pls solve this ques I'll give you multiple upvotes. 66. A private not-for-profit hospital provided$150,000 in charity care for the current year. Thehospital should report this charity care asa. Net patient service revenue of $150,000 and pa-tient care expense of $150,000.b. Net patient service revenue of $150,000 on thestatement of operations.c. Only in the notes to the financial statements.d. As an unpaid accounts receivable on the balancesheet.67. The Johnson Hospital, a private not-for-profithospital, received the following revenues in the cur-rent year:Proceeds from sales of the Hospital'sflower shopDividends and interest revenuenot restricted$60,000$20,000Cash contributions for the renovation ofthe children's ward in the Hospital$200,000Which of these amounts should be reported as otherrevenues and gains (other revenue) on the Statementof Operations?a. $280,000b. $60,000c. $80,000d. $260,00068. The Whitlow Hospital, a private not-for-profithospital, uses as its performance indicator revenuesand gains over expenses and losses. Which of thefollowing items would be included in the calculationof this indicator?Unrealized gains on other than trading secu-rities. The securities are included in the un-restricted net assets.Contributions received from a donor in thecurrent year that cannot be spent until thefollowing year.a. Neitherb. Bothc. Unrealized gains onlyd. Contribution only

Not-for-profit organization: It is an organization which main motive is to serve society, not earn…

66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet,

66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet,

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…
1. A not-for-profit hospital performs services in the current year at a charge of $1 million. Of this amount, $200,000 is viewed as charity care services because no collection was expected at the time of the work. Additionally, officials expect another $94,000 to be bad debts. What should the hospital report as net patient service revenues? Select one: a.$906,000 b.$1,000,000 c.$706,000 d.$800,000 2. In the accounting for health care providers, what are third-party payors? Select one: a.Friends and relatives who pay the medical costs of a patient. b.Doctors who reduce fees for indigent patients. c.Insurance companies and other groups that pay a significant portion of the medical fees in the United States. d.Charities that supply medicines to hospitals and other health care providers. 3.What is a contractual adjustment? Select one: a.A year-end journal entry to recognize all of a health care entity's remaining receivables. b.An increase in a patient's…
A private not-for-profit health care entity has the following account balances: What is reported as the organization’s net patient service revenue? $880,000 $800,000 $690,000 $680,000
A private not-for-profit health care entity has the following account balances:Revenue from newsstand . . . $ 50,000Amounts charged to patients . 800,000Interest income . . . . . . . . . . . .. .30,000Salary expense—nurses . . . . 100,000Provision for bad debts . . . . . 10,000Undesignated gifts . . . . . . . . . 80,000Contractual adjustments . . . . 110,000What is reported as the organization’s net patient service revenue? Choose the correct.a. $880,000b. $800,000c. $690,000d. $680,000
Prepare journal entries to record the following transactions of a nonprofit hospital, with expense transactionscategorized by function:1. The hospital billed its uninsured patients for $300,000. Based on historical experience, it expects tocollect 45 percent of that amount over time.2. Nurses and doctors employed by the hospital were paid their salaries, $120,000.3. The chief administrative officer was paid her salary of $12,000.4. The hospital paid its utility bill, $6,000.5. Depreciation on the equipment was $40,800.6. Several adults donated their time (worth $6,000) selling merchandise in the hospital gift shop.7. The hospital billed Medicare $120,000 for services provided at its established rates. The prospectivebilling arrangement gives Medicare a 40 percent discount from these rates.8. A contribution without donor restrictions of $4,800 was received. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.
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1. A hospital reports the following information: Estimated bad debts—non-charity patients $ 500,000 Contractual adjustments—third party payors 1,000,000 Direct gross billings to non-charity patients 5,000,000 Gross billings to insurance companies and Medicare/Medicaid 17,000,000 Charity care, estimated billing value 2,000,000 Charity care, cost 1,200,000 Net patient service revenue, as reported on the hospital's statement of activities, is: 2. NFP organizations like the Red Cross invest in derivatives to hedge their financial risks. How do the accounting standards for NFP hedge investments differ from the accounting standards for other NFP investments? Select one: A. There is no difference. B. Unrealized gains and losses on hedge investments are reported as changes in net assets with donor restrictions on the statement of activities, while unrealized gains and losses on other investments are not reported. C. Unrealized gains and…
Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: Gross patient services revenues: $25,000,000. Billed to patients. 2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3. Purchased equipment by issuing a 5-year note for $200,000. 4. Received cash donations restricted for a capital building addition program, $5,100,000. 5. Incurred and paid $1,700,000 of contractor billings for the capital building program.
The following nominal accounts were extracted from the December 31, 2018, adjusted trial balance of Prospect Private Hospital:(attached)Prepare a statement of activities for the year ended December 31, 2018.
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Record in general journal form the following selected transactions for Meridian Hospital, a nongovernmental not for-profit institution. (or no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Gross charges accrued for patient services rendered during the period amounted to $7,870,000, of which $350,000 represented charity care for indigent patients 2. During the year the implicit price concessions for individual payors was determined to be $190,000 and contractual adjustments amounted to S435,000. 3. A wealthy donor donated $2.000,000 in cash to construct a new cardiology wing on the hospital. 4. During the yeat, the new cardiolody wing (see item 3) was one-half completed at a cost of $1.000.000. View transaction list Journal entry worksheet Record the $190,000 implicit price concessions for individual payers and $435,000 contractual adjustments. Note Enter debits befare credits Transaction General Journal Debit Credi 02…
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