How Should the Following Revenues Be Reported by a Private

question 57

Multiple Choice

How should the following revenues be reported by a private college?
-$15,000 for the improvement of a study lounge,
-$5,600 in unrestricted contributions,
-$600 unrestricted investment income on endowment investments,
-$11,600 sales of services by auxiliary enterprises.
Unrestricted Restricted

• A) 32,800 0
• B) 17,800 15,000
• C) 17,200 15,600
• D) 5,600 27,200

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Definitions:

Co-signs

Agrees to be equally responsible for the repayment of a loan or obligation, typically to help another person obtain credit.

Primarily Liable

The main or foremost obligation or responsibility to fulfill a debt or legal duty.

Student Loan

A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.

Administrative Assistant

A person who provides support and assists in the efficient operation of an office or organization through various tasks and coordination.