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For a private NFP hospital, how are donated supplies accounted for? They are not accounted for...
Reporting Various Contributions Hopeville Retreat is a private NFP organization that counsels former drug addicts in...
Reporting Various Contributions Hopeville Retreat is a private NFP organization that counsels former drug addicts in readjusting to productive community life. Contributions provide the major support for Hopeville Retreat. During 2020, the following contributions were received: 1. $4,000,000 in cash was received from the semiannual fund-raising campaign. 2. $5,000,000 in cash was received in a capital campaign for the purchase of new facilities. 3. A local store donated clothing valued at $7,000; cost to the store was $5,000. 4.A flat-screen...
Assume Mercy Hospital uses accrual accounting. Which of the following statements is most correct? a. Supplies...
Assume Mercy Hospital uses accrual accounting. Which of the following statements is most correct? a. Supplies expense is recognized when medical supplies are delivered to the hospital by the vendor. b. Patient service revenue is recognized when payment is received by the hospital from a third-party payer. c. Salaries expense is recognized when payroll checks are written. d. Patient service revenue is recognized when healthcare services are provided. e. Statements a., c., and d. are all correct.
Assume Mercy Hospital uses accrual accounting. Which of the following statements is most correct? O Supplies...
Assume Mercy Hospital uses accrual accounting. Which of the following statements is most correct? O Supplies expense is recognized when medical supplies are delivered to the hospital by the vendor. O Patient service revenue is recognized when payment is received by the hospital from a third-party payer. O Salaries expense is recognized when payroll checks are written. 0 Patient service revenue is recognized when healthcare services are provided. O Statements a., c., and d. are all correct.
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. ...
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. Is never recorded O b. Must be recorded as a temporarily restricted expense. O c. May be recorded as an unrestricted expense or a temporarily restricted expense, depending upon how the related asset is classified. d, Must be recorded as an unrestricted expense. Which of the following is not true regarding reclassifications used by private hospital accounting? Select one: a. Reclassifications made on the basis of...
Show entries in general journal form for the following of a private (nongovernmental, nonprofit) hospital. 1....
Show entries in general journal form for the following of a private (nongovernmental, nonprofit) hospital. 1. For the month just ended, the hospital received in cash $6,000 from the hospital’s gift shop sales, and received donated medicines with a fair value of $23,000. These medicines are of the type the hospital normally would purchase. 2. The hospital’s finance officer, in compliance with the directive of the governing board, invested $500,000 of operating cash in certificates of deposit to be held for...
Indicate how the following contributed service would be recorded by a private, non-profit organization: Several members...
Indicate how the following contributed service would be recorded by a private, non-profit organization: Several members of a local carpenter’s union donated their time to building a new stage for the local theatre group. The contribution is not recorded. The contribution is recorded as revenue with an equal amount recorded as expense. The contribution is recorded as revenue with an equal amount recorded as “other financing uses.” The contribution is recorded as an asset with an equal amount recorded as...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Which of the following statement is true about fair value? Select one: a. It is the...
Which of the following statement is true about fair value? Select one: a. It is the amount of revenue recognized using the completed contract method. b. It is the amortized cost of an asset. c. It is the price that would be received in exchange for an item in a transaction between independent parties. d. It is the price that was actually paid when an item was purchased.
just need income tax expense/payable Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial...
just need income tax expense/payable
Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700...
Reporting Various Contributions Hopeville Retreat is a private NFP organization that counsels former drug addicts in readjusting to productive community life. Contributions provide the major support for Hopeville Retreat. During 2020, the following contributions were received: 1. $4,000,000 in cash was received from the semiannual fund-raising campaign. 2. $5,000,000 in cash was received in a capital campaign for the purchase of new facilities. 3. A local store donated clothing valued at $7,000; cost to the store was $5,000. 4.A flat-screen...
Assume Mercy Hospital uses accrual accounting. Which of the following statements is most correct? O Supplies expense is recognized when medical supplies are delivered to the hospital by the vendor. O Patient service revenue is recognized when payment is received by the hospital from a third-party payer. O Salaries expense is recognized when payroll checks are written. 0 Patient service revenue is recognized when healthcare services are provided. O Statements a., c., and d. are all correct.
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. Is never recorded O b. Must be recorded as a temporarily restricted expense. O c. May be recorded as an unrestricted expense or a temporarily restricted expense, depending upon how the related asset is classified. d, Must be recorded as an unrestricted expense. Which of the following is not true regarding reclassifications used by private hospital accounting? Select one: a. Reclassifications made on the basis of...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
just need income tax expense/payable
Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700...
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