Question

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		Debits			Credits
Accounts payable				$	25,100
Accounts receivable (net)	$	47,700
Accrued interest receivable		16,700
Accumulated depreciation					3,459,300
Cash		117,300
Contributed services					27,000
Contributions—no restrictions					2,446,000
Contributions—purpose restrictions					796,000
Contributions—endowment					2,122,700
Current pledges receivable		80,800
Education program expenses		1,538,100
Fund-raising expenses		124,300
Investment revenue—purpose restrictions					92,500
Training seminars expenses		4,550,100
Land, buildings, and equipment		5,614,700
Long-term investments		2,743,500
Management and general expenses		408,600
Net assets without donor restrictions					487,400
Net assets with donor restrictions					2,047,000
Net gains on endowments - no restrictions					18,400
Noncurrent pledges receivable		390,200
Program service revenue - no restrictions					5,978,100
Post-employment benefits payable (long-term)					200,900
Reclassification—Satisfaction of program restrictions		267,400
Reclassification—Satisfaction of time restrictions		215,600
Reclassification—Satisfaction of program restrictions					267,400
Reclassification—Satisfaction of time restrictions					215,600
Research program expenses		1,282,700
Short-term investments		751,900
Supplies inventory		33,800
Totals	$	18,183,400		$	18,183,400

c. Prepare a Statement of Financial Position as of December 31, 2020.

Answer 1