Problem 7 Grade: out of max): On July 1, Lincoln Hospital had the following beginning balances:...
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 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...
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...
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...
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...
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...
Florida Hospital Apopka, a not-for profit organization, began 2018 with the following account balances on January 1: Cash Accounts receivable Allowance for doubtful accounts Supplies inventory Property and Equipment Accumulated depreciation Accounts payable Notes payable (short-term bank loans) Net assets $70,000 245,000 18,000 24,000 1,500,000 300,000 21,000 500,000 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 Billed patients for services rendered $1,700,000 12,000 712,000 683,000 150,000...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,500, $36,000, and $16,200, respectively. Cash, noncash assets, and liabilities total $38,400, $66,900, and $27,600, respectively. Between July 1 and July 29, the noncash assets are sold for $53,700, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $45,600, $65,100, and $28,800, respectively. Cash, noncash assets, and liabilities total $74,700, $120,300, and $55,500, respectively. Between July 1 and July 29, the noncash assets are sold for $96,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership...