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Prepare journal entries to record the following transactions of a nonprofit hospital: 5. Depreciation on the...
Prepare journal entries to record the following transactions of a nonprofit hospital: The hospital billed its...
Prepare journal entries to record the following transactions of a nonprofit hospital: The hospital billed its uninsured patients for $250,000. Based on historical experience, it expects to collect 45 percent of that amount over time. Nurses and doctors employed by the hospital were paid their salaries, $100,000. The chief administrative officer was paid her salary of $10,000. The hospital paid its utility bill, $5,000. Depreciation on the equipment was $34,000. 6. Several adults donated their time (worth $5,000) selling merchandise...
Journal entries Prepare journal entries to record the following transactions of a nonprofit hospital: 1. The...
Journal entries Prepare journal entries to record the following transactions of a nonprofit hospital: 1. The hospital billed its uninsured patients for $250,000. Based on historical experience, it expects to collect 45 percent of that amount over time. 2. Nurses and doctors employed by the hospital were paid their salaries, $100,000. 3. The chief administrative officer was paid her salary of $10,000. 4. The hospital paid its utility bill, $5,000. (Transactions 5 - 8 immediately follow.) If a transaction does...
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...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned even if the standard charge is above or below the allowance. 3.75 points QUESTION 3 The key focus of government fund accounting concerns the current ability to provide and fund services and goods. capital expenditures. income measurement. intergovernmental transfers from the general fund. 3.75 points QUESTION 4 Voluntary health and welfare organizations are supported by, and provide voluntary services to, the public....
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)...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that owns a number of summer camps for inner-city children. At the end of last year, the organization reported the following trial balance: DR CR Cash Investments Contributions receivable Property, plant and equipment, net Payables Long-term liabilities Net assets—without donor restrictions Net assets with donor restrictions $333,000 4,440,000 962,000 2,220,000 $740,000 1,480,000 2,960,000 2,775,000 $7,955,000 $7,955,000 The investments are allocated as follows: 40% are unrestricted,...
Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30,...
Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30, 2019, for $3,100, using its unrestricted resources. On December 31, 2019, the date of its financial statements, the stock's fair value was $3,200. On November 30, 2019, the hospital sold the stock for $2,800. Assuming it is a governmental hospital, prepare journal entries to record all the transactions and events related to this investment. Description Debit Credit To record purchase of stock. To record...
Prepare journal entries for a local government to record the following transactions, first for fu...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $1,098,000 in bonds at face value to finance construction of a warehouse. b. A $1.18 million contract is signed for construction of the warehouse. The commitment is required if allowed. c. A $210,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a) d. Equipment for the fire...
Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit...
Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit organization dedicated to the development of music skills in kids through weekend and summer camp experiences. Research shows that learning to read music and play an instrument helps the brain work with the body leading to stronger memory and math skills. The organization reported the following post-closing trial balance at the end of last year: Beginning Balances: DR CR Cash $140,400 Investments 1,872,000 Contributions...
2 A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the...
2 A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting services (fundraising and administrative). 5.66 points eBook Print a. The board of governors for Rochester Medical (RM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs. b. RM receives a donation of $80,000 in...
Journal entries Prepare journal entries to record the following transactions of a nonprofit hospital: 1. The hospital billed its uninsured patients for $250,000. Based on historical experience, it expects to collect 45 percent of that amount over time. 2. Nurses and doctors employed by the hospital were paid their salaries, $100,000. 3. The chief administrative officer was paid her salary of $10,000. 4. The hospital paid its utility bill, $5,000. (Transactions 5 - 8 immediately follow.) If a transaction does...
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)...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that owns a number of summer camps for inner-city children. At the end of last year, the organization reported the following trial balance: DR CR Cash Investments Contributions receivable Property, plant and equipment, net Payables Long-term liabilities Net assets—without donor restrictions Net assets with donor restrictions $333,000 4,440,000 962,000 2,220,000 $740,000 1,480,000 2,960,000 2,775,000 $7,955,000 $7,955,000 The investments are allocated as follows: 40% are unrestricted,...
Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30, 2019, for $3,100, using its unrestricted resources. On December 31, 2019, the date of its financial statements, the stock's fair value was $3,200. On November 30, 2019, the hospital sold the stock for $2,800. Assuming it is a governmental hospital, prepare journal entries to record all the transactions and events related to this investment. Description Debit Credit To record purchase of stock. To record...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $1,098,000 in bonds at face value to finance construction of a warehouse. b. A $1.18 million contract is signed for construction of the warehouse. The commitment is required if allowed. c. A $210,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a) d. Equipment for the fire...
Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit organization dedicated to the development of music skills in kids through weekend and summer camp experiences. Research shows that learning to read music and play an instrument helps the brain work with the body leading to stronger memory and math skills. The organization reported the following post-closing trial balance at the end of last year: Beginning Balances: DR CR Cash $140,400 Investments 1,872,000 Contributions...
2 A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting services (fundraising and administrative). 5.66 points eBook Print a. The board of governors for Rochester Medical (RM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs. b. RM receives a donation of $80,000 in...
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