Homework Help is Here – Start Your Trial Now!
Business
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: 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please don't give image format
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: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
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Depletions and Amortizations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS