Debit Credit Gross Patient Service Revenues.. Research Grant Revenue to the Extent Expended Revenues from Sale of Cafete ria Meals to Guests and Employees Donate d Services of Nurses and Physicians (skilled services ofherwise purchased) . Unrestricted Gifts and Grants 9,049,200 361,000 108,000 180,000 100,200 12,000 540,000 150,000 25,000 11,000 68,000 Unrestricted Endowment Income... Gifts Restricted for Equipment Purchase.. Donor-Restrided Investments for Permanent Endowment. Temporarily Restricted Endowmentincome. Revenues from Parking Lot.….. Revenues from Vending Machines Income on Investments Whose Use Is Limited by the Board for Capital Improve ments ..... Contributions Restrictled by Donor for Pediatric Unit Operations... Redassifications In-Unrestricted-Satisfaction of Program Restridions Redassifications In-Unrestricled-Satisfaction of Plant Acquisition 107,000 225,000 125,000 220,000 625,000 825,000 2,350,000 Restrictions.... Unresricted Net Assets, January 1, 2018.. Temporarily Restricled Net Assets, January 1, 2018... Permanently Restricted Net Assets, Jan uary 1, 2018 . Redassifications Out-Temporarily Restricded-Satisfadion of Program Restrictions... Redassifications Out-Temporarily Restrided-Safisfadtion of Plant Acquisition Restrictions .... Administrative Services (induding $30,000 malpractice cost)... Contractual Adjustments under Third-Party Reimbursement Programs Charity Care ... Provision for Uncollectibles . Nursing Services (including $125,000 in pediatric unit) . Dielary Services..... Maintenan ce Services.. Depreciation and Amortization. Interes Expen se.. Loss on Sale of Endowment Investments. . 125,000 220,000 112,500 328,500 215,000 241,600 6,589,100 511,200 938,300 378,200 172,200 5,300
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
The following nominal accounts were extracted from the December 31, 2018, adjusted
Prepare a statement of activities for the year ended December 31, 2018.
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