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 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.03 million. Marketing and administrative costs rose to $1,380,000. Cost allocation High Preschool School Middle School $ 1,630 $1,930 $ 2,330 340 390 465 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.) Answer is complete but not entirely correct. Middle School Preschool. 445 424 Total $5,898 1,195 High School 511 $ Total 1,380

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 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.03 million. Marketing and administrative costs rose to $1,380,000. Cost allocation High Preschool School Middle School $ 1,630 $1,930 $ 2,330 340 390 465 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.) Answer is complete but not entirely correct. Middle School Preschool. 445 424 Total $5,898 1,195 High School 511 $ Total 1,380

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 9Q

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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 $ 1,690 370 Cost allocation Preschool Middle School $ 1,990 420 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.09 million. Marketing and administrative costs rose to $1,440,000. High School $ 2,390 495 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.) Middle School Total $ 6,070 1,285 High School $ Total 0
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 $ 1,630 340 Cost allocation Middle School $ 1,930 390 High School $ 2,330 465 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.03 million. Marketing and administrative costs rose to $1,380,000. Preschool Middle School Total $ 5,890 1,195 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.) High School Total 0
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 allocations (000s omitted) were as follows:
Am.203.
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?
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
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
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 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
The employee credit union at State University is planning the allocation of funds for thecoming year. The credit union makes four types of loans to its members. In addition,the credit union invests in risk-free securities to stabilize income. The various revenueproducinginvestments, together with annual rates of return, are as follows: The credit union will have $2 million available for investment during the coming year.State laws and credit union policies impose the following restrictions on the compositionof the loans and investments: of the loans and investments:Risk-free securities may not exceed 30 percent of the total funds available for investment.Signature loans may not exceed 10 percent of the funds invested in all loans (automobile,furniture, other secured, and signature loans).Furniture loans plus other secured loans may not exceed the automobile loans.Other secured loans plus signature loans may not exceed the funds invested in risk-freesecurities. How should the $2 million…
Noventis Corporation prepared the following estimates for the four quarters of the current year:Additional Information• First-quarter administrative costs include the $160,000 annual insurance premium.• Advertising costs paid in the second quarter relate to television advertisements that will be broadcast throughout the entire year.• No special items affect income during the year.• Noventis estimates an effective income tax rate for the year of 40 percent. a. Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported each quarter of the current year.b. Assume that actual results do not vary from the estimates provided except for that in the third quarter, the estimated annual effective income tax rate is revised downward to 38 percent. Determine the amount of net income to be reported each quarter of the current year.