Concept explainers
a.
State the reporting standards of each statement and the differences in the format due to reporting standards.
b.
Determine the percentage of tuition fees with respect to total revenues of College C from state appropriations and from grants and contributions. Explain the differences in the amounts with respect to College MS and state whether the amounts from these sources have changed for each college in prior years.
c.
Determine the operating net income/loss per student for each college. State whether the colleges are generating much income per student and explain the difficulties in determining the operating net income/loss for each of the college.
d.
Identify the statement that provides more transparent information in respect to restrictions on the use of revenues and on the amounts of available restricted resources and explain the same.
Want to see the full answer?
Check out a sample textbook solutionChapter 15 Solutions
Accounting For Governmental & Nonprofit Entities
- Fit & Slim (F&S) is a health club that offers members various gym services. Required: Assume F&S offers a deal whereby enrolling in a new membership for $950 provides a year of unlimited access to facilities and also entitles the member to receive a voucher redeemable for 20% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $980, and a one-year enrollment in yoga classes sells for an additional $500. F&S estimates that approximately 40% of the vouchers will be redeemed. F&S offers a 10% discount on all one-year enrollments in classes as part of its normal promotion strategy. a. & b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership. Assume F&S offers a “Fit…arrow_forwardGeneral accountingarrow_forwardWhat is it's net income on these financial accounting question?arrow_forward
- Quick answer of this accounting questionsarrow_forwardA company provides services on account. Indicate how this transaction would affect (1) assets, (2) stockholders' equity, and (3) revenues. A. (1) Increase, (2) Increase, (3) Increase. B. (1) No effect, (2) Increase, (3) Increase. C. (1) No effect, (2) No effect, (3) No effect. D. (1) Increase, (2) No effect, (3) Increase.arrow_forwardHello tutor provide correct answer financial accounting questionarrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education