Wilson Center is a private not-for-profit voluntary health and welfare entity. During 2017, it received unrestricted pledges of $615,000, 70 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). Officials estimate that 18 percent of all pledges will be uncollectible.
Homework Answers
| Answer a. | |
| Pledges | 615,000.00 |
| Less: Anticipated Uncollectible - 18% X $615,000 | 110,700.00 |
| Net Pledge Balance | 504,300.00 |
| Contribution revenue - 2017 - $504,300 X 70% | 353,010.00 |
| Answer b. | |
| Contributed Service - $35 X 650 Hrs | 22,750.00 |
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