Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 9 through July 26. Total tuition paid by students for the summer session amounted to $116,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes?
Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 9 through July 26. Total tuition paid by students for the summer session amounted to $116,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 9
through July 26. Total tuition paid by students for the summer session amounted to $116,000. Required: How much
revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations.
Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be
refunded after the end of the third week of summer session classes?
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