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.
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Chapter 15 Solutions
ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
- A company had net sales of $120,000 over the past year. 60% of the sales were credit sales. During that time, average receivables were $6,000. What was the average collection period? (Assume a 360-day year) a) 20 days b) 30 days c) 40 days d) 60 days e) 45 days MCQarrow_forwardwhat is the cash flow cycle?arrow_forwardAssume that retained earnings increased by $62,850 from June 30 of year 1 to June 30 of year 2. A cash dividend of $13,500 was declared and paid during the year. Compute the net income for the year.arrow_forward
