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What amount should community report as pledges receivable

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Problem 1: Community Enhancers, a nongovernmental not-for-profit organization, received the following pledges: Unrestricted $400,000; Restricted for capital additions $300,000; All pledges are legally enforceable. However, Community's experience indicates that 15% of all pledges prove to be uncollectible. What amount should Community report as pledges receivable, net of any required allowance account?

Option 1: $665,000

Option 2: $700,000

Option 3: $595,000

Option 4: None of above

Reference no: EM132788414

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