acred Heart Hospital had the following closing entries for the year ended December 31, 2017: Reclassification to unrestricted net assets Satisfaction of equipment acquisition restrictions $150,000 Operating revenues: patient service revenue 3,750,000 Operating revenues: other revenue 30,000 Non- operating investment income: unrestricted 10,000 Non - operating: net realized and unrealized gains on investments 12,000 Unrestricted net assets 1,377,000 Contractual adjustments: unrestricted 300,000 Operating expenses: professional care of patients 1,730,000 Operating expenses: general services 345,000 Operating expenses: administration 200,000 Donor restricted net assets 150,000 Reclassification from donor restricted net assets: satisfaction of plant acquisition restrictions 150,000 Non - operating contribution revenue: donor restricted 504,000 Donor restricted net assets 504,000 Required: Prepare a statement of operations for the year ended December 31, 2017. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are $1,700,000.
acred Heart Hospital had the following closing entries for the year ended December 31, 2017: Reclassification to unrestricted net assets Satisfaction of equipment acquisition restrictions $150,000 Operating revenues: patient service revenue 3,750,000 Operating revenues: other revenue 30,000 Non- operating investment income: unrestricted 10,000 Non - operating: net realized and unrealized gains on investments 12,000 Unrestricted net assets 1,377,000 Contractual adjustments: unrestricted 300,000 Operating expenses: professional care of patients 1,730,000 Operating expenses: general services 345,000 Operating expenses: administration 200,000 Donor restricted net assets 150,000 Reclassification from donor restricted net assets: satisfaction of plant acquisition restrictions 150,000 Non - operating contribution revenue: donor restricted 504,000 Donor restricted net assets 504,000 Required: Prepare a statement of operations for the year ended December 31, 2017. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are $1,700,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:acred Heart Hospital had the following closing entries for the year ended December 31, 2017:
Reclassification to unrestricted net assets Satisfaction of equipment acquisition restrictions $150,000
Operating revenues: patient service revenue 3, 750,000 Operating revenues: other revenue 30,000 Non-
operating investment income: unrestricted 10,000 Non - operating: net realized and unrealized gains on
investments 12,000 Unrestricted net assets 1,377,000 Contractual adjustments: unrestricted 300,000
Operating expenses: professional care of patients 1,730,000 Operating expenses: general services 345,000
Operating expenses: administration 200,000 Donor restricted net assets 150,000 Reclassification from donor
restricted net assets: satisfaction of plant acquisition restrictions 150,000 Non - operating contribution
revenue: donor restricted 504,000 Donor restricted net assets 504,000 Required: Prepare a statement of
operations for the year ended December 31, 2017. Prepare a statement of changes in net assets for the
year ended December 31, 2017, assuming beginning net assets are $1,700,000.
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