The Yelton Center is a voluntary health and welfare entity.During 2017, unrestricted pledges of $780,000 were received by the Yelton Center, sixty percent of which were fulfilled in 2017.Officials estimated that fifteen percent of the original amount of pledges will be uncollectible.The remainder of the amount expected to be collected from pledges will be received in 2018 (for use in 2018).
Required:
1) Show with appropriate amounts how the Yelton Center would present the pledges on its Statement of Financial Position on the day the pledges are recorded in 2017.
2) Show with appropriate amounts the effect on net assets the Yelton Center would report for contributions for 2017.

Question

Quizplus · Accepted Answer

The Answer of The Yelton Center is a voluntary health and welfare entity.During 2017, unrestricted pledges of $780,000 were received by the Yelton Center, sixty percent of which were fulfilled in 2017.Officials estimated that fifteen percent of the original amount of pledges will be uncollectible.The remainder of the amount expected to be collected from pledges will be received in 2018 (for use in 2018).
Required:
1) Show with appropriate amounts how the Yelton Center would present the pledges on its Statement of Financial Position on the day the pledges are recorded in 2017.
2) Show with appropriate amounts the effect on net assets the Yelton Center would report for contributions for 2017.

The Yelton Center Is a Voluntary Health and Welfare Entity