The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year:
The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year:
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 38P
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Question
The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing
Account: | Debits | Credits |
---|---|---|
Accounts payable | $23,600 | |
Accounts receivable (net) | $46,300 | |
Accrued interest receivable | 16,700 | |
Accumulated |
3,260,500 | |
Cash | 110,000 | |
Contributed services | 26,000 | |
Contributions—no restrictions | 2,410,000 | |
Contributions—purpose restrictions | 796,000 | |
Contributions—endowment | 2,371,700 | |
Current pledges receivable | 75,500 | |
Education program expenses | 1,536,100 | |
Fund-raising expenses | 116,500 | |
Investment revenue—purpose restrictions | 86,500 | |
Training seminars expenses | 4,546,100 | |
Land, buildings, and equipment | 5,610,700 | |
Long-term investments | 2,743,300 | |
Management and general expenses | 396,600 | |
Net assets without donor restrictions | 448,000 | |
Net assets with donor restrictions | 2,035,000 | |
Net gains on endowments—no restrictions | 17,500 | |
Noncurrent pledges receivable | 390,200 | |
Program service revenue—no restrictions | 5,978,100 | |
Postemployment 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 | 1,282,700 | |
Short-term investments | 750,900 | |
Supplies inventory | 32,200 | |
Totals | $18,136,800 | $18,136,800 |
Required:
-
Prepare closing entries for the year-end, using separate entries for each net asset classification.
-
Prepare a Statement of Activities for the year ended December 31, 2024.
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