Entries and Statements for General Fund of a Hospital
The postclosing trial balance of the general fund of Serene Hospital, a not-for-profit entity, on December 31, 20X1, was as follows:
| Debit | Credit |
Cash | $ 125,000 |
|
Accounts Receivable | 400,000 |
|
Allowance for Uncollectibles |
| $ 50,000 |
Due from Specific-Purpose Fund | 40,000 |
|
Inventories | 95,000 |
|
Prepaid Expenses | 20,000 |
|
Investments | 900,000 |
|
Property, Plant, and Equipment | 6,100,000 |
|
Accumulated Depreciation |
| 1,500,000 |
Accounts Payable |
| 150,000 |
Accrued Expenses |
| 55,000 |
Deferred Revenue—Reimbursement |
| 75,000 |
Bonds Payable |
| 3,000,000 |
Fund Balance—Unrestricted |
| 2,850,000 |
Total | $7,680,000 | $7,680,000 |
During 20X2 the following transactions occurred:
1. The value of patient services provided was $6,160,000.
2. Contractual adjustments of $330,000 from patients’ bills were approved.
3. Operating expenses totaled $5,600,000, as follows:
Nursing services | $1,800,000 |
Other professional services | 1,200,000 |
Fiscal services | 250,000 |
General services | 1,550,000 |
Bad debts | 120,000 |
Administration | 280,000 |
Depreciation | 400,000 |
Accounts credited for operating expenses other than depreciation:
Cash | $4,580,000 |
Allowance for Uncollectibles | 120,000 |
Accounts Payable | 170,000 |
Accrued Expenses | 35,000 |
Inventories | 195,000 |
Prepaid Expenses | 30,000 |
Donated Services | 70,000 |
4. Received $75,000 cash from specific-purpose fund for partial reimbursement of $100,000 for operating expenditures made in accordance with a restricted gift. The receivable increased by the remaining $25,000 to an ending balance of $65,000.
5. Payments for inventories and prepaid expenses were $176,000 and $24,000, respectively.
6. Received $85,000 income from endowment fund investments.
7. Sold an X-ray machine that had cost $30,000 and had accumulated depreciation of $20,000 for $17,000.
8. Collected $5,800,000 in receivables and wrote off $132,000.
9. Acquired investments amounting to $60,000.
10. Income from board-designated investments was $72,000.
11. Paid the beginning balance in Accounts Payable and Accrued Expenses.
12. Deferred Revenue—Reimbursement increased $20,000.
13. Received $140,000 from the plant replacement and expansion fund for use in acquiring fixed assets.
14. Net receipts from the cafeteria and gift shop were $63,000.
Required
a.Prepare journal entries to record the transactions for the general fund. Omit explanations.
b.Prepare comparative balance sheets for only the general fund for 20X2 and 20X1.
c.Prepare a statement of operations for the unrestricted general fund for 20X2.
d.Prepare a statement of cash flows for 20X2.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.