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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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9 years ago
A not-for-profit entity conducts a special fund-raising campaign at the end of fiscal year 2012, intended to raise funds for general operations that take place during fiscal year 2013. It receives pledges totaling $200,000. Based on past experience, the entity expects to receive $150,000 in cash. How should the entity report these events?
      a.   recognize the entire amount pledged as unrestricted contribution revenue in 2012
      b.   recognize the amount pledged (net of a $50,000 allowance for estimated uncollectibles) as unrestricted contribution revenue in 2012
      c.   recognize the amount pledged (net of a $50,000 allowance for estimated uncollectibles) as temporarily restricted contribution revenue in 2012; and report the 2013 expenses as changes in temporarily restricted net assets in 2013
      d.   recognize the amount pledged (net of a $50,000 allowance for estimated uncollectibles) as temporarily restricted contribution revenue in 2012; and reclassify the net assets as unrestricted at the beginning of 2013
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Diesel
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f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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