On December 31, 20X7, the Greater Ottumwa (Iowa) United Fund, a VHWO, had $150,000 in pledges receivable
Question:
On December 31, 20X7, the Greater Ottumwa (Iowa) United Fund, a VHWO, had $150,000 in pledges receivable from 20X7 pledges, all of which were receivable during 20X8. During the past 5 years, this nongovernment agency has collected an average of 90% of all pledges.
With respect to the agency’s 20X7 financial statements, what amount of contributions revenue should be recognized for the pledges?
a. $0
b. $135,000
c. $150,000
d. None of the above.
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The correct answer is b 135000 Heres why Although the pledges receivable amount to 150000 its not ap...View the full answer
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