In: Accounting
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 | Debits | Credits | ||||
Accounts payable | $ | 24,900 | ||||
Accounts receivable (net) | $ | 47,300 | ||||
Accrued interest receivable | 16,700 | |||||
Accumulated depreciation | 3,438,300 | |||||
Cash | 116,600 | |||||
Contributed services | 28,100 | |||||
Contributions—no restrictions | 2,492,000 | |||||
Contributions—purpose restrictions | 846,000 | |||||
Contributions—endowment | 2,990,200 | |||||
Current pledges receivable | 80,200 | |||||
Education program expenses | 1,633,300 | |||||
Fund-raising expenses | 123,400 | |||||
Investment revenue—purpose restrictions | 91,800 | |||||
Training seminars expenses | 4,833,200 | |||||
Land, buildings, and equipment | 5,964,500 | |||||
Long-term investments | 2,915,500 | |||||
Management and general expenses | 407,600 | |||||
Net assets without donor restrictions | 483,600 | |||||
Net assets with donor restrictions | 2,046,000 | |||||
Net gains on endowments - no restrictions | 18,300 | |||||
Noncurrent pledges receivable | 390,200 | |||||
Program service revenue - no restrictions | 5,978,100 | |||||
Post-employment benefits payable (long-term) | 200,900 | |||||
Reclassification—Satisfaction of program restrictions | 267,400 | |||||
Reclassification—Satisfaction of time restrictions | 215,600 | |||||
Reclassification—Satisfaction of program restrictions | 267,400 | |||||
Reclassification—Satisfaction of time restrictions | 215,600 | |||||
Research program expenses | 1,323,300 | |||||
Short-term investments | 753,000 | |||||
Supplies inventory | 33,400 | |||||
Totals | $ | 19,121,200 | $ | 19,121,200 | ||
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.