A state university assessed its students $2,000,000 of tuition and fees. However, only $1,500,000 was expected to be collected because of an estimated uncollectible amount of $25,000, scholarship allowances of $400,000, and tuition waivers to staff of $75,000. What amount of net tuition and fees revenue should be reported in the statement of revenues, expenses and changes in net position?

Question

Quizplus · Accepted Answer

The net tuition and fees revenue should be calculated by subtracting the estimated uncollectible amount, scholarship allowances, and tuition waivers to staff from the assessed amount. Therefore, the net tuition and fees revenue would be $2,000,000 - $25,000 - $400,000 - $75,000 = $1,500,000.

A State University Assessed Its Students $2,000,000 of Tuition and Fees