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Roberta college is a not for profit entity record the following transactions A. Tuition revenue for the fall semester 2016 (Aug-Dec) was 4Mil tuition for
Roberta college is a not for profit entity record the following transactions
A. Tuition revenue for the fall semester 2016 (Aug-Dec) was 4Mil tuition for the spring semester 2017!(Jan-may) was 3.8 mil tuition for he summer semester 2017(jun-Aug) was 2 mil all Tuition was recived in cash
B. Faculty salaries for the fall were 3 mil for spring 2.9 mil for summer .6 mil All salaries are paid at the end of the month earned salaries earned in summer were June .3 mil July .2mil and August .1mil
C.During the year a benefactor pledges 1 mil to renovate a building on campus he will deliver the cash when renovation is complete
D. Fixed assets of the university have historia al cost of 120 mil an estemayed salvage value of 20 mil and estimated usefulnlode of 40 yrs
Recorded depreciation using straight line
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