The Butler Center is a voluntary health and welfare entity. During 2020, unrestricted pledges of $880,000 were received by the Butler Center, sixty-five percent of which were fulfilled in 2020. 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 2021 (for use in 2021).Required:1) Show with appropriate amounts how the Butler Center would present the pledges on its Statement of Financial Position on the day the pledges are recorded in 2020.2) Show with appropriate amounts the effect on net assets the Butler Center would report for contributions for 2020.

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The Answer of The Butler Center is a voluntary health and welfare entity. During 2020, unrestricted pledges of $880,000 were received by the Butler Center, sixty-five percent of which were fulfilled in 2020. 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 2021 (for use in 2021).Required:1) Show with appropriate amounts how the Butler Center would present the pledges on its Statement of Financial Position on the day the pledges are recorded in 2020.2) Show with appropriate amounts the effect on net assets the Butler Center would report for contributions for 2020.

The Butler Center Is a Voluntary Health and Welfare Entity