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Homework answers / question archive / During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges

During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges

Accounting

During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements?

 

  1. $800,000
  2. $700,000
  3. $500,000
  4. $400,000

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The correct option is 3rd "$500,000". The unrestricted support, net of expected uncollectibles, recognized in the current year financial statements is $500,000. Although $800000 was pledged $300,000 is effectively temporarily restricted by the time restriction limiting the use of the funds to the following year.

$800,000-$300,000

$500,000

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