Accounting: What the Numbers Mean 11th Edition by Wayne McManus,Daniel Viele,David Marshall

Exercise 30

Calculate earned revenues Big Blue University has a fiscal year that ends on June 30. The 2016 summer session of the university runs from June 9 through July 28. Total tuition paid by students for the summer session amounted to $168,000.
Required:
a. How much revenue should be reflected in the fiscal year ended June 30, 2016? Explain your answer.
b. Would your answer to part a be any different if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? Explain your answer.