Question
In June 2024 , Warbler University, a public university , bills and collects $45 million in tuition for the summer semester that runs from June
In June 2024, Warbler University, a public university, bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June it bills $300 million for the fall semester that runs from September 1 through December 15. Of this amount it collects only $120 million (expecting to collect the balance prior to September 1). In its statement of revenues, expenses, and changes in net position for the fiscal year ending June 30, 2025 it should recognize as tuition revenue
a) $30 million
b) $45 million
c) $315 million
d) $345 million
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