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 nominal account ending balances, end of April.
Homework Answers
Transaction analysis
| Assets | = | Liabilities | + | Stockholder's equity | |
| Beg Bal | 500000 | 300000 | 200000 | ||
| 1 | 100000 | 100000 | |||
| 2 | 85000 | ||||
| -85000 | |||||
| 3 | 20000 | 20000 | |||
| 4 | -16000 | -16000 | |||
| 5 | -18000 | -18000 | |||
| 6 | -54000 | -54000 | |||
| 7 | 12000 | ||||
| -12000 | |||||
| End bal | 532000 | 304000 | 228000 |
Revenue balance = 100000
Expense balance = 18000+54000 = 72000
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Florida Hospital Apopka, a not-for profit organization, began
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Accounts receivable
245,000
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transactions (Florida Hospital Apopka’s year end is December
31):
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Event
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