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 | ||
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