In June 2022, a non-stock, non-profit university provided a 3-day vacation trip toPanglao Island to the university's Executive Vice-President and his family. The totalexpenses incurred by the school was PHP 100,000. The fringe benefit tax isPHP 9,412PHP 35,000PHP 153,846PHP 53,846

Fringe benefits tax is the tax imposed by the tax department of the government for the cash or in…

Answered: In June 2022, a non-stock, non-profit…

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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Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 3. The state appropriation for operations was received in the amount of $43,000,000. Pell Grants in the amount of $ 18,000,000…
Crimson City borrows $3,000,000 to build a new addition for city hall. During the year, they constructed the new addition spending $3,250,000. At what amount would the new addition be reported on the debt service fund's balance sheet? $3,000,000 $250,000 0 $3,250.000

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In June 2022, a non-stock, non-profit university provided a 3-day vacation trip to Panglao Island to the university's Executive Vice-President and his family. The total expenses incurred by the school was PHP 100,000. The fringe benefit tax is PHP 9,412 PHP 35,000 PHP 153,846 PHP 53,846