Getwell hospital provides you with the following information: Getwell Hospital provides you with the following information:12/31/X2 12/31/X1Accrued interest receivable $4,100$3,900Prepaid interest6,4005,700Accrued interest payable3,2003,600Deferred interest income4,8005,300In 20X2, the hospital received $38,000 of interest in cash and paid $54,000 ofinterest.What should be reported in the hospital's 20X2 statement of operations as(1) interest expense and (2) interest income?

Step 1: Define Accrued Expenses and RevenuesIn accrual accounting, revenue is recognized when they…

Answered: Getwell Hospital provides you with the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2CE

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Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Cooperative Education and Training Fund?
Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Community Development Fund?
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Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 Miscellaneous Expenses 4,000.00 How much is to be allocated for General Reserved Fund?
please answer this with explantion computation, formula for each thanks answer in text
5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn? 6. Jasper Brown deposited $743 20 in a savi pany on MayWAt the end O 7 % How much simple interest did dasper s money earn? the Suburban Trust Com- annual rate of
Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 6,000.00 Service Fee Utilities Expense Representation and Travel Allowance 12,000.00 Taxes and Licenses 1,600.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 1,000.00 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Optional Development Fund?
please answer the attached.
Assuming a 360-day year, proceeds of $47,044 were received from discounting a $47,639, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Select the correct answer. 6% 3% 5% 7%
On January 2, 20X1, Morton Hospital established a line of credit with First National Bank. The terms of the line of credit called for a $400,000 maximum loan with an interest rate of 6%. The compensating balance requirement is 5% of the total line of credit with no additional fees charged. What is the effective interest rate for Morton Hospital is 50% of the total amount were used during the year?
24. SIMPLE DISCOUNT RATE A plumbing contractor receives proceeds of $4713.54 on a 12.5% simple discount note with a face value of $5000. Find the time of the note in days.

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