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andre [41]
3 years ago
12

Carlisle State College had the following account balances for the year ended and as of June 30, 2018. Debits are not distinguish

ed from credits, so assume all accounts have a "normal" balance.
Additions to permanent endowments 400,000
Auxiliary enterprise revenue 4,200,000
Capital grants and gifts 300,000
Depreciation expense 1,400,000
Employee Benefits 1,975,000
Federal grants and contracts revenue 2,000,000
Gifts 700,000
Interest on capital-related debt 450,000
Investment income 220,000
Net position, beginning of year 11,450,000
Nonexempt wages 1,500,000
Other operating expenses 900,000
Salaries-exempt staff 2,300,000
Salaries-faculty 6,500,000
Scholarship tuition and fee contra revenue 300,000
Scholarships and fellowships expense 315,000
State and local grants and contracts revenue900,000
State appropriation for operations 4,970,000
State appropriations for capital additions 250,000
Student tuition and fee revenue 8,450,000
Required
Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Position for Carlisle State College for the year ended June 30, 2017.
Business
1 answer:
Dennis_Churaev [7]3 years ago
8 0

Answer:

Statement of Revenues, Expenses, and Changes in Net Position

Particulars                                                             Amount $

Operating revenue

Auxiliary enterprise revenue                               4,200,000

Student tuition and fee revenue                         8,450,000

Scholarship tuition and fee contra revenue       300,000

State and local grants and contracts revenue   <u>900,000</u>

Total Operating revenue                                    13,850,000

Operating Expenses

Depreciation expense                                         1,400,000

Employee Benefits                                                 1,975,000

Nonexempt wages                                                 1,500,000

Other operating expenses                                     900,000

Salaries-exempt staff                                            2,300,000

Salaries-faculty                                                      6,500,000

Scholarships and fellowships ex                             315,000

Total Operating Expenses                                  <u>14,890,000</u>

Operating Profit                                                   (1,040,000)

Non-Operating Revenue / (Expenses)

State appropriation for operation                         4,970,000

State appropriations for capital additions               250,000

Gifts                                                                            700,000

Interest on capital-related debt                               (450,000)

Federal grants and contracts revenue                 2,000,000

Investment income                                                    220,000

Additions to permanent endowments                     400,000

Capital grants and gifts                                             300,000

Total non-operating income/expenses               <u>(8,390,000)</u>

Net Position                                                            7,350,000

(Total non-operating income - Operating Profit)  

Net position, beginning of year                           <u>11,450,000</u>

Net Position at the end of the year                     <u>18,800,000</u>

/

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Answer:

Requirement 1

<em>High Point = March</em>

<em>Low Point = January</em>

Requirement 2

<em>Variable rate for tanning $0.41 per tanning appointment </em>

<em>Fixed cost per month $1,457</em>

Requirement 3

<em>Total Cost = $1,457 + $0.41 × Activity Level</em>

Requirement 4

<em>Total predicted cost for September $ 2,482</em>

<em>Total fixed cost for September $1,457</em>

<em>Total predicted variable cost for September $1,025</em>

Explanation:

Requirement 1

High Point = March

Low Point = January

Requirement 2

<em>Variable Cost = Difference in Overhead Cost (High - Low)/ Difference in Activity (High - Low)</em>

                       = $2,810 - $1,744 / 3,300 - 700

                       = $1,066/ 2,600

                       = $0.41

<em>Fixed Cost Component = Total Overhead Cost - Variable Cost × Selected Activity.</em>

Lets Select, January 700 $1,744

Fixed Cost Component = Total Overhead Cost - Variable Cost × Selected Activity.

                                       =  $1,744 - $0.41 × 700

                                       =  $1,457

Requirement 3

Cost formula for tanning services

<em>Total Cost = Fixed Cost + Variable Cost</em>

thus,

Total Cost = $1,457 + $0.41 × Activity Level

Requirement 4

Total Cost = $1,457 + $0.41 × Activity Level

                 =  $1,457 + $0.41 × 2,500

                 = $ 2,482

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Answer:

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Credit Deferred Revenue (Installation Fee) with $38,500

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b) Income Statement for 1st Quarter of 2020

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Installation Fee - $19,250

Total Income - $387,750

less cost of sales - $320,000

Net Income - $67,750

c) The revenue Shaw should recognize in relation to the sale to Ricard is $387,750 (goods and accrued installation fee).  The installation fee to be recognized is for 3 months only.

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The installation fee is for 6 months.  Therefore, 3 months' worth of fee will be recognized in the income statement ending on March 31, 2020.

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Answer:

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Answer:

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