The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following pre-closing trial balance at December 31, 2017, the end of its fiscal year:

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. Use a classified approach, providing separate totals for current and noncurrent items?

Transcribed Image Text:

Account: Debits Credits Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation $23,500 $ 45,000 15,500 3,250,500 109,000 Contributed services-unrestricted 25,000 2,300,000 780,000 2,650,000 2 Contributions-temporarily restricted Contributions-permanently restricted Current pledges receivable (net) Education program expenses 75,000 1,505,000 Account: Debits Credits 16,000 Fund-raising expense Grant revenue-temporarily restricted Training seminar expenses Land, buildings, and equipment Long-term investments Management and general expense Net assets 4,456,000 5,500,000 2,690,000 365,000 Unrestricted (January 1) Temporarily restricted (January1) Permanently restricted (January 1) 458,000 659,000 1,250,000 Net gains on endowment 17,500 5,592,000 188,000 investments-unrestricted Noncurrent pledge receivables (net) Program service revenue-unrestricted Postemployment benefits payable 365,000 noncurrent) Reclassifications: 250,000 205,000 Satisfaction of program restrictions Satisfaction of time restrictions Satisfaction of program restrictions Satisfaction of time restrictions 250,000 205,000 Research program expenses Short-term investments Supplies inventory 126,00 750,000 32,000 Totals $17,734,500 $17,734,500