Required:Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)1. Hope recelved $40.000 in cash from pledges made In the prevlous year that were unrestricted as to purpose but Intended to berecelved and expended in 2020.2. Hope received $98,000 in pledges that indicated the money would be recelved in 2021. The donors Imposed no restrictions otherthan it could be used for any purpose destred by the board.3. Hope expended $49,000 for nursing training, using $42,000 of donor restricted resources recelved in 2019 for that purpose.Hope had qualified expenses under the grant totaling $40.000. This Is cost reimbursement, grant5. Hope received $277,000 in cash. The board decided to Invest the funds for future plant expansion.Vlew transaction llatJournal entry worksheet311Hope received $98,000 in pledges that indicated the money would be receivedin 2021. The donors imposed no restrictions other than it could be used forany purpose desired by the board.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit02Pledges Receivable98,000Revenues-With Donor Restrictions-Contributions98,000Record entryClear entryVlew general journal

S. NO. General Journal Debit ($) Credit ($) 1 Cash 40000 Income from Pledge 40000…

equired: ecord the following transactions on the books of Hope Hospital, wih 020. (If no entry is required for a transaction/event, select "No Jo 1 Hope recelved $40.000 in cash from pledges made in the previou recelved and expended in 2020. 2 Hope recelved $98,000 in pledges that Indicated the money wou than it could be used for any purpose desired by the board. . Hope expended $49,000 for nursing training. using $42,000 of de LOn June 15. 2020, Hope was awarded a $59.000 grant for cancer Hope had qualified expenses under the grant totaling $40,000. TI . Hope recelved $277,000 in cash. The board decided to Invest the

equired: ecord the following transactions on the books of Hope Hospital, wih 020. (If no entry is required for a transaction/event, select "No Jo 1 Hope recelved $40.000 in cash from pledges made in the previou recelved and expended in 2020. 2 Hope recelved $98,000 in pledges that Indicated the money wou than it could be used for any purpose desired by the board. . Hope expended $49,000 for nursing training. using $42,000 of de LOn June 15. 2020, Hope was awarded a $59.000 grant for cancer Hope had qualified expenses under the grant totaling $40,000. TI . Hope recelved $277,000 in cash. The board decided to Invest the

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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Journal entries for a nonprofit Fruits & Veggies, a nonprofit, conducts two types of programs: education and research. It does not use fund accounting. During 2018, the following transactions and events took place. Prepare journal entries for these transactions, identifying increases and decreases by net asset classification as appropriate. 1. Pledges amounting to $200,000 were received, to be used for any purpose designated by the trustees. Fruits & Veggies normally collects 90 percent of the amount pledged. 2. Fruits & Veggies collected $190,000 in cash on the amount pledged in the previous transaction. It wrote off the balance as uncollectible. 3. Ed Victor donated $5,000 cash in 2018, stipulating that it could be used for any purpose, but only during 2019. 4. Howard Gore donated $675,000, stipulating that the donation must be used solely to purchase a building that Fruits & Veggies could use for research. 5. Fruits & Veggies invested $20,000 of…
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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…
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please dont provide answer in image format thank you Assume Towne Centre Art Museum (which has a December 31st year end) received the following contributions in 2020. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. a) Unrestricted pledges of support were received in the amount of $300,000. All of these are due within the year and it is estimated that 7% will ultimately prove to be uncollectable. b) 600 memberships were sold to the public in the amount of $45 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $20. The member year runs from July 1 to June 30. c) A local carpenter donated supplies and labor with values of $25,000 and $30,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets. d) On April 1,2020 a local businessman made a pledge payable in a future period. The pledge is…
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Accounting for contributions with donor restrictions On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $96,250 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $41,250 to train the nurses. Prepare journal entries to record the transactions. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Cash 96,250 Restricted donor contribution revenue 96,250 To record contribution. Nurse training expense 41,250 Cash 41,250 v To record tralning costs. Net assets without donor restrictions, Reclassifications in 41,250 Net assets with donor restrictions, Reclassifications out 55,000 x To record reclassification. > >
Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?
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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.