Calculate earned revenues
Response to the following problem:
Big Blue University has a fiscal year that ends on June 30. The 2013 summer session of the university runs from June 9 through July 28. Total tuition paid by students for the summer session amounted to $112,000.
Required:
a. How much revenue should be reflected in the fiscal year ended June 30, 2013? 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.