Balance Sheet for a Hospital
The following information is contained in the funds that are used to account for the transactions of the Hospital of Havencrest, which is operated by a religious organization. The balances in the accounts are as of June 30, 20X8, the end of the hospital’s fiscal year.
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General Fund | Specific- Purpose Fund | Plant Replacement and Expansion Fund | Endowment Fund |
Cash | $ 30,000 | $32,000 | $140,000 | $ 20,000 |
Accounts Receivable | 25,000 |
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Allowance for Uncollectibles | (5,000) |
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Inventories | 50,000 |
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Prepaid Expenses | 10,000 |
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Long-Term Investments | 100,000 |
| 60,000 | 500,000 |
Property, Plant, and Equipment | 300,000 |
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Accumulated Depreciation | (140,000) |
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Accounts Payable | 45,000 |
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Accrued Expenses | 17,000 |
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Deferred Revenue | 11,000 |
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Current Portion—Long-Term Debt | 24,000 |
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Mortgage Payable | 125,000 |
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Additional Information
The $32,000 in the specific-purpose fund is restricted for research activities to be conducted by the hospital.
Required
Prepare a balance sheet for Havencrest at June 30, 20X8.
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