Wilson Center is a private not-for-profit voluntary health and welfare entity. During 2017, it received...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Wilson Center is a private not-for-profit voluntary health and welfare entity. During 2017, it received unrestricted pledges of $619,000, 60 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). Officials estimate that 14 percent of all pledges will be uncollectible.
A. How much should Wilson Center report as contribution revenue for 2017? (Ignore time value calculations.)
B. In addition, a local social worker, earning $25 per hour working for the state government, contributed 700 hours of time to Wilson Center at no charge. Without these donated services, the organization would have hired an additional staff person. How should Wilson Center record the contributed service?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
