Integrity Reconstructive is a private, not-for-profit hospital. The following information is available about the operations. Gross patient services charges totaled P4,500,000. Included in the above revenues are: charity services, P165,000; contractual adjustments, P400,000; and courtesy allowances, P14,000. Received marketable securities valued at P115,000 for the purchase of new diagnostic equipment. The marketable securities were sold for P124,000 and diagnostic equipment was purchased at a cost of P138,000. Revenue from the hospital gift shop was P31,000 and from the cafeteria revenues were P160,000. Incurred and paid nursing service costs of P1,000,000 and general service costs of P500,000. How much will be reported as excess of revenues over expenses in the hospital’s statement of operations?
Integrity Reconstructive is a private, not-for-profit hospital. The following information is available about the operations. Gross patient services charges totaled P4,500,000. Included in the above revenues are: charity services, P165,000; contractual adjustments, P400,000; and courtesy allowances, P14,000. Received marketable securities valued at P115,000 for the purchase of new diagnostic equipment. The marketable securities were sold for P124,000 and diagnostic equipment was purchased at a cost of P138,000. Revenue from the hospital gift shop was P31,000 and from the cafeteria revenues were P160,000. Incurred and paid nursing service costs of P1,000,000 and general service costs of P500,000. How much will be reported as excess of revenues over expenses in the hospital’s statement of operations?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Integrity Reconstructive is a private, not-for-profit hospital. The following information is available about the operations.
- Gross patient services charges totaled P4,500,000.
- Included in the above revenues are: charity services, P165,000; contractual adjustments, P400,000; and courtesy allowances, P14,000.
- Received marketable securities valued at P115,000 for the purchase of new diagnostic equipment.
- The marketable securities were sold for P124,000 and diagnostic equipment was purchased at a cost of P138,000.
- Revenue from the hospital gift shop was P31,000 and from the cafeteria revenues were P160,000.
- Incurred and paid nursing service costs of P1,000,000 and general service costs of P500,000.
How much will be reported as excess of revenues over expenses in the hospital’s statement of operations?
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