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How much is the contributions receivable to be presented in the statement of financial position of the council?

How much is the contributions receivable to be presented in the statement of financial position of the council?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Council provides financial support to a number of independent fine- art projects in the city. Data concerning several events in 2022 are as follows: o A fund-raising drive yielded P250,000 in cash and P50,000 in pledges. Based on past experience, it was estimated that 10% of the pledges are estimated to be uncollectible. o Art fair yielded P500,000 in gross revenue. The cost of the fair amounted to P80,000, o P40,000 of the pledges received were collected during the year. o The following expenses were paid: salaries of trustees - P100,000: rent expense - P30,000: other expenses – P10,000 How much is the contributions receivable to be presented in the statement of financial position of the council?
Transcribed Image Text:ABC Council provides financial support to a number of independent fine- art projects in the city. Data concerning several events in 2022 are as follows: o A fund-raising drive yielded P250,000 in cash and P50,000 in pledges. Based on past experience, it was estimated that 10% of the pledges are estimated to be uncollectible. o Art fair yielded P500,000 in gross revenue. The cost of the fair amounted to P80,000, o P40,000 of the pledges received were collected during the year. o The following expenses were paid: salaries of trustees - P100,000: rent expense - P30,000: other expenses – P10,000 How much is the contributions receivable to be presented in the statement of financial position of the council?
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