Homework Answers
Note: Account receivable, Cash, Inventory and Account Payable are considered in Net Assets. This is reason there is debit as well as credit entry for single trasaction.
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Problem 5 Grading Grade: out of (max); 2 On March 31, Oz Hospital had the following...
Problem 7 Grade: out of max): On July 1, Lincoln Hospital had the following beginning balances:...
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....
1. On March 31, St. David’s Hospital had assets of $500,000, liabilities of $300,000, and net...
1. On March 31, St. David’s Hospital had assets of $500,000, liabilities of $300,000, and net assets of $200,000. During April, the following transactions were completed: 1. Services rendered to patients, $100,000 2. Collections on patients' accounts, $85,000 3. Supplies purchased on account, $20,000 4. Payments on accounts payable to suppliers, $16,000 5. Supplies consumed in patient-care services, $18,000 6. Other expenses paid in cash, $54,000 7. Purchased equipment for cash, $12,000 Complete a transaction analysis, showing all real and...
Problem 6 (Note: Record altransactions following the example in Figure 21 in Nowicki, p. 37.) Grading...
Problem 6 (Note: Record altransactions following the example in Figure 21 in Nowicki, p. 37.) Grading Grade: lout of max): 2 At September 30, Lion Hospital had the following end balances: Assets $1,400,000 Liabilities $500,000 Net Assets $900,000 The following transactions were completed during October: 1. Charged patients for services 2. Collected on patients' accounts 3. Purchased supplies an account 4. Used supplies in patient care activities 5. Paid cash an accounts payable 6. Paid employee salaries and wages for...
Case Study : Nonprofit Hospital Accounting Equation The expanded accounting equation for a nonprofit is as...
Case Study : Nonprofit Hospital Accounting Equation The expanded accounting equation for a nonprofit is as follows: Assets = Liabilities + Net assets + Revenues – Expenses Assignment: a) Indicate all financial effects of each transaction on the expanded accounting equation See transaction 1 below- effect on equation is increase of Assets and Liabilities for $5M each - everything is in excel, below it shows transaction descriptions of 1-10, then Assets, Liabilities, Net Assets, Revenues, Expenses b) After recording the...
Please help with the entire question. Each part answered separately (6 parts) P3.4. Copper Hospital's trial...
Please help with the entire question. Each part answered
separately (6 parts)
P3.4. Copper Hospital's trial balance at November 30, 20X2, which includes data accumulated since December 31,20X1, is as follows Cash Accounts receivable Inventory Land Buildings Equipment Accounts payable Notes payable Bonds payable Hospital net assets $14,700 34,900 7,400 30,000 200,000o 105,000 $11,200 25,000 75,000 274,300 Routine services revenue Ancillary services revenue Other operating revenues Salaries and wages expense Supplies expense Utilities expense Insurance expense Repairs expense Interest expense...
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...
Calculator The assets and liabilities of Thompson Computer Services at March 31, the end of the...
Calculator The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. TI common stock was $127,300 and the retained earnings were $65,000 at April 1, the beginning of the current year. During the year, shareholders purchased an a $25,700 in stock $2,000 $1,010 Accounts payable Miscellaneous Expense Office expense 10,340 Accounts receivable 1,290 1,670 Cash 21,420 Supplies 23,380 Fees earned Wages expense...
9-27. The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year:...
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.
Paid back $100,000 it borrowed at the end of last year on a
line of credit. The bank did not charge interest.
Bought $25,000 in supplies to treat patients. HELP paid the
supplier...
1. For each of the items of other data (a) through (h) provided below, identify and...
1. For each of the items of other data (a)
through (h) provided below, identify and analyze adjustment
necessary on April 30, 2017. Do not round intermediate
calculations. If required, round your final answers to the nearest
dollar.
a. The monthly insurance cost is $50.
b. Office supplies on hand on April 30, 2017,
amount to $180.
c. The office equipment was purchased on April
1, 2016. On that date, it had an estimated useful life of ten
years. Use...
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...
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....
Problem 6 (Note: Record altransactions following the example in Figure 21 in Nowicki, p. 37.) Grading Grade: lout of max): 2 At September 30, Lion Hospital had the following end balances: Assets $1,400,000 Liabilities $500,000 Net Assets $900,000 The following transactions were completed during October: 1. Charged patients for services 2. Collected on patients' accounts 3. Purchased supplies an account 4. Used supplies in patient care activities 5. Paid cash an accounts payable 6. Paid employee salaries and wages for...
Please help with the entire question. Each part answered
separately (6 parts)
P3.4. Copper Hospital's trial balance at November 30, 20X2, which includes data accumulated since December 31,20X1, is as follows Cash Accounts receivable Inventory Land Buildings Equipment Accounts payable Notes payable Bonds payable Hospital net assets $14,700 34,900 7,400 30,000 200,000o 105,000 $11,200 25,000 75,000 274,300 Routine services revenue Ancillary services revenue Other operating revenues Salaries and wages expense Supplies expense Utilities expense Insurance expense Repairs expense Interest expense...
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...
Calculator The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. TI common stock was $127,300 and the retained earnings were $65,000 at April 1, the beginning of the current year. During the year, shareholders purchased an a $25,700 in stock $2,000 $1,010 Accounts payable Miscellaneous Expense Office expense 10,340 Accounts receivable 1,290 1,670 Cash 21,420 Supplies 23,380 Fees earned Wages expense...
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.
Paid back $100,000 it borrowed at the end of last year on a
line of credit. The bank did not charge interest.
Bought $25,000 in supplies to treat patients. HELP paid the
supplier...
1. For each of the items of other data (a)
through (h) provided below, identify and analyze adjustment
necessary on April 30, 2017. Do not round intermediate
calculations. If required, round your final answers to the nearest
dollar.
a. The monthly insurance cost is $50.
b. Office supplies on hand on April 30, 2017,
amount to $180.
c. The office equipment was purchased on April
1, 2016. On that date, it had an estimated useful life of ten
years. Use...
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...
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