A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information:
Q: On January 1, 2020, Dopey Enterprises, Inc. developed a new machine that reduces the time required…
A: On January 1, 2020 Dopey Enterprises, Inc. developed a new machine that reduces the time required to…
Q: A project has a NPV of 15,000 when the cutoff rate is 10%. The annual cash flows are 20,505 on an…
A: Profitability index is used to see the attractiveness of investment or a project. It is also written…
Q: Restricted retained earnings by making an entry equal to the cost of treasury shares purchased.
A: Shareholder Equity- The amount invested by shareholders in a specific organization is referred to as…
Q: What is the account used to record amounts withdrawn for personal use (not for business use) by an…
A: revenue: Revenue is used for recording the earnings of the business. capital: Capital is the…
Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…
A: Noncurrent assets are long-term investments that will not be fully recognized within the fiscal…
Q: The management of Kunkel Company is considering the purchase of a $27,000 machine that would reduce…
A: NPV is one of the capital budgeting technique which is used to analyze the investment projects i.e.…
Q: Fox Corporation. has the following information for August: Beginning Work in Process Inventory (70%…
A: Units transferred means the units that are manufactured and transferred to next process or sent for…
Q: You were asked by your audit client Panga Inc., to assist them in preparing its income tax return…
A: First of All Calculate Gross Total Income Pre Tax income = 10000000 Add : Provision for the Loss…
Q: ny acquired thre preparing financi hat date, no forma
A: Calculation of amortization of intangible assets By straight line method formula = Cost/ Use full…
Q: a the distribution?
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: The normal balance of an account is the side of the account (either the debit side or the credit…
A: Every account has a normal balance of a positive value. Assets positive value is debit side.…
Q: 2. For financial accounting purposes, what is the total amount of period costs igcurred to sell…
A: Period cost are those cost which is not directly connected with the production process. All other…
Q: 1. How much is the cash balance before realization? 2. How much is the share of Bench in the loss…
A: 1.Cash- P2, 0002. Bench -P5,400
Q: The resources of value owned by a business are called _____________. Group of answer choices…
A: Business means the activity or occupation that is done to earn the revenues.
Q: Which financial statement reflects the summary of the changes in owner’s equity (beginning owner's…
A: Balanced sheet will present balance of all assets, all liabilities and owners equity.
Q: Account Account Debit Credit no. title 101 cash 83,400 accounts receivable Prepaid Advertising…
A: The post closing trial balance is prepared after closing the temporary accounts of the business. The…
Q: After journalizing, the journal entries are transferred to a four-column record where the balances…
A: Ledger or General Ledger: Every account in an organization's chart of accounts gets its own ledger…
Q: Novelli's Nursery has developed the following data in order to calculate the lower of cost or net…
A: An inventory valuation allows a business to assign a monetary value to the inventory. Inventories…
Q: 630 is a common multiple of 8 and 20. 10. (1) 20 (3) 40 (2) 24 (4) 88 Which of the following is a…
A:
Q: River and Co. has entered into a non-cancellable purchase contract which the company to purchase…
A: The company may enter into a non-non-cancellable purchase contract for the inventory to be…
Q: find the outstanding of pepsi co for year 2019, 2020, 2021?
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Information for the Hi-Test company’s production process for September follows. Assume that all…
A: 1. Particulars Units % Materials EUP - Materials Units completed and transferred out 23,000…
Q: Using the formula in the text, if the lowest acceptable transfer price from the viewpoint of the…
A: Transfer price is the price charged by the transferring division to another division with the same…
Q: Liwat Farm provided the following assets:
A: 1. Any living plant or animal owned by the business is known as biological asset. For example,…
Q: Waterway, Inc., has 4900 shares of 3%, $100 par value, cumulative preferred stock and 39200 shares…
A: A dividend is the payment of a part of a company's value to a certain group of shareholders…
Q: ABC Company employs a process costing system for its manufacturing operations. All direct materials…
A: Equivalent production units represents the fully and partially completed goods adding some value to…
Q: True or False: Borrowing and repaying debt principal does not impact net worth. Select one: True…
A: Net worth is the sum of all your assets, including financial and non-financial, less any…
Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…
A:
Q: Why is segregation of duties important in an IT environment. What are some advantages of using IT…
A: Segregation of Duties is a critical component of risk management and internal controls in a…
Q: 27) Under the corporate form of business organization, A) stockholders wishing to sell their…
A: Stockholders are holders of shares who are considered the owners of the shares of the company. They…
Q: Income Statement Bullseye, Incorporated's 2018 income statement lists the following income and…
A:
Q: ents of P1,300,000 beginning January 1, 2019. At the end of the lease term, December 31, 2023, the…
A: Finance lease liability will be the present value of annual lease payments and present value of…
Q: Requirement Complete the chart for each of the following independent distributions. Assume that all…
A: Solution: 1) Partner's Fund Loss/Gain Property Shared Property's Basis to Partner…
Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…
A: Cost is goods sold is the total cost (direct and indirect) of the goods which are sold. All the…
Q: Sales price $90 Direct material per unit 29 Direct labor per unit 14 Variable manufacturing…
A: Lets understand the basics. For preparing flexible budget, there are two factors needs to take into…
Q: In the course of your audit of the financial statements of Apayao Corp. for the period ended…
A: Bank Reconciliation Statements: A bank reconciliation statement summarizes banking and business…
Q: explain. If, after obtaining an initial understanding of a client's internal control, the auditor…
A: Audit refers to the inspection of the company records or the financial information in order to check…
Q: How important is a purchases budget and how does it help managers run a company?
