Question
The following information belongs to the American University in Cairo (AUC). AUC receives tuition at a rate $ 100 per hour. At the beginning of
The following information belongs to the American University in Cairo (AUC). AUC receives tuition at a rate $ 100 per hour. At the beginning of 2019, the students owed AUC $ 10,000, of which $ 7000 were collected during 2016. During 2019, AUC billed the students for 10,000 hours. By the end of 2019, 1000 hours were still not collected. Show calculations determining for 2019:
A. Amount of Tuition revenues that will appear in the Income statement for 2019.
B. Cash received by AUC during 2019.
C. Balance of Accounts Receivables at the end of 2019.
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Government and Not for Profit Accounting Concepts and Practices
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