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 information pertains to interest received by Beech Public University from endowment fund investments for the year ended June 30, 20X8:
|
Expended for |
||
|
Received |
Current Operations |
|
|
Unrestricted |
$300,000 |
$100,000 |
|
Restricted |
500,000 |
75,000 |
What amount should be credited to endowment income for the year ended June 30, 20X8?
a. $800,000
b. $375,000
c. $175,000
d. $100,000
Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: