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: Debits 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 Fund-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) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals $ 46,400 16,700 116,300 80,300 1,632,300 123,800 4,831,200 5,962,500 2,915,400 401,600 390,200 267,400 215,600 Credits $ 25,000 3,449,300 27,600 2,428,000 846,000 3,033,400 92,000 487,400 2,040,000 18,400 5,978,100 200,900 267,400 215,600 1,323,300 752,500 33,600 $19,109,100 $19,109,100
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: Debits 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 Fund-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) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals $ 46,400 16,700 116,300 80,300 1,632,300 123,800 4,831,200 5,962,500 2,915,400 401,600 390,200 267,400 215,600 Credits $ 25,000 3,449,300 27,600 2,428,000 846,000 3,033,400 92,000 487,400 2,040,000 18,400 5,978,100 200,900 267,400 215,600 1,323,300 752,500 33,600 $19,109,100 $19,109,100
Chapter12: S Corporations
Section: Chapter Questions
Problem 9DQ
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Transcribed Image Text: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
Fund-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)
Reclassification-Satisfaction of program restrictions
Reclassification-Satisfaction of time restrictions
Reclassification-Satisfaction of program restrictions
Reclassification-Satisfaction of time restrictions
Research program expenses.
Short-term investments
Supplies inventory
Totals
Debits
$ 46,400
16,700
116,300
80,300
1,632,300
123,800
4,831, 200
5,962,500
2,915,400
401,600
390, 200
267,400
215,600
Credits
$ 25,000
3,449,300
27,600
2,428,000
846,000
3,033,400
92,000
487,400
2,040,000
18,400
5,978,100
200,900
267,400
215,600
1,323,300
752,500
33,600
$19,109,100 $19,109,100
Transcribed Image Text:Current Assets:
Receivables:
Total Current Assets
Noncurrent Assets:
Total Noncurrent Assets
Total Assets
Current Liabilities:
Total Current Liabilities
Noncurrent Liabilities:
Total Noncurrent Liabilities
Total Liabilities
Net Assets:
OMBUDSMAN FOUNDATION
Statement of Financial Position
As of December 31, 2020
Total Net Assets
Total Liabilities and Net Assets
$
$
$
$
$
$
0
0
0
0
0
0
0
0
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