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Question - Wilson Center is a private not-for-profit voluntary health and welfare entity. During 2017, it received unrestricted pledges of $683,000, 64 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). Officials estimate that 10 percent of all pledges will be uncollectible.
1. How much should Wilson Center report as contribution revenue for 2017? (Ignore time value calculations.)
2. In addition, a local social worker, earning $37 per hour working for the state government, contributed 600 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?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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