Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.03 million. Marketing and administrative costs rose to $1,380,000. Cost allocation High Preschool School Middle School $ 1,630 $1,930 $ 2,330 340 390 465 Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations.. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) Answer is complete but not entirely correct. Middle School Preschool. 445 424 Total $5,898 1,195 High School 511 $ Total 1,380

Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.03 million. Marketing and administrative costs rose to $1,380,000. Cost allocation High Preschool School Middle School $ 1,630 $1,930 $ 2,330 340 390 465 Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations.. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) Answer is complete but not entirely correct. Middle School Preschool. 445 424 Total $5,898 1,195 High School 511 $ Total 1,380

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting for Auxiliary Services Revenue For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee University receives $1,600,000 prior to the start of the semester for housing and dining services to be provided over the course of the semester. Assume $1,200,000 is for housing and $400,000 is for dining. 2. Based on contracts it has for its housing and dining services, Lee University recognizes revenue in four equal installments. Record the journal entries for the initial receipt of the $1,600,000 and for the recognition of revenue in four installments.
Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration Preschool $ 1,690 370 Cost allocation Preschool Middle School $ 1,990 420 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.09 million. Marketing and administrative costs rose to $1,440,000. High School $ 2,390 495 Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) Middle School Total $ 6,070 1,285 High School $ Total 0
Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue. Marketing and administration Preschool $ 1,630 340 Cost allocation Middle School $ 1,930 390 High School $ 2,330 465 In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.03 million. Marketing and administrative costs rose to $1,380,000. Preschool Middle School Total $ 5,890 1,195 Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) High School Total 0
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