Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration Preschool $1,650 350 Middle High School School $1,950 $ 2,350 400 475 Total $ 5,950 1,225 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.05 million. Marketing and administrative costs rose to $1,400,000. Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.)

Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration Preschool $1,650 350 Middle High School School $1,950 $ 2,350 400 475 Total $ 5,950 1,225 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.05 million. Marketing and administrative costs rose to $1,400,000. Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 18P

See similar textbooks

Similar questions

At the beginning of the fall semester beauty state university a public university, billed tuition and fees at a gross amount of $4,800,000. of this amount, the university awarded a scholarship of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer provided tuition discounts. 1. Record the journal entry for the billing described above. 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. How would the journal entries differ? 3. How would the journal entries in #1 differ for a private, nonprofit university?
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? PROVIDE JOURNAL ENTRIES
A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information: Scholarships granted to academic scholars 100,000 Scholarships granted to faculty members in post-graduate programs 60,000 Refunds of class cancellations and withdrawal of enrolment 40,000 Estimated uncollectible amounts 160,000 Scholarships granted to student assistants 240,000 Scholarships granted to dependents of faculty members 120,000
DO NOT GIVE SOLUTION IN IMAGE
For the 2019 fall semester, Forest Public University assessed its students $6,000,000 (net of refunds), covering tuition and fees for educational and general purposes. However, only $5,700,000 was expected to be realized because tuition remissions of $80,000 were allowed to faculty members’ children attending Forest, and scholarships totaling $220,000 were granted to students. What amount should Forest include in educational and general current funds revenues from student tuition and fees?a. $5,920,000b. $6,000,000c. $5,780,000d. $5,700,000
A school district’s property tax rate rises from 2.5% to 2.7% to cover a 300,000 budget deficit. What is the value of the property in the school district to the nearest dollar?
Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,190,000. Of that amount, $4,640,000 was collected in cash. 2. Pell Grants in the amount of $2,014,000 were received by the university. 3. The Pell Grants were applied to student accounts. 4. Student scholarships, for which no services were required, amounted to $610,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university. Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account…
For Keke Baking, owned by Lingo, the financial year ends on December 31. On January 1, 2023, an examination of the municipal statement indicated a surplus payment of R2,500. During the year, from January 1, 2023, to December 31, 2023, Keke Baking received three 4-monthly water bills, totalling R4 800, R4 120 and R4 890, respectively. On 28 December 2023, the municipality sent an additional bill for the recovery of undercharged water use for October 2023. By December 31, 2023, the municipal account showed an outstanding balance of R2 810 for water consumed and a total amount paid by Keke Baking of R9 210 for the year. Which of the following options correctly identifies the amount that should be recorded as the water expense in Keke Baking's statement of profit or loss and other comprehensive income for the year ending December 31, 2023? Oa. R 13 100 O b. R 13 810 c. R 14 520 Od. R 12 020
Tuition and fees for Northern University were assessed at $22,000,000 $1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $1,000,000. What is the journal entry to record the scholarship allowances? Multiple Choice Not recorded because it was deducted from tuition revenue before revenue it was recorded. Operating Revenue Deduction-Scholarship Allowances Accounts Receivable. Operating Revenue Deduction-Scholarship Allowances Deferred Revenues Scholarships and Fellowships Expense Accounts Receivable 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. ناقة Gross Pay through Gross Pay for August 31 $5,200 2,700 132,100 September $ 2,400 2,800 8,700 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes September earnings subject to tax Tax Rate Tax…
Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 pald to its employee. b. C. Gross Pay through August 31 $ 6,300 2,600 133,200 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 Journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,800 2,700 9,800 General Journal The employee's federal income taxes withheld by the employer are $90…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0,6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 $ 5,700 3,200 132,600 Gross Pay for September $1,800 3,300 9,200 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places.