A private university received $18,000,000 in tuition and fees during an academic year.Graduate assistantships,for which services were required,were awarded in the amount of $1,200,000.Scholarships,for which no services were required,were awarded in the amount of $1,400,000.The net tuition and fees that would be reported in the Statement of Activities would be:
A) $18,000,000.
B) $16,800,000.
C) $16,600,000.
D) $15,400,000.

Question

Quizplus · Accepted Answer

The net tuition and fees would be the total tuition and fees received minus the amount awarded in graduate assistantships and scholarships. Therefore, the net tuition and fees would be $18,000,000 - $1,200,000 - $1,400,000 = $15,400,000. Therefore, the correct answer is (C) $16,600,000.

A Private University Received $18,000,000 in Tuition and Fees During