The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year:Trial Balance-December 31, 2020Accounts payableAccounts receivable (net)Accrued interest receivableAccumulated depreciationCashContributed servicesContributions-no restrictionsContributions-purpose restrictionsContributions-endowmentCurrent pledges receivableEducation program expensesFund-raising expensesInvestment revenue-purpose restrictionsTraining seminars expensesLand, buildings, and equipmentLong-term investmentsManagement and general expensesNet assets without donor restrictionsNet assets with donor restrictionsNet gains on endowments no restrictionsNoncurrent pledges receivableProgram service revenue - no restrictionsPost-employment benefits payable (long-term)Reclassification-SatisfactionReclassification-SatisfactionReclassification-SatisfactionReclassification-SatisfactionResearch program expensesShort-term investmentsSupplies inventoryTotalsof program restrictionsof time restrictionsof program restrictionsof time restrictionsDebits45,00015,500109,00075,0001,555,000116,0004,456,0005,500,0002,690,000365,000365,000250,000205,000Credits$ 23,5003,250,50035,0002,300,000780,0002,650,00086,000448,0001,909,00017,5005,592,000188,000250,000205,0001,206,000750,00032,000$17,734,500 $17,734,500Required: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.

Required journal entries : DateAccount title & ExplanationDebit ($)Credit ($)Reclassification…

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.

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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 8MC

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