Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 9 through July 26. Total tuition paid by students for the summer session amounted to $116,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. 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?

Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 9 through July 26. Total tuition paid by students for the summer session amounted to $116,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. 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?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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