A not-for-profit university operates its college bookstore as an auxiliary enterprise. During the year the store has

Question:

A not-for-profit university operates its college bookstore as an auxiliary enterprise. During the year the store has revenues of $20 million and expenses of $18 million. In its statement of activities, the university should report
a. Operating revenues of $2 million.
b. Operating revenues of $20 million.
c. Nonoperating revenues of $2 million.
d. Nonoperating revenues of $20 million.

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