+
ACCT 567 WEEK 7 PROBLEMS 16-3 AND 17-6

ACCT 567 WEEK 7 PROBLEMS 16-3 AND 17-6

Rating:
Rating
(0)
Author: un quite
Description:

http://unquite.com/question-details/ACCT-567-WEEK-7-PROBLEMS-16-3-AND-17-6/2765

or email us

query@unquite.com

ACCT 567 WEEK 7 PROBLEMS 16-3 AND 17-6

Elizabeth College, a small private college, had the following transactions in fiscal year 2011.

1. Billings for tuition and fees totaled $5,600,000. Tuition waivers and scholarships of $61,500 were granted. Students received tuition refunds of $101,670.

2. During the year the college received $1,891,000 cash in unrestricted private gifts, $575,200 cash in temporarily restricted grants, and $1,000,000 in securities for an endowment.

3. A pledge campaign generated $626,000 in unrestricted pledges, payable in fiscal year 2012.

4. Auxiliary enterprises provided goods and services that generated $94,370 in cash.

5. Collections of tuition receivable totaled $5,380,000.

6. Unrestricted cash of $1,000,000 was invested.

7. The college purchased computer equipment at a cost of $10,580.

8. During the year the following expenses were paid:

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial