9-27. The Hospital
for Ending Long-term Problems (HELP) had the following financial
events during the year:
1. Collected $250,000 in cash that it had billed to the federal government
under Medicare. The money had been earned in the prior fiscal year and was recorded as revenue then.
Show the impact of these transactions on
the fundamental equation of accounting
(Optional: Show journal entries using deb its and credits. See Appendix 9-A)
9-28. HELP started the year with the following
account balances (shown in alphabetical
order):
Accounts Receivable |
$300,000 |
Cash |
135,000 |
Accounts Payable |
0 |
Equipment |
70,000 |
Line of Credit |
100,000 |
Permanently Restricted Net Assets |
167,000 |
Supplies |
7,000 |
Temporarily Restricted Net Assets |
50,000 |
Unrestricted Net Assets |
125,000 |
Wages Payable |
70,000 |
Record these opening balances and the transactions from Problem 9-27 in a work
Assets | Liabilities & Net Assets | |||||||||
Liabilities | Net Assets | |||||||||
Cash | Accounts Receivable | Supplies | Equipment | Accounts Payable | Wages Payable | Line of Credit | Unrestricted | Temporarily restricted | Permanently restricted | |
Beginning Balance | 135,000 | 300,000 | 7,000 | 70,000 | - | 70,000 | 100,000 | 125,000 | 50,000 | 167,000 |
Collection of Cash from Federal Govt | 250,000 | |||||||||
Repayment of line of credit | (100,000) | (100,000) | ||||||||
Bough supplies | (25,000) | 25,000 | ||||||||
State hospital association membership fees | 75,000 | |||||||||
Patients examination tables bought | (10,000) | 40,000 | ||||||||
Last year wages paid | (65,000) | (65,000) | ||||||||
Ending balance | 185,000 | 300,000 | 32,000 | 70,000 | 115,000 | 5,000 | - | 125,000 | 50,000 | 167,000 |
9-27. The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year:...
The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year. HELP collected $250,000 in cash that it had billed to the federal government under Medicare. The money had been earned in the prior fiscal year and was recorded as accounts receivable then. HELP paid back $100,000 it borrowed at the end of the last year on a line of credit. The bank did not charge interest. HELP bought $25,000 in supplies to treat patient. HELP...
Please help resolve this problem
Show journal entries using debits and credits. See Appendix 9-A.) 9-29. HELP started the year with the following account balances (shown in alphabetical order): Accounts Receivable $300,000 Cash 135,000 Accounts Payable Equipment 70,000 100,000 9-28. The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year: 1. HELP collected $250,000 in cash that it had billed to the federal government under Medicare. The money had been earned in the prior fiscal...
Here is the question we were given: Use
Problems 10-15 and 10-16 (GIVEN
BELOW) to prepare an activity statement (operating
statement), a comparative statement of financial position (balance
sheet), and a statement of cash flows (using the indirect method).
What do you learn from these statements, and what questions do they
raise?
Problem 10-15: The American Research Council
for Humanities (ARCH) had the following financial events during the
current year:
1. January 12. Received a $300,000 payment from a pledge...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January 1: Cash $70,000 Accounts receivable 245,000 Allowance for doubtful accounts 18,000 Supplies inventory 24,000 Property and Equipment 1,500,000 Accumulated depreciation 300,000 Accounts payable 21,000 Notes payable (short-term bank loans) 500,000 Net assets 1,000,000 During 2018, the accounting clerk recorded the following transactions (Florida Hospital Apopka’s year end is December 31): Transaction Number Event Amount 1. Billed patients for services rendered $1,700,000 2. Purchased medical...
Problem 7 Grade: out of max): On July 1, Lincoln Hospital had the following beginning balances: Assets $610,700 Liabilities $210,000 Net Assets $400,700 Transactions completed during the month of July were as follows: 1. The hospital borrowed money from a bark. 2. The hospital purchased supplies an account. 3. The hospital used supplies from inventory to provide patient care. The hospital billed patients for those supplies with a markup. 4. Employees were paid salaries and wages for the current month....
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:
Debit
Credit
Cash
$
7,700
Accounts receivable
6,600
Supplies
1,200
Equipment
13,800
Accumulated depreciation—equipment
$
5,500
Unearned revenue
2,750
Common shares
6,000
Retained earnings
15,050
Totals
$
29,300
$
29,300
During the month of July, the following selected transactions took
place:
July 2
Paid $1,000 for two months’ rent in advance for July and
August.
7
Purchased $200 of supplies on...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year). Services provided to inpatients and outpatients amounted to $9,792,000, of which $466,000 was for charity care; $944,000 was paid by uninsured patients; and $8,382,000 was billed to Medicare, Medicaid, and insurance companies. Donated pharmaceuticals and medical supplies valued at $281,000 were received and utilized as general expenses. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid...
journal and ledger is provided. I need help withbalance sheet and
statement
GLENWOOD HOSPITAL JOURNAL AND LEDGER ASSETS LIABILITIES NET ASSETS ACETS REC PAID BAD DEBT ACCUM NON TERM PLANT & DEPRECIAL CUR C UR INVEST EQUIPTION LLITES LLITY 230000 25000 GAINS, TRAN UNREST TO NET SUPEPPENT ASSETS ASSETS AS 8700 2 51400 34000 | | 4100 TRANSACTIONS CASH BEGINNING BALANCE A-CASH PYMT ACCT PAY - COLLECT CASH OUTSTANDING ART 34000 SERVICES ON CREDIT D.USEO SERIES E. PAIO CANON INCURRED...
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. Shareholders contribute $10,000 cash to the business in exchange for common stock. Employees earn $500 in wages that have not been paid at period-end. Inventory of $3,000 is purchased on credit. The inventory purchased in transaction 3 is sold for $4,500 on credit. The company collected the $4,500 owed to it per transaction 4....
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:DebitCreditCash$7,700Accounts receivable6,600Supplies1,200Equipment13,800Accumulated
depreciation—equipment$5,500Unearned revenue2,750Common shares6,000Retained earnings15,050Totals$29,300$29,300During the month of July, the following selected transactions took
place:July 2Paid $1,000 for two months’
rent in advance for July and August.7Purchased $200 of supplies on
account.14Collected half of outstanding
accounts receivable.15Borrowed $1,000 from the bank
for one year at an interest rate of 5%.21Received $1,000 cash from a
customer for services to be performed in...