The Following Information Was Derived from the Accounts and Records

question 25

Essay

The following information was derived from the accounts and records of Mockingbird State University for 20X3. All amounts are in thousands of dollars.
$\begin{array}{llr} \text { Tuition and fees} &\\ \text { Total assessed} &\$4,000\\ \text { Expected uncollectible} &80\\ \text { Appropriations} &\\ \text { State.} &800\\ \text { Auxiliary enterprises } &\\ \text { Sales. } &500\\ \text { Salaries} &280\\ \text { Other expenses } &140\\ \text { Endowment income} &\\ \text { Restricted to research} &370\\ \text { Private gifts and grants } &\\ \text { Restricted to student scholarships } &200\\ \text { Restricted to plant expansion} &2,000\\ \text { Unrestricted } &180\\ \text { Expenses: } &\\ \text {Instruction } &3,100\\ \text {Research } &600\\ \text { Student services } &220\\ \text { Institutional support } &190\\ \text { Operation of plant } &180\\ \text { Mortgage payment \( \$ 10,000 \) interest } &15\\ \text {Scholarships allowances } &200\\ \text { Net positon, January 1, \( 20 \times 3 \)} &3,827\\\end{array}$
Mockingbird State University reports as a special purpose government engaged only in business-type activities.
Requirement: Prepare a statement of revenues, expenses, and changes in net position for Mockingbird State University for 20X3.

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Definitions:

Sales Mix

The combination of different products or services that a company sells, often analyzed to understand its impact on overall sales and profitability.

Contribution Margin

The difference between the sales revenue of a company and its variable costs.

Break-even Sales

Break-even sales refer to the amount of revenue required to cover all fixed and variable costs, resulting in zero profit or loss.

Selling Price

The amount of money a buyer pays to acquire a product or service.