The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management....

 

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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: 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 Pund-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) of program Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction restrictions restrictions Reclassification-Satisfaction Research program expenses Short-term investments Supplies inventory Totals $ of time restrictions of program of time restrictions Debita 48,000 16,700 113,100 77,500 1,579,200 119,300 4,672,500 5,766,200 2,818,500 404,600 390,200 267,400 215,600 S Credita 24,100 3,333,400 27,200 2,410,000 818,000 2,687,600 88,700 467,000 2,043,000 17,800 5,978,100 200,900 267,400 215,600 1,305,400 752,000 32,600 $18,578,800 $18,578,800 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. 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: 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 Pund-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) of program Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction restrictions restrictions Reclassification-Satisfaction Research program expenses Short-term investments Supplies inventory Totals $ of time restrictions of program of time restrictions Debita 48,000 16,700 113,100 77,500 1,579,200 119,300 4,672,500 5,766,200 2,818,500 404,600 390,200 267,400 215,600 S Credita 24,100 3,333,400 27,200 2,410,000 818,000 2,687,600 88,700 467,000 2,043,000 17,800 5,978,100 200,900 267,400 215,600 1,305,400 752,000 32,600 $18,578,800 $18,578,800 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.