Please help me solve part b of the textbook problem. I am stuck :( The...
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Accounting
Please help me solve part b of the textbook problem. I am stuck :(
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 BalanceDecember 31, 2020
Debits
Credits
Accounts payable
$
25,300
Accounts receivable (net)
$
48,600
Accrued interest receivable
16,700
Accumulated depreciation
3,502,200
Cash
117,400
Contributed services
27,100
Contributionsno restrictions
2,492,000
Contributionspurpose restrictions
846,000
Contributionsendowment
2,872,000
Current pledges receivable
81,300
Education program expenses
1,631,300
Fund-raising expenses
125,600
Investment revenuepurpose restrictions
93,200
Training seminars expenses
4,829,200
Land, buildings, and equipment
5,960,500
Long-term investments
2,915,300
Management and general expenses
395,600
Net assets without donor restrictions
496,400
Net assets with donor restrictions
2,068,900
Net gains on endowments - no restrictions
18,700
Noncurrent pledges receivable
390,200
Program service revenue - no restrictions
5,978,100
Post-employment benefits payable (long-term)
200,900
ReclassificationSatisfaction of program restrictions
267,400
ReclassificationSatisfaction of time restrictions
219,100
ReclassificationSatisfaction of program restrictions
267,400
ReclassificationSatisfaction of time restrictions
219,100
Research program expenses
1,323,300
Short-term investments
752,000
Supplies inventory
33,800
Totals
$
19,107,300
$
19,107,300
Requlred: . 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. Complete this question by entering your answers in the tabs below. Prepare a Statement of Activities for the year ended December 31, 2020. (Amounts to be deducted should be indicated by minus sign.)
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