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

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