Question
Use the information below to answer questions 24 and 25. For the year ended December 31, 2017, Rockferd College, a private, nonprofit college, provided you
Use the information below to answer questions 24 and 25.
For the year ended December 31, 2017, Rockferd College, a private, nonprofit college, provided you with the following information related to its tuition and fees:
Amount billed to all students $2,500,000
Waivers given to teaching assistants 100,000
Waivers given to students with scholarship/fellowships 150,000
Stipends given to students with assistantships 30,000
Estimated amount of uncollectible accounts 75,000
Amount collected from students 2,175,000
Accounts written off 75,000
24. In Rockferd Colleges general ledger, what is the balance in the account Revenues: tuition and fees at December 31, 2017 before the temporary accounts are closed?
A.$2,500,000.
B.$2,425,000.
C. $2,240,000.
D. $2,275,000.
25.On Rockferd Colleges Statement of Changes in Unrestricted Net Assets for the year ended December 31, 2017, what amount should be reported for net tuition and fees?
A. $2,425,000.
B. $2,275,000.
C. $2,175,000.
D. $2,375,000.
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