Solution-How should the university report the 280000 of

How should the university report the 280000 of receipts in

Assignment Help Accounting Basics

Reference no: EM131026813

A private university received $280,000 from student tuition and fees for the year 20X9 summer session. The session began on June 20, 20X9, and ended on July 30, 20X9. The university's fiscal year end is June 30. According to the AICPA College and University Audit Guide, how should the university report the $280,000 of receipts in its financial statements for the year ended June 30, 20X9?

A. Current revenue of $280,000

B. Current revenue of $70,000 and deferred revenue of $210,000.

C. Deferred Revenue of $280,000

D. Restricted current revune of $280,000

Reference no: EM131026813

Questions Cloud

What is the standard error of the mean : We sample 20 new cars and find the average miles per gallon to be 26 with a standard deviation of 1.7. Q: If we increase our sample size to 40, what is the standard error of the mean?

Find the probability : Assume that women's heights are normally distributed with 64.5 in, and a standard deviation given by 2.3 in. a. if 1 woman is randomly selected, find the probability that her height is less than 65 in. b. if 46 women are randomly selected, find the p..

What are the mean and variance of x : Among 10 people, 2 people have a pulse of 50, 3 have a pulse of 70, 4 have a pulse of 80, and 1 has a pulse of 90. If X = the pulse of 1 person picked at random from the 10, what are the mean and variance of X? (Make a probability distribution table..

Analyse the structural performance of a simple structure : Assessment task aims to introduce students to FEA and its application in CAE. You will be required to numerically analyse the structural performance of a simple structure

How should the university report the 280000 of receipts in : A private university received $280,000 from student tuition and fees for the year 20X9 summer session. The session began on June 20, 20X9, and ended on July 30, 20X9. The university's fiscal year end is June 30. According to the AICPA College and Uni..

Would you expect water to obey trouton rule : Calculate ?Svap for each of the liquids. Do all the liquids obey Trouton's rule? With reference to intermolecular forces, can you explain any exceptions to the rule?

Evaluates the competitive environment for your product : Write a paper of no more than 1,050 words that evaluates the competitive environment for your product (samsung cell phones) using the Porter's five forces model.

Addition and scalar multiplication of functions forms vector : I'm just no good at proofs. I know we are supposed to go through and prove the Vector Space Axioms and the C1 and C2 closure properties. I just don't think I'm doing it successfully. I'm just not understanding this. For instance, the closure prope..

Significant problem for the business : Is the fact that Bongo's does not charge for 10% of its pizzas a significant problem for the business? How much extra profit per pizza would be made if 5 minutes was cut from all deliveries?

User Account

All Pages

How should the university report the 280000 of receipts in

Reference no: EM131026813

Reference no: EM131026813

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT