For the year ended June 30,2009,a university assessed its students a total of $4,000,000 for tuition and fees.Included in this amount was $300,000 of tuition remissions awarded to graduate teaching assistants,and $150,000 of scholarships awarded to undergraduate students.Tuition and fees totaling $3,550,000 were collected during the year ended June 30,2009.What amount should be reported in the unrestricted fund as net revenue from tuition and fees for the year ended June 30,2009?
A)$4,000,000
B)$3,550,000
C)$3,700,000
D)$3,850,000

Question

Quizplus · Accepted Answer

The net revenue from tuition and fees should be calculated by subtracting the tuition remissions and scholarships from the total amount assessed for tuition and fees.

Total amount assessed - Tuition remissions - Scholarships = Net revenue from tuition and fees 
$4,000,000 - $300,000 - $150,000 = $3,550,000

Therefore, the answer is D) $3,850,000, as this amount represents the total revenue earned from tuition and fees minus the tuition remissions and scholarships.

For the Year Ended June 30,2009,a University Assessed Its Students