017 Unrestrictede Temporarily Permanentiy Total es 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 Prepare a Statement of Financial Position as of December 31, 2017. OMBUDSMAN FOUNDATION Statement of Financial Position December 31, 2017 Current Assets Receivables: Total current assets Noncurrent Assets: Total Assets Current Liabilities Total Assets Current Liabilities: Total current liabilities 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 tralning In dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017, the end of its fiscal year lance-December 31, 2817 25,308 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services-unrestricted Contributions-unrestricted Contributions-temporarily restricted Contributions-permanently restricted Curnent pledges receivable (net) Education program expenses Fund-raising expense Grant revenue-temporarily restricted Training seminar expenses Land, buildings, and equipment Long-term investments Managenent and general expense Net assets: s 48,68e 16,700 3,582,288 117,488 27,180 2,492,80e 846,800 2,872,808 81 300 1,631,3ee 125,600 93,200 4,829,208 5,968,5 2,915, 38e 395,680 unrestricted (January 1) Temporarily restricted (January Permanently restricted Canuary 1) 496,400 714,288 1,354 7ee Net gains on endowment investsents-unrestricted Noncurrent pledge receivables (ner) Program service revenue-unrestricted Postemployrent benefits payab a9eize8 5,978,18e noncurnent Reclassifications: 267,488 219,180 Satisfaction of program restrictions Satisfaction of time restrictions Satisfaction of program ,restrictions Satisfaction of time restrictions 267,408 219,108 Research program expenses Short-term investments Supplies inventory 1,323,30e 752,008 33,800 $19,107, Totals $19,107, Required: e. 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 Financlal Position as of December 31, 2017. Journal entry worksheet 2 3 Record the year end closing entry for Unrestricted net assets. Note: Enter debits before credits. Event General Journal Debit Credit ut For the Year Ended December 31, 2017 Unrestrictede Temporarily Permanentiy Total es 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 Prepare a Statement of Financial Position as of December 31, 2017. OMBUDSMAN FOUNDATION Statement of Financial Position December 31, 2017 Current Assets Receivables: Total current assets Noncurrent Assets: Total Assets Current Liabilities Total Assets Current Liabilities: Total current liabilities Noncurrent Liabilities Total Liabilities Net Assets Total Net Assets Total Liabilities and Net Assets