Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct amajor fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conformwith current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows:CashInvestment in Short-Term Marketable SecuritiesInvestment in Long-Term Marketable SecuritiesInterest ReceivableAccounts ReceivableInventoryLandBuildings & EquipmentAllowance for DepreciationAccounts PayableMortgage PayableFund BalanceTotalAdditional Information:Debit$100,300Unrestricted useCancer researchPurchase of equipmentPermanently restricted endowment principalTotal200,400301,30015,40055,30036,200121,100936,300Credit$ 259,90041,200321,1001,144,100$1,766,300 $1,766,3001. Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for$41,90011,60021,00030,400$184,9002. Short-term investments at year-end consist of $151,000 of funds without donor restrictions and $49,400 of funds restricted for futurecancer research. All of the long-term investments are held in the permanently restricted endowment fund.3. Land is carried at its current market value of $121,100. The original owner purchased the land for $71,800, and at the time ofdonation to the hospital, it had an appraised value of $95,300.4. Buildings purchased 11 years ago for $616,500 had an estimated useful life of 30 years. Equipment costing $153,000 was purchased7 years ago and had an expected life of 10 years. The controller had improperly increased the reported values of the buildings andequipment to their current fair value of $936,300 and had incorrectly computed the accumulated depreciation.5. The board of directors voted on December 29, 20X4, to designate $101,500 of funds without donor restrictions invested in short-term investments for developing a drug rehabilitation center.Required:Prepare a balance sheet for Brookdale Hospital at December 31, 20X4. (Amounts to be deducted should be indicated with minussign.) AssetsCurrent Assets:Total current assetsLong-term assets:BROOKDALE HOSPITALBalance SheetDecember 31, 20X4Net investment in buildings and equipment

Financial Statement - Financial statements are written records that outline a company's operations…

Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Cash Investment in Short-Term Marketable Securities Investment in Long-Term Marketable Securities Interest Receivable Accounts Receivable Inventory Land Buildings & Equipment Allowance for Depreciation Accounts Payable Mortgage Payable Fund Balance Total Additional Information: Debit $ 100,300 200,400 301,300 15,400 55,300 36,200 121,100 936,300 Credit $ 259,900 41,200 321,100 1,144,100 $1,766,300 $1,766,300 1. Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for

Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Cash Investment in Short-Term Marketable Securities Investment in Long-Term Marketable Securities Interest Receivable Accounts Receivable Inventory Land Buildings & Equipment Allowance for Depreciation Accounts Payable Mortgage Payable Fund Balance Total Additional Information: Debit $ 100,300 200,400 301,300 15,400 55,300 36,200 121,100 936,300 Credit $ 259,900 41,200 321,100 1,144,100 $1,766,300 $1,766,300 1. Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
2a
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Brookwood Pines Hospital Question C5.4 is based on the following case. Goodfellow & Perkins LLP is a successful mid-tier accounting firm with a large range of clients across Texas. During 2022, Goodfellow & Perkins gained a new client, Brookwood Pines Hospital (BPH), a private, not-for-profit hospital. The fiscal year-end for BPH is June 30. Goodfellow & Perkins is performing the audit for the fiscal year-end June 30, 2023. BPH provides medically necessary care to patients, regardless of their ability to pay. Both uninsured and underinsured patients are offered discounts of up to 100% of charges based on their income as a percentage of the federal poverty level guidelines. BPH does not pursue collection of these accounts; therefore, they are not reported in patient service revenue and accounts receivable. The cost of providing the charity care is included in operating expenses. BPH’s investments consist of mutual funds, common equities, corporate and U.S. government debt…
From the Case Study"DISTRICT HEADQUARTER HOSPITAL: FINANCIAL FEASIBILITY STUDY" Prepare in as much detail as possible, the projected financial statements, for District Headquarter Hospital for the next six years. The financial statements should comprise projected Balance Sheets, Income Statements and Cash Flow Statements for each of these years.
A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…
Assume that the entity is a private not-for-profit hospital. During Year 2, the hospital has two portfolios: patients with insurance and patients without insurance. Work with a standard charge of $2 million is done for the first group and work with a standard charge of $1 million is done for the second group. Insurance companies have contracts that create explicit price concessions. The hospital believes it has a 60 percent chance of collecting $1.5 million and a 40 percent chance of collecting $1.3 million. Because of the high cost of health care, uninsured patients receive a variety of implicit price concessions. The hospital believes it has a 70 percent chance of collecting $300,000 and a 30 percent chance of collecting $200,000. The hospital reported exchange revenue of $3 million and a provision for bad debt (a contra revenue account) of $1.2 million to drop the reported balance to the expected collection amount. Assume the hospital wants to use the most likely amount where…