Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration Preschool $ 1,640 345 Middle School $ 1,940 395 High School $ 2,340 470 Total $ 5,920 1,210 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.04 million. Marketing and administrative costs rose to $1,390,000. Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) Cost allocation Preschool Middle School High School Total $ 0
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- 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.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?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
- 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 ENTRIESFor 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?A company uses charging rates to allocate service department costs to the using departments. The accountant compiled the following information on one of the service departments: If Department K plans to use 1,350 hours of the service departments service in the coming year, how much of the service departments cost is allocated to Department K? a. 3,375 b. 27,300 c. 26,325 d. 23,950
- 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. $5,700,000Tesla 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 information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. ناقة Gross Pay through Gross Pay for August 31 $5,200 2,700 132,100 September $ 2,400 2,800 8,700 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes September earnings subject to tax Tax Rate Tax…
- 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…Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 pald to its employee. b. C. Gross Pay through August 31 $ 6,300 2,600 133,200 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 Journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,800 2,700 9,800 General Journal The employee's federal income taxes withheld by the employer are $90…Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0,6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 $ 5,700 3,200 132,600 Gross Pay for September $1,800 3,300 9,200 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places.