Direction: Give what is asked. Write your solution and answer on another sheet of paper.1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its studentsP1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, anamount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students,and P50,000 tuition remissions were allowed to faculty member's children attending the university. Whatamount should AU include in its unrestricted funds as revenues from tuition fees?2. The League, a non-profit organization, received the following pledges:UnrestrictedRestricted for Capital AdditionsP200,000150,000All pledges are legally enforceable. However, the League's experience indicates that 10% of all pledgesprove to be uncollectible. What amount should the League report as pledges receivable net of any requiredallowance account?3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the yearto support its daycare centers. The following amounts were received during 20X1:P2,000 is restricted by the donor to be used for meals for the children.P1,500 received for subscription to a monthly child care magazine with a fair market value tosubscribers of P1,000.• P10,000 to be used only upon completing a new playroom that was only 50% complete onDecember 31, 20X1.What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities?

Hi student Since there are multiple questions, we will answer only first question.,

1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students, and P50,000 tuition remissions were allowed to faculty member's children attending the university. What amount should AU include in its unrestricted funds as revenues from tuition fees?

1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students, and P50,000 tuition remissions were allowed to faculty member's children attending the university. What amount should AU include in its unrestricted funds as revenues from tuition fees?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Direction: Give what is asked. Write your solution and answer on another sheet of paper.
1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students
P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an
amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students,
and P50,000 tuition remissions were allowed to faculty member's children attending the university. What
amount should AU include in its unrestricted funds as revenues from tuition fees?
2. The League, a non-profit organization, received the following pledges:
Unrestricted
Restricted for Capital Additions
P200,000
150,000
All pledges are legally enforceable. However, the League's experience indicates that 10% of all pledges
prove to be uncollectible. What amount should the League report as pledges receivable net of any required
allowance account?
3. Child Care Center, Inc., a non-profit organization, receives revenues from various sources during the year
to support its daycare centers. The following amounts were received during 20X1:
P2,000 is restricted by the donor to be used for meals for the children.
P1,500 received for subscription to a monthly child care magazine with a fair market value to
subscribers of P1,000.
• P10,000 to be used only upon completing a new playroom that was only 50% complete on
December 31, 20X1.
What amount should Child Care Centers record as contribution revenue in its 20X1 Statement of Activities?

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