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.
On July 31, 20X8, Sabio Public College showed the following amounts to be used for:
|
Renewal and replacement of college properties |
$200,000 |
|
Retirement of indebtedness on college properties |
300,000 |
|
Purchase of physical properties for college purposes, |
|
|
but unexpended at July 31, 20X8 |
400,000 |
What total amount should be included in Sabio’s plant funds at July 31, 20X8?
a. $900,000
b. $600,000
c. $400,000
d. $200,000
Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: