For the 20X7 fall semester, Brook Public University assessed its students $4,000,000 (net of refunds), covering tuition and fees for educational and general purposes. However, only $3,700,000 was expected to be realized because tuition remissions of $80,000 were allowed to faculty members’ children attending Brook, and scholarships totaling $220,000 were granted to students.
The following receipts are among those recorded by Curry Private College during 20X9:
|
Unrestricted gifts |
$500,000 |
|
Restricted gifts (expended for current operating purposes) |
200,000 |
|
Restricted gifts (not yet expended) |
100,000 |
The amount that should be included in revenues is:
a. $800,000
b. $700,000
c. $600,000
d. $500,000
Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: