ACCT567 Week 7 Problems 16 3 and 17 6 Complete Solution

Question: #9319

ACCT567 Week 7 Problems 16-3 and 17-6 A++ Graded 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:

Solution: #9356

ACCT567 Week 7 Problems 16-3 and 17-6 Graded

A+ Please look at the attach...