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Hatshy [7]
3 years ago
12

Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in

the amount of $7,150,000. Of that amount $4,620,000 was collected in cash. Pell Grants in the amount of $2,012,000 were received by the university. The Pell Grants were applied to student accounts. Student scholarships, for which no services were required, amounted to $570,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university.
Business
1 answer:
Thepotemich [5.8K]3 years ago
5 0

Answer:

100

Explanation:

hope this helps

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LO 3.3When sales price decreases and all other variables are held constant, the break-even point will ________.
miss Akunina [59]

Answer:

increase

Explanation:

Break-even point is used to determine the minimum number of units a business needs to sell in order to fully cover the fixed costs. The break-even  formula is below;

Break-even = Fixed cost / (Sale price - Variable cost)

If sales price (SP) decreases while keeping other factors; variable cost(VC) and fixed cost(FC) constant, the denominator amount will be smaller, making the break- even point to increase.

3 0
4 years ago
Determine the order in which the following budgets are generally prepared.
xenn [34]

Answer:

The order in which the following budgets are generally prepared are as arranged below:

1. Sales budget

2. Production budget

3. Material purchases budget

4. Budgeted income statement

In an attempt to expatiate the decision above. We must observe that income statement starts with revenue. Similarly here, the budget will starts with sales. The revenue section is followed by production budget which from which various budgets like material, direct labor and overhead budget are prepared from. After the Production budget, follow the Material purchase budget, then Budgeted Income Statement

5 0
3 years ago
Curry Seasonings has a patented technology for finely grinding spices while maintaining flavor. This has allowed the company to
VLD [36.1K]

Answer:

<em>Run a recoverability test and then a fair value test.</em>

Explanation:

Business assets with a loss of value are subject to impairment tests to assess and identify the magnitude of the loss.

<em>Measuring the magnitude of the loss requires two steps:</em>

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4 0
3 years ago
The following is a condensed version of the comparative balance sheets for Sweet Corporation for the last two years at December
notsponge [240]

Answer:

Cash flow from operating activities

Net income                                                      $352,000

<u><em>Adjustment to reconcile net income to </em></u>

<u><em>net Cash flow from operating activities</em></u>

Depreciation expense                                    $26,350

Loss on investment sold                                 $15,500

Decrease account receivable                         $7,750

Decrease current liabilities                            <u>-$26,350</u>

Net cash flow from operating activities                              $348,250

Cash flow from investing activities

Sale of investment                                           $12,100

Purchase of equipment                                 -<u>$89,900</u>

Net cash used investing activities                                       -<u>$77,800</u>

Cash flow from financing activities

Dividend paid                                                  -$66,000  

Net cash used financing activities                                       -<u>$66,000</u>

Net cash increase (decrease)                                              $204,450

Beginning Cash                                                                     <u>$120,900</u>

Ending Cash                                                                          <u>$325,350</u>

6 0
3 years ago
A​ firm's database showed that the average value of all inventory items for the year was​ $7,650. the cost of goods sold was rep
Rainbow [258]

5 weeks  
There are 52 weeks per year and since the company closes for 2 weeks per year, that means that the company does business for 50 weeks each year. During that year, the company sold goods that cost $76,500. And the average inventory was $7,650 which is $7,650 / $76,500 = 0.10 = 10% of the goods sold for the entire year. So the average inventory could allow the company to work for 10% of the year. And 10% of 50 is 5. Therefore the company had 5 weeks of supply on average in inventory.
6 0
3 years ago
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