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.
In 20X7, the board of trustees of Burr Private University designated $100,000 from its current funds for college scholarships. Also in 20X7, the university received a bequest of $200,000 from an estate of a benefactor who specified that the bequest was to be used for hiring teachers to tutor handicapped students. None of the bequest has been spent. What amount should be accounted for as restricted net assets?
a. $0
b. $100,000
c. $200,000
d. $300,000
Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: