Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 8 through July 29. Total tuition paid by students for the summer session amounted to $114,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022?
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- Big Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 10 through July 29. Total tuition paid by students for the summer session amounted to $123,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2019? Amount of revenue b. Would your answer to part a be any different 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? O Yes O NoTesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 3. The state appropriation for operations was received in the amount of $43,000,000. Pell Grants in the amount of $ 18,000,000…Required: The New City College reported deferred revenues of $493,000 as of July 1, 2023, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2024. The deferred revenues related to unearned revenues for the summer session, which ended in August. During the fiscal year ended June 30, 2024, student tuition and fees were assessed in the amount of $12,100,000. Of that amount, $9,660,000 was collected in cash. Also, of that amount, $550,000 pertained to that portion of the summer session that took place after June 30, 2024. Student scholarships, for which no services were required, amounted to $821,000. These scholarships were applied to student tuition bills at the beginning of each semester. Student scholarships and fellowships for which services were required (graduate research assistantships) amounted to $741,000. These were applied to student tuition…
- Accounting for Auxiliary Services Revenue For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee University receives $1,600,000 prior to the start of the semester for housing and dining services to be provided over the course of the semester. Assume $1,200,000 is for housing and $400,000 is for dining. 2. Based on contracts it has for its housing and dining services, Lee University recognizes revenue in four equal installments. Record the journal entries for the initial receipt of the $1,600,000 and for the recognition of revenue in four installments.The New City College reported deferred revenues of $497,000 as of July 1, 2019, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2020. The deferred revenues related to unearned revenues for the summer session, which ended in August. During the fiscal year ended June 30, 2020, student tuition and fees were assessed in the amount of $12,120,000. Of that amount $9,662,000 was collected in cash. Also of that amount, $554,000 pertained to that portion of the summer session that took place after June 30, 2020. Student scholarships, for which no services were required, amounted to $823,000. These scholarships were applied to student tuition bills at the beginning of each semester. Student scholarships and fellowships for which services were required (graduate research assistantships) amounted to $745,000. These were applied to student tuition bills at…Hawks Storage Inc. rents storage space to students in the Waterloo area. The rentals are for a four or eight month period to correspond with students needs for storage during terms that they are home or on work terms. Hawks Storage Inc. has chosen a October 31 fiscal year end and began operations in 2020. During the year ended October 31, 2020 Hawks storage Inc. received customer rental payments as follows: Rentals for the period May 2020-August 2020 $6080 Rentals for the period May 2020-December 2020 $ 10960 Rentals for the period September 2020-April 2021 $16800 Rentals for the period September 2020-December 2020 $ 9760 Hawks Storage Inc. provided the rental space as scheduled. Calculate the amount of rental revenue for the first fiscal year ended October 31, 2020. Round your answer to the nearest dollar. Your Answer:
- At the beginning of the fall semester beauty state university a public university, billed tuition and fees at a gross amount of $4,800,000. of this amount, the university awarded a scholarship of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer provided tuition discounts. 1. Record the journal entry for the billing described above. 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. How would the journal entries differ? 3. How would the journal entries in #1 differ for a private, nonprofit university?Accounting for Student Aid from External Sources Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $1,275,000 in payments from the U.S. federal government for Pell grants and loans for students for the upcoming academic semester which begins August 1. Record the following transactions. 1. The receipt of funds on July 20. 2. The recognition of revenue on August 1, assuming that amounts are applied to student accounts entirely for tuition and fees revenue. Debit Account To record receipt of funds on July 20. To record recognition of revenue on August 1. 0 0 0 0 Credit 0 0 0 0At December 31, 2019, Park Beauticians had 1,000 gift certificates outstanding, which had been sold to customers during 2019 for $50 each. Park operates on a gross margin of 60%. How much revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2019? a. $50,000 b. $30,000 c. $20,000 d. $0 Back Next
- For the 2019 fall semester, Forest Public University assessed its students $6,000,000 (net of refunds), covering tuition and fees for educational and general purposes. However, only $5,700,000 was expected to be realized because tuition remissions of $80,000 were allowed to faculty members’ children attending Forest, and scholarships totaling $220,000 were granted to students. What amount should Forest include in educational and general current funds revenues from student tuition and fees?a. $5,920,000b. $6,000,000c. $5,780,000d. $5,700,000Concord City College sold season tickets for the 2020 football season for $266000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Ticket Revenue balance that will be reported on the December 31 balance sheet will be O so. O $266000. O $166250. O $99750.1. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A particular faculty member earns $70,000 per year. Assuming that the college maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements and assuming that any appropriate accruals have been made, what is the appropriate entry to record the employee s salary paid while on sabbatical leave? a. Debit Expenditures $70,000; Credit Cash $70,000. b. Debit Expenses $70,000; Credit Cash $70,000. c. Debit Sabbatical Leave Payable $70,000; Credit Cash $70,000. d. No entry required. 2. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A…