New City College reported deferred revenues of $483,000 as of July 1, 2016, the first day...
New City College reported deferred revenues of $483,000 as of
July 1, 2016, 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, 2017.
- The deferred revenues related to unearned revenues for the summer session, which ended in August.
- During the fiscal year ended June 30, 2017, student tuition and fees were assessed in the amount of $12,010,000. Of that amount, $9,652,000 was collected in cash. Also of that amount, $541,000 pertained to that portion of the summer session that took place after June 30, 2017.
- Student scholarships, for which no services were required, amounted to $812,000. 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 $731,000. These were applied to student tuition bills at the beginning of each semester.
- The college incurred $201,000 of qualified expenditures under a cost-reimbursement grant from the Department of Agriculture.
- By year-end, $182,000 had been received by the Department of Agriculture on the grant.
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New City College reported deferred revenues of $483,000 as of
July 1, 2016, the first day...
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public university reporting as 5. Miami University, a public university, has chosen to report as a special-purpose entity engaged only in business-type activities. Deferred Revenues were reported as of July 1, 2016 in the amount of $3,000,000. Record the following transactions related to revenue recognition for the year ended June 30, 2017. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.): a Deferred revenues related to unearned revenues for the summer session, which ended in...
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Problem 2 (30 points) The statement of net assets for Jackson Hole College, a nongovernmental and...
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The Statement of Net Position of South State University, a governmentally owned university, as of the...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
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Please show your work. 1. A government reported, in its government-wide Statement of Net Position...
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The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
fees were assessed in the amount $21,500,000. Scholarship allowance ted graduate and assistantship fees $1,500,000 Cash collection was 1. Student tuition and $19,100,000. as summer revenue out of which $300,000 applied to the current semester. Deferred revenue of the summer was earned 3. State appropriations of $22,500,000 general unrestricted, and S1,300,000 for capital outlay were received in cash. 4. Collected federal and state grant of $5,940,000 of which $3,140,000 was restricted for research and the remaining for scholarship. 5. Revenues...
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