Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about Vicky's predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund. Required Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify. Effect On Cash for cash contributions, $21,000 for payment of advertising, $1,000 payment for hospital bills, $12,000 for donation to National Cyclist Fund, $8,000 by contribution, $1,000 for advertising revenue, $1,000 Entities Mentioned Vicky Hill Recovery Fund Karen White WKUX Public for contributions, $20,000 Mercy Hospital for medical care, S12,000 National Cyclist Fund for donation, $8.000
Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about Vicky's predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund. Required Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify. Effect On Cash for cash contributions, $21,000 for payment of advertising, $1,000 payment for hospital bills, $12,000 for donation to National Cyclist Fund, $8,000 by contribution, $1,000 for advertising revenue, $1,000 Entities Mentioned Vicky Hill Recovery Fund Karen White WKUX Public for contributions, $20,000 Mercy Hospital for medical care, S12,000 National Cyclist Fund for donation, $8.000
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 41P
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5
![Exercise 1-3A (Static) Identifying the reporting entities LO 1-2
Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a
bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen cotributed $1,000 of her own money to the fund.
The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about
Vicky's predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover
Vicky's outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund.
Required
Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify.
Entities Mentioned
Effect On Cash
for cash contributions, $21,000
for payment of advertising. $1,000
Vicky Hill Recovery Fund
payment for hospital bills, $12,000
for donation to National Cyclist Fund, $8,000
Karen White
WKUX
by contribution, $1,000
for advertising revenue, $1,000
Public
Mercy Hospital
for contributions, $20,000
for medical care, $12,000
National Cyclist Fund
for donation, $8.000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4427b40b-8ff0-45e6-86a6-64b52116971c%2Fb18708cc-09d4-4a02-a666-bd5d7c7a304b%2Fbq24dhh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 1-3A (Static) Identifying the reporting entities LO 1-2
Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a
bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen cotributed $1,000 of her own money to the fund.
The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about
Vicky's predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover
Vicky's outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund.
Required
Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify.
Entities Mentioned
Effect On Cash
for cash contributions, $21,000
for payment of advertising. $1,000
Vicky Hill Recovery Fund
payment for hospital bills, $12,000
for donation to National Cyclist Fund, $8,000
Karen White
WKUX
by contribution, $1,000
for advertising revenue, $1,000
Public
Mercy Hospital
for contributions, $20,000
for medical care, $12,000
National Cyclist Fund
for donation, $8.000
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