Homework Answers
| Assets | + | Expenses | = | Liabilities | + | Net Assets | + | Revenues | |
| Opening Bal. | 1400000 | 500000 | 900000 | ||||||
| Transaction 1 | 455000 | 455000 | |||||||
| Resulting Bal. | 1855000 | 0 | 500000 | 900000 | 455000 | ||||
| Transaction 2a | 300000 | ||||||||
| Transaction 2b | -300000 | ||||||||
| Resulting Bal. | 1855000 | 0 | 500000 | 900000 | 455000 | ||||
| Transaction 3 | 67400 | 67400 | |||||||
| Resulting Bal. | 1922400 | 0 | 567400 | 900000 | 455000 | ||||
| Transaction 4 | -93600 | 93600 | |||||||
| Resulting Bal. | 1828800 | 93600 | 567400 | 900000 | 455000 | ||||
| Transaction 5 | -38800 | -38800 | |||||||
| Resulting Bal. | 1790000 | 93600 | 528600 | 900000 | 455000 | ||||
| Transaction 6 | -261000 | -261000 | |||||||
| Resulting Bal. | 1529000 | 93600 | 267600 | 900000 | 455000 | ||||
| Transaction 7 | -68000 | 68000 | |||||||
| Resulting Bal. | 1461000 | 161600 | 267600 | 900000 | 455000 | ||||
| Closing Entry (Profit) | -293400 | -161600 | -455000 | ||||||
| Closing Balance | 1167600 | 0 | 267600 | 900000 | 0 |
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Problem 6 (Note: Record altransactions following the example in Figure 21 in Nowicki, p. 37.) Grading...
Problem 5 Grading Grade: out of (max); 2 On March 31, Oz Hospital had the following...
Problem 5 Grading Grade: out of (max); 2 On March 31, Oz Hospital had the following ending balances: Assets $800,000 Liabilities $450,000 Net Assets $350,000 During April, the following transactions occurred: 1. Services rendered to patients 2. Collections on patients' accounts 3. Supplies consumed in patient care services 4. Payments on accounts payable to suppliers 5. Supplies purchased on account 6. Other expenses paid in cash 7. Purchased equipment with cash $326,0 $147,000 $45,300 $81,500 $46,000 $48,500 $31,400 Required: What...
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...
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...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $ 28,000. 2. May 20 Provide services to customers for cash, $ 43,000, and...
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...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The following information applies to the questions displayed below The year-end financial statements of Rattiers Tax Services are provided below. RATTLERS TAX SERVICES Income Statement Service revenue $ 73,500 Expenses: Salaries $45.200 Utilities 7.400 Insurance 5.000 Supplies 1.700 59,300 Set income $14.200 FUTTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance, Jan. $52,000 $23,700 75,700 22,000 14,200 (5,200)...
help with 2-6. the Beginning and End Balance and Income Statement is provided. Please and thank...
help with 2-6. the Beginning and End Balance and Income Statement
is provided. Please and thank you.
New
Images below. help with 2-6
beginning balance sheet
end balance sheet
income statement
2. For the accounting period, does the data contained in the financial statements indicate that total revenue on a cash basis for the year too high or too low? Why? 3. What is the accrual adjusted revenue for the year? 4. For the accounting period, does the data contained...
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
$1,700,000
2.
Purchased medical...
Comprehensive Problem 1Part 8:The following is a comprehensive problem which encompasses allof the...
Comprehensive Problem 1Part 8:The following is a comprehensive problem which encompasses all
of the elements learned in previous chapters. You can refer to the
objectives for each chapter covered as a review of the
concepts.NOTE: You must complete parts 1, 2, 3, 4, 6 and
7 before completing part 8. Part 5 is optional.Prepare an income statement.Kelly ConsultingIncome StatementFor the Month Ended May 31, 20Y8Fees earned$Expenses:Salary expense$Rent expenseSupplies expenseDepreciation expenseInsurance expenseMiscellaneous expense Total expensesNet income$Prepare a statement of stockholders’ equity. If...
Problem 5 Grading Grade: out of (max); 2 On March 31, Oz Hospital had the following ending balances: Assets $800,000 Liabilities $450,000 Net Assets $350,000 During April, the following transactions occurred: 1. Services rendered to patients 2. Collections on patients' accounts 3. Supplies consumed in patient care services 4. Payments on accounts payable to suppliers 5. Supplies purchased on account 6. Other expenses paid in cash 7. Purchased equipment with cash $326,0 $147,000 $45,300 $81,500 $46,000 $48,500 $31,400 Required: What...
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....
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...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $ 28,000. 2. May 20 Provide services to customers for cash, $ 43,000, and...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The following information applies to the questions displayed below The year-end financial statements of Rattiers Tax Services are provided below. RATTLERS TAX SERVICES Income Statement Service revenue $ 73,500 Expenses: Salaries $45.200 Utilities 7.400 Insurance 5.000 Supplies 1.700 59,300 Set income $14.200 FUTTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance, Jan. $52,000 $23,700 75,700 22,000 14,200 (5,200)...
help with 2-6. the Beginning and End Balance and Income Statement
is provided. Please and thank you.
New
Images below. help with 2-6
beginning balance sheet
end balance sheet
income statement
2. For the accounting period, does the data contained in the financial statements indicate that total revenue on a cash basis for the year too high or too low? Why? 3. What is the accrual adjusted revenue for the year? 4. For the accounting period, does the data contained...
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...
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