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

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

Compute production cost per unit under variable costing

A firm expects to sell 25,000 units of its product at $11 per unit. Pretax income is predicted to be $60,000.  If the variable costs per unit are $6, total fixed costs must be

Question regarding the series of allegations

Beginning in 2006, Spike Clothing was besieged with a series of allegations that it was mistreating and underpaying workers at foreign facilities. Spike responded to these c

Market positioning and advertising

CITGO, the petroleum company owned by the Venezuelan government, sells its products throughout the world. Do you anticipate that its market positioning and advertising diffe

Thousands of stockholders lost millions

After the scandal was uncovered, thousands of stockholders lost millions of dollars asEnron share values plummeted."Discus what you perceive from this scenario also explain

Branch out of the united states

Imagine your company is just beginning to branch out of the United States, and your CEO suggests that it might be good for your company to put its ethical standards related

Hire an employee for a position

For this assignment, you should create a plan to hire an employee for a position within your organization to support a recent change. In this plan, you should include the fo

Represent the ideal structure

For this assignment, you should create an organizational chart to represent the ideal structure for your current organization (or one with which you are familiar). You shoul


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd