_____ During 2006, Salty State University (SSU), Billed Its Students

Short Answer

_____ During 2006, Salty State University (SSU), billed its students $7,000,000 for tuition. The net amount contractually to be paid was only $6,600,000, however, because of the following items:
Also in 2006, various academic departments awarded $20,000 of cash scholastic performance scholarships. Which of the following amounts should SSU-which engages only in business-type activities-report in its 2006 statement of revenues, expenses, and changes in net assets?