The following selected transactions affected the Franklin State (public) University during the current fiscal year:
a.
Student tuition and feels billed for the year for $8,000,000, which was used for educational and general purposes. Prior experience shows $100,000 will be uncollectible.
b.
$7,200,000 of the billings in 'a' were collected.
c.
Unrestricted income from endowment funds amounted to $185,000.
d.
Auxiliary enterprise included $175,000 form student residence halls; $200,000 from cafeterias; and $750,000 from the college store sales. All amounts have been collected.
e.
$300,000 of Term Endowments funds are now available for unrestricted use.
f. Operating Expenses are paid as follows: Instruction $300,000; Research $150,000; Academic Support $50,000; Student Services $25,000; Institutional Support $120,000

g. University's student aid committee granted student tuition and fee reductions of $200,000.

h. Auxiliary expenses amounted to $750,000

i. The trustees have specified certain current fund revenues must be transferred to meet the debt service provisions relating to the university's institutional properties. These mandatory transfers amount to $550,000.

Question

The following selected transactions affected the Franklin State (public) University during the current fiscal year:
a.
Student tuition and feels billed for the year for $8,000,000, which was used for educational and general purposes. Prior experience shows $100,000 will be uncollectible.
b.
$7,200,000 of the billings in 'a' were collected.
c.
Unrestricted income from endowment funds amounted to $185,000.
d.
Auxiliary enterprise included $175,000 form student residence halls; $200,000 from cafeterias; and $750,000 from the college store sales. All amounts have been collected.
e.
$300,000 of Term Endowments funds are now available for unrestricted use.
f. Operating Expenses are paid as follows: Instruction $300,000; Research $150,000; Academic Support $50,000; Student Services $25,000; Institutional Support $120,000
 
g. University's student aid committee granted student tuition and fee reductions of $200,000.
 
h. Auxiliary expenses amounted to $750,000
 
i. The trustees have specified certain current fund revenues must be transferred to meet the debt service provisions relating to the university's institutional properties. These mandatory transfers amount to $550,000.

Quizplus · Accepted Answer

The Answer of The following selected transactions affected the Franklin State (public) University during the current fiscal year:
a.
Student tuition and feels billed for the year for $8,000,000, which was used for educational and general purposes. Prior experience shows $100,000 will be uncollectible.
b.
$7,200,000 of the billings in 'a' were collected.
c.
Unrestricted income from endowment funds amounted to $185,000.
d.
Auxiliary enterprise included $175,000 form student residence halls; $200,000 from cafeterias; and $750,000 from the college store sales. All amounts have been collected.
e.
$300,000 of Term Endowments funds are now available for unrestricted use.
f. Operating Expenses are paid as follows: Instruction $300,000; Research $150,000; Academic Support $50,000; Student Services $25,000; Institutional Support $120,000
 
g. University's student aid committee granted student tuition and fee reductions of $200,000.
 
h. Auxiliary expenses amounted to $750,000
 
i. The trustees have specified certain current fund revenues must be transferred to meet the debt service provisions relating to the university's institutional properties. These mandatory transfers amount to $550,000.

The Following Selected Transactions Affected the Franklin State (Public) University