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Question: A private not-for-profit entity receives $


A private not-for-profit entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of their annual dues. These members receive benefits of commensurate value to the amount paid as dues. How should these receipts be reported?
a. Exchange revenues of $33,500
b. Contribution revenues of $33,500
c. Contribution revenues of $32,000 and exchange revenues of $1,500
d. Contribution revenues of $16,750 and exchange revenues of $16,750

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