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

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

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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Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, for Oliver's Place, a nonprofit. Prepare a statement of activities for the year ended December 31; also prepare a statement of financial position as of December 31. Oliver's Place Preclosing Trial Balances December 31 Unrestricted Current Cash Fund Contributions receivable Investments Allowance for uncollectible contributions Contribution revenue-Support without donor restrictions Contributed services-Support without donor restrictions Investment income, without donor restrictions Unrealized investment gains, without donor restrictions Net assets without donor restrictions-Reclassifications in- satisfaction of program restrictions Care of animals expenses Special programs expenses Administrative expenses Combined total Debit $13,200 Credit 24,000 26,400 $6,000 138,000 12,000 1,200 2,400 3,600 60,000 3,600 36,000 $163,200 $163,200 Cash Restricted Current Fund Debit…
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…
ART LEAGUE Post-closing Trial Balance - June 30, 2022 Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation-Equipment Long-Term Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Totals Debits $ 2,560 13,411 5,900 1,255 9,995 5,897 $39,018 Credits $ 2,556 2,779 9,141 18,645 5,897 $39,018 Following is Information summarizing the transactions of the Art League for the year ended June 30, 2023. 1. During the year, cash was received from the following sources: grants that had been reported as a receivable on June 30, 2022, $5,900; annual contributions without donor restrictions from fund drives and other unrestricted gifts, $21,381; membership dues, $16,935; tuition and fees for educational workshops, $7.104; and sales of members' art. $12,140, of which 20 percent represents commissions…
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Which of the following statements regarding a Coverdell Education Savings Account (CESA) is correct? Multiple Choice For single taxpayers, permitted contributions begin to be phased out when AGI reaches $90,000. An individual can be the beneficiary of multiple CESAs. A contributor cannot make a contribution for himself/herself. Annual contributions are limited to $2,000 per beneficiary, per contributor.
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Prepared Journal Entries.
For accounting purposes • Interest rate used for pension amounts, 5%. . Post service cost, granted as of 1 January 20X5, $350,000. This is also the defined benefit obligation on 1 January. • Current service cost for 20X5, appropriately measured for accounting purposes, $82,000. For funding purposes ⚫ Funding was $107,000 in 20X5 for all pension amounts. The payment was made on 31 December. Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension date for 20X5. Answer is complete and correct. Pension Obligation Plan Assets Pension Expense 20X5 Beginning - PSC S (350,000) CSC Interest (82,000) ▼ (17,500) $ 350,000 → 82,000 → 17,500 S 449,500 Funding S (449,500) 107,000 107,000 Net Pension Asset/Llab (449,500) 107,000 $ 342,500 Accumulated OCI 2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: • Current service cost for accounting was $126,000. A plan amendment on 1…