Homework Answers
1good sold
2)expense recorded 1100+3200=4300
3)assets and Lia w/o
4)assest purchased
5)amount deposited in bank
Net profit from profit and loss account =700
net assets =assets - Lia
11700-7000=4700
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Tarzan Hospital began opcrations on January 1, 20x1, with Following are the ledger accounts at December...
18.2. Certain of the adjusted balances in the ledger of Gatorberg Hospital at December 31, 20x1,...
18.2. Certain of the adjusted balances in the ledger of Gatorberg Hospital at December 31, 20x1, the end of the hospital's current fiscal year, are provided here: Acct. No. 301 Hospital net assets 302 Revenue and expense summary 401 Routine services revenue 402 Ancillary services revenue 403 Interest income 404 Rental income 405 Tuition income 406 Other operating revenues 501 Contractual adjustments 502 Charity care adjustments 601 Salaries and wages expense 602 Supplies expense 603 Utilities expense $275,000 -0- 159,700...
Following is a trial balance (in thousands) showing the accounts of Beta Hospital at December 31,...
Following is a trial balance (in thousands) showing the accounts of Beta Hospital at December 31, 2019. Using the information from the trial balance, answer the following questions. Show the calculations used. What is number of days’ cash on hand? What is the number of days of revenue in net patient accounts receivable? How much is the excess of revenues over expenses? What is the operating margin? What is the long-term debt-to-equity ratio at year-end? What is the interest coverage...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
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The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $ 65,000. 2. March 13 Collect on...
Problem 3 Seattle Grace Hospital's December 31, 20x1, balance sheet reported hospital net assets of $17,581....
Problem 3 Seattle Grace Hospital's December 31, 20x1, balance sheet reported hospital net assets of $17,581. Seattle Grace's 20X1 operating income was 253 and investment income (loss) was (1142). Required: What was Seattle Grace's excess of revenues over expenses? What was reported as hospital net assets in Seattle Grace's balance sheet at December 31, 20X0? Balance Sheet Net Assets at Dec 31, 20X0 20X1 Excess of Revenues over Expenses Balance Sheet Net Assets at Dec. 31, 20X1
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 18,000 Accounts Receivable 66,000 Inventory 52,000 Machinery and Equipment (net) 189,000 Accounts Payable $ 53,000 Art, Capital 88,000 Bru, Capital 110,000 Chou, Capital 74,000 Total $ 325,000 $ 325,000 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
Q8.6. Gibson Hospital received $2,300 in payment of a patient's account receivable on December 27, 20X1....
Q8.6. Gibson Hospital received $2,300 in payment of a patient's account receivable on December 27, 20X1. In the transaction entry, however, the credit was made erroneously to routine service revenues. The error was not discovered until after the financial statements for 20X1 were prepared. What effect would this error have on total assets, total liabilities, and hospital net assets, as reported in the hospital's December 31, 20x1, balance sheet?
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...
journal and ledger is provided. I need help withbalance sheet and statement GLENWOOD HOSPITAL JOURNAL AND...
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...
E17.2 Quirk Hospital made inventory errors as follows: O · December 31, 20X1 inventory overstated by...
E17.2 Quirk Hospital made inventory errors as follows: O · December 31, 20X1 inventory overstated by $400 • December 31, 20X1 inventory understated by $100 (1) By what amount was the hospital's 20X2 excess of revenues over expenses overstated or understated due to these errors? (2) By what amount were the hospital's net assets (fund balance) overstated or understated at December 31, 20X2 due to these errors?
18.2. Certain of the adjusted balances in the ledger of Gatorberg Hospital at December 31, 20x1, the end of the hospital's current fiscal year, are provided here: Acct. No. 301 Hospital net assets 302 Revenue and expense summary 401 Routine services revenue 402 Ancillary services revenue 403 Interest income 404 Rental income 405 Tuition income 406 Other operating revenues 501 Contractual adjustments 502 Charity care adjustments 601 Salaries and wages expense 602 Supplies expense 603 Utilities expense $275,000 -0- 159,700...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3,750 8,750 2,750 21,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 5,000 3,000 4,000 15,500 8,750 $36,250 $36,250 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $12,500, and on account, $57,500. 2. March 13 Collect on accounts receivable,...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $ 65,000. 2. March 13 Collect on...
Problem 3 Seattle Grace Hospital's December 31, 20x1, balance sheet reported hospital net assets of $17,581. Seattle Grace's 20X1 operating income was 253 and investment income (loss) was (1142). Required: What was Seattle Grace's excess of revenues over expenses? What was reported as hospital net assets in Seattle Grace's balance sheet at December 31, 20X0? Balance Sheet Net Assets at Dec 31, 20X0 20X1 Excess of Revenues over Expenses Balance Sheet Net Assets at Dec. 31, 20X1
Q8.6. Gibson Hospital received $2,300 in payment of a patient's account receivable on December 27, 20X1. In the transaction entry, however, the credit was made erroneously to routine service revenues. The error was not discovered until after the financial statements for 20X1 were prepared. What effect would this error have on total assets, total liabilities, and hospital net assets, as reported in the hospital's December 31, 20x1, balance sheet?
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...
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...
E17.2 Quirk Hospital made inventory errors as follows: O · December 31, 20X1 inventory overstated by $400 • December 31, 20X1 inventory understated by $100 (1) By what amount was the hospital's 20X2 excess of revenues over expenses overstated or understated due to these errors? (2) By what amount were the hospital's net assets (fund balance) overstated or understated at December 31, 20X2 due to these errors?
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