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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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?
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