Question: Oceanview School a private high school is preparing a planned
Oceanview School, a private high school, is preparing a planned income statement for the coming academic year ending August 31, 2013. Tuition revenues for the past two years ending August 31 were as follows: 2012, $840,000; and 2011, $880,000. Total expenses for 2012 were $830,000 and in 2011 were $844,000. No tuition rate changes occurred in 2011 or 2012, nor are any expected to occur in 2013. Tuition revenue is expected to be $830,000 for 2013. What net income should be planned for 2013, assuming that the implied cost behavior remains unchanged?
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