The Following Selected Transactions Affected the Current Unrestricted Fund of Franklin

question 21

Essay

The following selected transactions affected the Current Unrestricted Fund of Franklin State (public) University during the current fiscal year:
a.Student tuition and fees billed for the year for $8,000,000, which was used for educational and general purposes. Prior experience shows $100,000 will be uncollectible.
b.$7,200,000 of the billings in part (a) were collected.
c.Unrestricted income from endowment funds amounted to $185,000.
d.Auxiliary enterprise included $175,000 from student residence halls; $200,000 from cafeterias; and $750,000 from the college store sales. All amounts have been collected.
e.$300,000 of Term Endowments funds are now available for unrestricted use.f. Operating Expenses are paid as follows: Instruction $300,000; Research $150,000; Academic Support $50,000; Student Services $25,000; Institutional Support $120,000 g. University's student aid committee granted student tuition and fee reductions of $200,000. h. Expenses from auxiliary enterprises amounted to $750,000

---

Definitions:

Corporate America

A colloquial term referring to the United States' business sector, particularly large companies and corporations.

Comparable Level

A standard of measurement or quality used to compare the attributes of products, services, or performance.

Mental Stamina

The ability to sustain prolonged mental effort required to overcome obstacles or to navigate difficult or complex situations.

Physical

Relating to the body or material objects, as opposed to the mind or virtual elements.