From the following particulars prepare a balance sheet for Health and Wellness Hospital as at December 31, 2020. Cash - $50,000.00 Inventory - $25,000.00 Accounts payable - $15,000.00 Wages Payable – $10,000.00 Notes payable - $16,500.00 Mortgage payable - $75,000.00 Plant and equipment $120,000.00 Accounts receivable - $20,500.00 Prepaid Insurance $5,000.00 Owners equity – Please calculate amount
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From the following particulars prepare a
Cash - $50,000.00
Inventory - $25,000.00
Accounts payable - $15,000.00
Wages Payable – $10,000.00
Notes payable - $16,500.00
Mortgage payable - $75,000.00
Plant and equipment $120,000.00
Accounts receivable - $20,500.00
Prepaid Insurance $5,000.00
Owners equity – Please calculate amount
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- Pitman Hospital received interest payments of $6,000 during 2022. Its balance sheets reported accrued interest receivable as follows: 12/31/21 $3,000 12/31/22 1,000 What amount should be reported as interest income in the hospital’s 2022 statement of operations? 4,000 2,000 9,000 7,000The following are account balances for Scott Regional Hospital as of September 30, 20X1. Prepare a balance sheet at September 30, 20X1 for Scott Regional Hospital. You will create a balance sheet outside Blackboard. Enter balances for Total Current Assets; Net plant, property & equipment; Total Assets; Total Current Liabilities; Total Liabilities; Total net assets and Total liabilities and net assets. Givens: Gross plant, property, and equipment $25,000,000 Accrued expenses $2,750,000 Cash $2,000,000 Net accounts receivable $9,500,000 Accounts payable $6,200,000 Long-term debt $16,000,000 Supplies $2,000,000 Accumulated depreciation $1,750,000Transactions (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?
- An Outpatient Radiology reported net income for 2020 of $5.2 million on total revenues of $35 million. Depreciation expense totaled $1 million. What were the total expenses for 2020? What were the total cash expenses for 2020? (Hint: Assume that all expenses, except depreciation, were cash expenses.) What was the hospital’s 2020-estimated cash flow?CHRISTINA REHABILITATION HOSPITAL Preclosing Trial Balance September 30, 2023 (000s omitted) Cash and Cash Equivalents Patient Accounts Receivable Inventory Prepaid Expenses Assets Limited as to Use-Investments Investments Pledges Receivable Discount on Pledges Receivable Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Accrued Payables Interest Payable Bonds Payable Other Long-term Liabilities Net Assets-Without Donor Restrictions Net Assets-with Donor Restrictions-Programs Net Assets-with Donor Restrictions-Endowment Patient Service Revenue Contractual Adjustments Other Operating Revenue Implicit Price Concessions for Individual Payors Contributions-With Donor Restrictions-Programs Contributions-With Donor Restrictions-Endowment Investment Income-Without Donor Restrictions Investment Income-With Donor Restrictions-Programs Unrealized Gain on Investments-With Donor Restrictions-Programs Salary Expense Supplies Expense…The following is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5, 500 Tax Anticipation Notes Payable 50,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338, 500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
- 3. Please complete the journal entries for this St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from…The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Contracts were issued for contracted services in the amount of $91,750. Note: Enter debits before credits. Transaction General Journal Debit Credit 6aA 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…
- The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Debit Credit Cash $ 362,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 1,015,000 Expenditure Transfers out 20,000 Capital Outlay Debt service-principal 25,000 2,000 Debt service-interest 8,000 Allowance for uncollectible taxes $ 45,000 Accounts payable 50,000 Property tax revenues 950,000 400,000 50,000 Other revenues Proceeds from bonds Transfers in 8,000 1,085,000 Appropriations Estimated other financing uses Fund balance---unassigned 22,000 285.000 Totals $2,895,000 $2,895,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? Multiple Choice $380,000 $425,000 $475,000 $285,000New York Presbyterian Outpatient Radiology reported net income for 2020 of $5.2 million on total revenues of $35 million. Depreciation expense totaled $1 million. a. What were total expenses for 2020? b. What were total cash expenses for 2020? (Hint: Assume that all expenses, except depreciation, were cash expenses.) c. What was the hospital’s 2020 estimated cash flow?Harrington Hospital provides you with the following information that relates to its financial position at August 31, 20X2, and its operating results for the year then ended: Accounts payable Nonoperating income Accounts receivable Deferred income Long-term investments Nursing services expenses Bonds payable (due 20X9) Daily patient services revenues Fiscal and administrative services expenses Cash Notes payable Land, buildings, and equipment Deductions from patient services revenues Prepaid expenses Other professional services expenses Other professional services revenues Accrued expenses payable Accumulated depreciation Inventory Hospital net assets, August 31, 20X1 Other operating revenues General services expenses $ 430 190 2,950 60 590 4,300 4,100 6,830 1,600 340 180 8,600 970 70 2,900 4,560 820 3,200 240 3,660 630 2,100 Prepare, in good form, (question 1) a statement of operations for Knight Hospital for the year ended August 31, 20X2, and (question 2) a balance sheet for Knight…