A Private College Had Tuition and Fees for the Year

question 39

Multiple Choice

A private college had tuition and fees for the year ended June 30, 2017 in the amount of $45,000,000. Scholarships, for which no services were required, amounted to $4,800,000. Graduate assistantships, for which services were required, amounted to $2,300,000. The amount to be reported by the college for net tuition and fee revenue would be:

• A) $37,900,000.
• B) $40,200,000.
• C) $42,700,000.
• D) $45,000,000.

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Definitions:

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An individual, company, or organization that has legal rights and obligations.

Satisfactory Income

The level of profit that meets or exceeds the expectations and needs of the business or its stakeholders.

Debts

Obligations that a company or individual owes to others, typically a sum of money that is required to be paid back with interest.

Employees

Individuals who are hired by a company to perform specific duties in exchange for compensation.