Question

During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...

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 $5,381,000 of the $8,382,000 billed by the hospital during the year (see transaction 1). An unconditional contribution of $5,160,000 was received in cash from a donor to construct a new facility for care of Alzheimer's patients. The full amount is expendable for that purpose. No activity occurred on this project during the current year. A total of $1,173,000 was received from the following activities/sources: cafeteria and gift shop sales, $870,000; medical seminars, $141,000; unrestricted transfers from the Evanston General Hospital Foundation, $91,000; and fees for medical transcripts, $71,000. Uncollectible accounts totaling $4,850 were written off. The allowance for uncollectible receivables was increased by $9,170.

1. Prepare the revenues, gains, and other support without donor restrictions section of Evanston General Hospital’s statement of operations for the current year.

Evanston General Hospital
Statement of Operations (partial)
For the Current Year
Unrestricted Revenues, Gains, and Other Support:
Net Patient Service Revenue
Less: Provision for Bad Debts   
Other Revenue
Total Revenues and Gains
0 0
Add a comment Improve this question Transcribed image text
Answer #1

. apsum page: 01 Required computation & statement of operations for evanston Gyenescal hospital net patient Sevevice revenue

Add a comment
Know the answer?
Add Answer to:
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...

    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). 1. Services provided to inpatients and outpatients amounted to $9,660,000, of which $455,000 was for charity care, $933,000 was paid by uninsured patients, and $8,272,000 was billed to Medicare, Medicaid, and insurance companies. 2. Donated pharmaceuticals and medical supplies valued at $270,000 were received and utilized as general expenses. 3. Medicare, Medicaid, and third-party payors (insurance companies)...

  • A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current...

    A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting services (fundraising and administrative). The board of governors for Rochester Medical (RM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs. RM receives a donation of $80,000 in cash with the stipulation that the money...

  • 2 A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the...

    2 A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting services (fundraising and administrative). 5.66 points eBook Print a. The board of governors for Rochester Medical (RM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs. b. RM receives a donation of $80,000 in...

  • #5 Problems 1. A not-for-profit hospital, Barnes Hospital, had the following transactions: A. Patients were charged...

    #5 Problems 1. A not-for-profit hospital, Barnes Hospital, had the following transactions: A. Patients were charged $360,000 for services. Of this amount, $60,000 was acti to the patients. Hospital officials anticipate that $14,000 will be uncollectible. $300,000 was billed to insurance companies and other third-party payors. Offi that these companies will only pay $264,000 after determining reasonable cost procedures. B. Insurance companies and other third-party payors paid $224,000 to cover 80% in A. The remaining amounts from these charges were...

  • You are the Senior Accountant at St. Luke’s Hospital, a private not-for-profit entity providing health care...

    You are the Senior Accountant at St. Luke’s Hospital, a private not-for-profit entity providing health care services to citizens of a small rural community. During the current month, the hospital engaged in the following transactions. Your responsibility is making the appropriate journal entries for St. Luke's for the current month for patient service revenues along with any required adjustments based on the circumstances listed below in parts a) through e) as well as the entries based on the information contained...

  • During 2020, the following transactions were recorded by the Port Community Hospital, a private sector not-for-profit...

    During 2020, the following transactions were recorded by the Port Community Hospital, a private sector not-for-profit institution: 1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,980,000. Estimated contractual adjustments with third-party payors amounted to $565,000 and the Hospital estimated implicit price concessions would total $28,000. 2. Charity services, not included in transaction 1, would amount to $102,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $38,000;...

  • During 2020, the following transactions were recorded by the Port Community Hospital, a private sector not-for-profit...

    During 2020, the following transactions were recorded by the Port Community Hospital, a private sector not-for-profit institution: 1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,980,000. Estimated contractual adjustments with third-party payors amounted to $565,000 and the Hospital estimated implicit price concessions would total $28,000. 2. Charity services, not included in transaction 1, would amount to $102,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $38,000;...

  • Essay questions: As a newly hired budget analyst, you were assigned to the Swedish Hospital’s finance department. Currently the Hospital is planning its operating budget for the coming year. The budget will include operating, cash and flexible budget comp

    As a new hired budget analyst, you were selected to work at the Swedish Hospital’s finance department. Currently the Hospital is planning its operating budget for the coming year. The budget will include operating, cash and flexible budget components. Capital budget was passed last year and needs not to be revisited. The hospital is noted for its three fine programs: oncology (cancer), cardiac (heart) and rhinoplastyRevenueThe hospital managers have projected that next year they will have 200 patients. They expect...

  • Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January...

    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...

  • 1. On June 1, 2020, a school district levies the property taxes for its fiscal year...

    1. On June 1, 2020, a school district levies the property taxes for its fiscal year that will end on June 30, 2021. The total amount of the levy is $1,000,000, and 1% is expected to be uncollectible. On levy, $250,000 is collected in June 2020 and another $500,000 is collected in July and August 2010 What is the maximum amount of property tax revenue associated with the June 1, 2020, levy that the school district might report as revenue...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT