How should Wilson Center record the contributed service

Assignment Help Financial Accounting
Reference no: EM132855898

Question - Wilson Center is a private not-for-profit voluntary health and welfare entity. During 2017, it received unrestricted pledges of $600,000, 60 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). Officials estimate that 15 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 $20 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?

Reference no: EM132855898

Questions Cloud

Calculate Shen Li insurable earnings : Shen Li is owed $1,752.00 vacation pay that will be paid out with her final pay. Calculate Shen Li's insurable earnings for Block 15B of Record of Employment
Design a modular program that allows a user to input prices : Design a modular program that allows a user to input prices until an appropriate sentinel value is entered and displays the price of each item for weeks
Find the third quartile for votes for president clinton : Find the third quartile for votes for President Clinton. Round your answer to the nearest whole number. _____________
Discuss if will see the limitations to blockchain be reduced : Discuss if we will see the limitations to blockchain be reduced or mitigated in the future. There are several emerging concepts that are using Big Data
How should Wilson Center record the contributed service : Without these donated services, the organization would have hired an additional staff person. How should Wilson Center record the contributed service
Construct an interval estimate : A random sample of 11 items is drawn from a population whose standard deviation is unknown. The sample mean is x. Furthermore, x¯ = 920 and the sample
What are the main characteristics of nosql systems in area : What are the main characteristics of NOSQL systems in the area related to data models and query languages? OR What are the main characteristics of NOSQL systems
Compute the correct cost of goods sold for each year : Lebo made two errors: (1) 2010 ending inventory was overstated $3,000, Compute the correct cost of goods sold for each year
Explain icd-10-pcs coding osteopathic section character : Explain ICD-10-PCS coding Osteopathic Section Character, Other Procedure Section Character, Chiropractic Section Character

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd