The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year. HELP...
The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year.
HELP 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 accounts receivable then.
HELP paid back $100,000 it borrowed at the end of the last year on a line of credit. The bank did not charge interest.
HELP bought $25,000 in supplies to treat patient. HELP paid the supplier for all the supplies with cash.
HELP belongs to the state hospital association, and its membership is current (meaning it is paid up through the end of the year). HELP receivers an invoice for $75,000 for next year’s fees but has not paid it yet.
HELP replace many of the patient examination tables. The cost $50,000, and HELP put $10,000 down in cash. The rest is still owed.
HELP paid $65,000 it owed employees from last year. Employees had earned this last fiscal year and it was recorded as an expense then.
Show the impact of these transactions on the Fundamental Equation of Accounting by answering the following questions.
The most liquid asset affected by Transaction 1 (T1) is? What that answer, what is the dollar amount it changed? Include a minus sign if necessary. Do not include a dollar sign or commas."
Homework Answers
Add Answer to:
The Hospital for Ending Long-term Problems (HELP) had the
following financial events during the year.
HELP...
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...
Please help resolve this problem Show journal entries using debits and credits. See Appendix 9-A.) 9-29....
Please help resolve this problem
Show journal entries using debits and credits. See Appendix 9-A.) 9-29. HELP started the year with the following account balances (shown in alphabetical order): Accounts Receivable $300,000 Cash 135,000 Accounts Payable Equipment 70,000 100,000 9-28. The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year: 1. HELP collected $250,000 in cash that it had billed to the federal government under Medicare. The money had been earned in the prior fiscal...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year). Services provided to inpatients and outpatients amounted to $9,792,000, of which $466,000 was for charity care; $944,000 was paid by uninsured patients; and $8,382,000 was billed to Medicare, Medicaid, and insurance companies. Donated pharmaceuticals and medical supplies valued at $281,000 were received and utilized as general expenses. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...
During its current fiscal year, Evanston General Hospital, a
not-for-profit health care organization, had the following
revenue-related transactions (amounts summarized for the
year).
1.
Services provided to inpatients and outpatients amounted to
$9,660,000, of which $455,000 was for charity care, $933,000 was
paid by uninsured patients, and $8,272,000 was billed to Medicare,
Medicaid, and insurance companies.
2.
Donated pharmaceuticals and medical supplies valued at $270,000
were received and utilized as general expenses.
3.
Medicare, Medicaid, and third-party payors (insurance companies)...
During 2017, the following selected events and transactions were recorded by Milos County Hospital. 1. Gross...
During 2017, the following selected events and transactions
were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
patient service revenues and relating to the current-year is as
follows:
Contractual adjustments
$
640,000
Provision for bad debts
31,000
Charity care
262,200
4.
A federal cost...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
Long River Company had the following transactions during the month of January. (i) Paid $5,000 cash...
Long River Company had the following transactions during the month of January. (i) Paid $5,000 cash for supplies, of which $600 was used during January, and $4,400 will be used dui4ng February through April. (ii) Paid $24,480 for salaries, one-half of which employees had earned in December and one- half of which related to January. (iii) Purchased $3d,000 of equipment; made an $8,000 down payment and signed a note payable for the balance. (iv) Made payment of $4,800 on the...
The following independent events for New Age Theatre Ltd. during the year ended November 30, 2018,...
The following independent events for New Age Theatre Ltd. during the year ended November 30, 2018, require a transaction journal entry or an adjusting journal entry, or both. The company adjusts its accounts annually. 1. On June 1, 2017, the theatre purchased vehicles for $80,700 cash. The vehicles’ estimated useful life is five years and the company uses straight-line depreciation. 2. The theatre has eight plays each season. This year’s season starts in October 2018 and ends in May 2019...
The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year,...
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:DebitCreditCash$7,700Accounts receivable6,600Supplies1,200Equipment13,800Accumulated
depreciation—equipment$5,500Unearned revenue2,750Common shares6,000Retained earnings15,050Totals$29,300$29,300During the month of July, the following selected transactions took
place:July 2Paid $1,000 for two months’
rent in advance for July and August.7Purchased $200 of supplies on
account.14Collected half of outstanding
accounts receivable.15Borrowed $1,000 from the bank
for one year at an interest rate of 5%.21Received $1,000 cash from a
customer for services to be performed in...
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...
Please help resolve this problem
Show journal entries using debits and credits. See Appendix 9-A.) 9-29. HELP started the year with the following account balances (shown in alphabetical order): Accounts Receivable $300,000 Cash 135,000 Accounts Payable Equipment 70,000 100,000 9-28. The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year: 1. HELP collected $250,000 in cash that it had billed to the federal government under Medicare. The money had been earned in the prior fiscal...
During its current fiscal year, Evanston General Hospital, a
not-for-profit health care organization, had the following
revenue-related transactions (amounts summarized for the
year).
1.
Services provided to inpatients and outpatients amounted to
$9,660,000, of which $455,000 was for charity care, $933,000 was
paid by uninsured patients, and $8,272,000 was billed to Medicare,
Medicaid, and insurance companies.
2.
Donated pharmaceuticals and medical supplies valued at $270,000
were received and utilized as general expenses.
3.
Medicare, Medicaid, and third-party payors (insurance companies)...
During 2017, the following selected events and transactions
were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
patient service revenues and relating to the current-year is as
follows:
Contractual adjustments
$
640,000
Provision for bad debts
31,000
Charity care
262,200
4.
A federal cost...
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:DebitCreditCash$7,700Accounts receivable6,600Supplies1,200Equipment13,800Accumulated
depreciation—equipment$5,500Unearned revenue2,750Common shares6,000Retained earnings15,050Totals$29,300$29,300During the month of July, the following selected transactions took
place:July 2Paid $1,000 for two months’
rent in advance for July and August.7Purchased $200 of supplies on
account.14Collected half of outstanding
accounts receivable.15Borrowed $1,000 from the bank
for one year at an interest rate of 5%.21Received $1,000 cash from a
customer for services to be performed in...
Most questions answered within 3 hours.
-
Ask Your Teacher A toy gun uses a spring to project a 5.6-g soft
rubber sphere...
asked 7 minutes ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 12 minutes ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******
Question - PERSONAL DEVELOPMENT ESSAY and Detailed...
asked 14 minutes ago -
A certain rifle bullet has a mass of 5.25 g. Calculate the de
Broglie wavelength of...
asked 39 minutes ago -
Research new software products that assist in project
communication management. Write a paper summarizing your findings,...
asked 37 minutes ago -
the figure below to the left shows a beaker completely filled
with water. then a block...
asked 35 minutes ago -
what is the duistribution channels of HUL in india and how they
distribute?
how is this...
asked 43 minutes ago -
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 55 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 1 hour ago -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 58 minutes ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 59 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 1 hour ago