08 Jan The Ombudsman Foundation is a private not-for-prof
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, 2012, the end of its fiscal year: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, 2012.c. Prepare a Statement of Financial Position as of December 31, 2012. Use a classified approach, providing separate totals for current and noncurrent items.
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