A: A purchases budget contains the amount of inventory that a company must purchase during each budget…
Q: xable income is only $115,000. At the beginning of the year, no temporary differences existed.…
A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…
Q: Becky is a corporate account manager at a company that sells athletic equipment to other businesses.…
A: In the given question, Becky’s total earnings for the month was $ 3,782. These earnings included her…
Q: COSTING SYSTEMS Arbour Tools Ltd, manufacturer of garden tools, uses job costing to assign costs to…
A: Cost of goods manufactured = Beginning WIP + direct materials + direct labor + manufacturing…
Q: On January 1, 2020, ABC Company leased a machinery with the following information: Annual rental…
A: Annual rental payable at the end of each year: 1,000,000 Residual value guarantee: 500,000 Payment…
Q: nn receives cash of $3,000, inventory nd land in which the partnership's basis was
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: Use the following Unadjusted Trial Balance for Monroe Entertainment Company for questions 44 - 49:…
A: Total expenses = Wages Expense + Insurance Expense
Q: Break-Even Sales Under Present and Proposed Conditions Howard Industries Inc., operating at full…
A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the question…
Q: E) change in the cash balance for the cu
A: Cash flow represents the in and out of the money and helps in determining the financial condition of…
Q: LJ Company has the following information for the third quarter of 2018:
A: Standard costing is a tool used in accounting in which the estimates are drawn about the expenses…
Q: Save-Mart was a retail store. Its account balances on February 28 (the end of its fiscal year),…
A: You have posted multiple questions so as per our policy only 1st question along will all of its…
Q: Please solve part B
A: In case of liquidating contribution, partner's basis must be reduced to zero in all cases. Cash,…
Q: Nincada Inc Inc has provided the following data for the month of March. There were no beginning…
A: Over-applied overhead means the actual expenses incurred are less than the budgeted expenses. The…
A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information:
| Scholarships granted to academic scholars | 100,000 |
| Scholarships granted to faculty members in post-graduate programs | 60,000 |
| Refunds of class cancellations and withdrawal of enrolment | 40,000 |
| Estimated uncollectible amounts | 160,000 |
| Scholarships granted to student assistants | 240,000 |
| Scholarships granted to dependents of faculty members | 120,000 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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?Tuition and fees for Northern University were assessed at $22,000,000 $1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $1,000,000. What is the journal entry to record the scholarship allowances? Multiple Choice Not recorded because it was deducted from tuition revenue before revenue it was recorded. Operating Revenue Deduction-Scholarship Allowances Accounts Receivable. Operating Revenue Deduction-Scholarship Allowances Deferred Revenues Scholarships and Fellowships Expense Accounts Receivable 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000Accounting 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 0
- 1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students, and P50,000 tuition remissions were allowed to faculty member's children attending the university. What amount should AU include in its unrestricted funds as revenues from tuition fees? 2. The League, a non-profit organization, received the following pledges: Unrestricted P200,000 150,000 Restricted for Capital Additions All pledges are legally enforceable. However, the League's experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account? 3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year to support its…Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,190,000. Of that amount, $4,640,000 was collected in cash. 2. Pell Grants in the amount of $2,014,000 were received by the university. 3. The Pell Grants were applied to student accounts. 4. Student scholarships, for which no services were required, amounted to $610,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university. Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account…For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its studentsP1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, anamount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students,and P50,000 tuition remissions were allowed to faculty member’s children attending the university. Whatamount should AU include in its unrestricted funds as revenues from tuition fees? 2. The League, a non-profit organization, received the following pledges:Unrestricted P200,000Restricted for Capital Additions 150,000All pledges are legally enforceable. However, the League’s experience indicates that 10% of all pledgesprove to be uncollectible. What amount should the League report as pledges receivable net of any requiredallowance account?
- For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its studentsP1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, anamount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students,and P50,000 tuition remissions were allowed to faculty member’s children attending the university. Whatamount should AU include in its unrestricted funds as revenues from tuition fees? PROVIDE JOURNAL ENTRIESAccounting 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.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. $5,700,000
- For the year ended June 30, 20X9, a university assessed its students a total of $4,000,000 for tuition and fees. Included in this amount were $300,000 of tuition remissions awarded to graduate teaching assistants and $150,000 of scholarships awarded to undergraduate students. Tuition and fees totaling $3,550,000 were collected during the year ended June 30, 20X9. What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30, 20X9?Below are several transactions involving a private, not-for-profit university. 1. The university recorded $3,000,000 in tuition and fees for the fiscal year. 2. Tuition refunds of $218,000 were given. 3. The federal government notified the university that it would provide the university with a $1,200,000 federal grant for pharmaceutical research next year. 4. The university received a $400,000 endowment. 5. The university provided $22,000 in tuition waivers for students with outstanding academic performance. 6. The chemistry department spent $33,000 on pharmaceutical research. 7. During the year the university spent $2,450,000 to construct a new street to allow for the expansion of student housing. 8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year. Required: Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is a private, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use…The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year.Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities.a. Charged students $1.2 million in tuition.b. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent.c. Received a cash donation of $700,000 that must be used to acquire laboratory equipment.d. Gave scholarships in the amount of…