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How much donation revenue should not-for-profit organization

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Reference no: EM132961676

Problem 1: A not-for-profit organization receives a restricted contribution of $20,000 to be used for a specific project. During the current year, $14,000 is spent toward the project with the balance to be spent next year. How much donation revenue should the not-for-profit organization recognize in the current year, if the organization uses the deferral method of reporting?

Choices:

1) $6000
2) $20000
3) $14000
4) $34000

 

Reference no: EM132961676

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