Mary's Hospital is a not-for-profit business-oriented hospital. During the year, premium revenue from capitation agreements amounted to $210,000, all which was received in cash. Other Operating revenues, also collected in cash, are: $7,200 from the gift shop, $8,900 from parking lot fees, $4,100 om cafeteria operations and $25,300 from tuition. What is the appropriate journal entry to record this event? Multiple Choice Cash Operating revenues-W/o donor restrictions-Premium Revenue Operating revenues-W/o donor restrictions-Other Revenue Cash Operating revenues-W/o donor restrictions-Premium Revenue Operating revenues-With donor restrictions-Other Revenue Cash Operating revenues-W/o donor restrictions-Premium Revenue Non-Operating revenues-W/o donor restrictions-Other Revenue 255,500 255,500 255,500 210,000 45,500 210,000 45,500 210,000 45,500

Mary's Hospital is a not-for-profit business-oriented hospital. During the year, premium revenue from capitation agreements amounted to $210,000, all which was received in cash. Other Operating revenues, also collected in cash, are: $7,200 from the gift shop, $8,900 from parking lot fees, $4,100 om cafeteria operations and $25,300 from tuition. What is the appropriate journal entry to record this event? Multiple Choice Cash Operating revenues-W/o donor restrictions-Premium Revenue Operating revenues-W/o donor restrictions-Other Revenue Cash Operating revenues-W/o donor restrictions-Premium Revenue Operating revenues-With donor restrictions-Other Revenue Cash Operating revenues-W/o donor restrictions-Premium Revenue Non-Operating revenues-W/o donor restrictions-Other Revenue 255,500 255,500 255,500 210,000 45,500 210,000 45,500 210,000 45,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000
For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third-party payers were billed $1,900,000. The hospital estimated that contractual adjustments would reduce the amount collected from their-party payers to $1,790,000. Prepare the neccessary journal entry to record the contractual adjustments.
The government makes appropriations of RO 150,000 to Muscat School for the month of January 2019. During the month the following transactions occurred:Salary paid RO 35,000Purchase orders were placed for office supplies RO 49,000Office supplies were received with a voucher for RO 45,000An amount of RO 15,000 was transferred to Debt service fund.The unreserved fund balance at the end of the period is:
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 is the net patient service revenue?
Assume that the entity is a private not-for-profit hospital. During Year 2, the hospital has two portfolios: patients with insurance and patients without insurance. Work with a standard charge of $2 million is done for the first group and work with a standard charge of $1 million is done for the second group. Insurance companies have contracts that create explicit price concessions. The hospital believes it has a 60 percent chance of collecting $1.5 million and a 40 percent chance of collecting $1.3 million. Because of the high cost of health care, uninsured patients receive a variety of implicit price concessions. The hospital believes it has a 70 percent chance of collecting $300,000 and a 30 percent chance of collecting $200,000. The hospital reported exchange revenue of $3 million and a provision for bad debt (a contra revenue account) of $1.2 million to drop the reported balance to the expected collection amount. Assume the hospital wants to use the most likely amount where…
Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors-home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: Revenues Variable expenses Contribution margin Fixed expenses: Depreciation Liability insurance. Program administrators' salaries General administrative overhead* Total fixed expenses Net operating income (loss) Total $ 924,000 469,000 455,000 70,500 43,500 114,100 184,800 412,900 $ 42,100 Home Nursing $ 264,000 119,000 145,000 8,900 20,300 40,200 52,800 122, 200 $ 22,800 Meals On Wheels $ 409,000 194,000 215,000 40,800 7,300 38,800 81,800 168, 700 House- keeping $ 251,000 156,000 95,000 20,800 15,900 35,100 50,200 122,000 $ 46,300 $ (27,000) *Allocated on the basis of program revenues. The head administrator of Jackson County Senior Services, Judith Miyama, considers last…
Prepared Journal Entries.
Prepare journal entries to record the transactions.1. Donor A gave a nonprofit a $55,000 cash gift in June, stipulating that the nonprofit could not use the gift until the next fiscal year.2. Donor B gave a nonprofit a $27,500 cash gift in July, telling the nonprofit the gift could be used only for research on a specific project.3. In response to a special fundraising campaign, whereby contributions could be used only for construction of a new warehouse, a large number of individualspromised to make cash contributions totaling $2,200,000 during the current fiscal year. The nonprofit believes it will actually collect 80 percent of the promised cash.4. Donor C gave a nonprofit several investments having a fair value of $3,300,000 in March. Donor C stipulated that the nonprofit must hold the gift in perpetuity,but it could use the income from the gift for any purpose the trustees considered appropriate. Between March and December, the investments produced income of $110,0005. Using the…