Discuss the deferred revenues related to unearned revenues

Assignment Help Accounting Basics

Reference no: EM131525867

Question: The New City College reported deferred revenues of $607,000 as of July 1, 2011, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2012.

a. The deferred revenues related to unearned revenues for the summer session, which ended in August.

b. During the fiscal year ended June 30, 2012, student tuition and fees were assessed in the amount of $12,000,000. Of that amount $9,600,000 was collected in cash. Also of that amount, $650,000 pertained to that portion of the summer session that took place after June 30.

c. Student scholarships, for which no services were required, amounted to $930,000. Students applied these scholarships to their tuition bills at the beginning of each semester.

d. Student scholarships and fellowships, for which services were required, such as graduate assistantships, amounted to $760,000. These students also applied their scholarship and fellowship awards to their tuition bills at the beginning of each semester.

Reference no: EM131525867

Questions Cloud

To identify and apply the principle of organizational change : To understand the factors that must exist in order to facilitate "lasting or long term" change.To identify and apply the principles of organizational change.

What are some of the problems inherent in the question : What are some of the problems inherent in the question? Do you see the relationship between truth, bias, everyday life, and science?

Improve the effectiveness of external recruitment : 1. What can managers do to improve the effectiveness of external recruitment?

Identify what you think is an ethical violation : Recommend a solution to any ethical violations that exist. That is, what could the researchers have done to reduce the ethical problem(s)

Discuss the deferred revenues related to unearned revenues : The New City College reported deferred revenues of $607,000 as of July 1, 2011, the first day of its fiscal year. Record the following transactions related.

Establishing the employment relationship : Do you agree that the employer usually has the upper hand when it comes to establishing the employment relationship? When might the employee have maximum power?

What are three ways performance can be measured : BSB42015 Certificate IV in Leadership and Management Written or Oral Questions Assignment. What are three ways performance can be measured

Prepare a statement of revenues : Western State University had the following account balances for the year ended and as of June 30, 2012. Debits are not distinguished from credits.

Evaluate all the tech writing tips : Evaluate all the Tech Writing Tips to determine which you feel is the most valuable to technical writers in general.

User Account

All Pages