Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 7 through July 27. Total tuition paid by students for the summer session amounted to $121,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. b. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? a. Amount of revenue b. Would there be a change in the revenue reflected?
Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 7 through July 27. Total tuition paid by students for the summer session amounted to $121,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. b. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? a. Amount of revenue b. Would there be a change in the revenue reflected?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...
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