Record the following transactions on the books of St. Marie's Hospital, a private not-for-profit hospital.(a) The Hospital billed patients $692,000 for services rendered. Of this amount, 5% is expected to be uncollectible due to implicit price concessions.Contractual adjustments with insurance companies are expected to total $103,000.(b) The Hospital received $800,000 in pledges of support in a campaign undertaken to purchase new MRI equipment. All of the pledges are payablewithin one year and 7% are expected to be uncollectible.(c) Charity care in the amount of $41,000 (at standard charges) was performed on an indigent patient.(d) The Hospital collected $550,900 for the services performed in (1) above. Actual contractual adjustments for these services amounted to $106,40015,490 of receivables were identified as uncollectible and written off.

Journal entries are the primary records in accounting that detail a company's or organization's…

Record the following transactions on the books of St. Marie's Hospital, a private not-for-pr (a) The Hospital billed patients $692,000 for services rendered. Of this amount, 5% is exp Contractual adjustments with insurance companies are expected to total $103,000. b) The Hospital received $800.000 in pledges of support in a campaign undertaken to p

Record the following transactions on the books of St. Marie's Hospital, a private not-for-pr (a) The Hospital billed patients $692,000 for services rendered. Of this amount, 5% is exp Contractual adjustments with insurance companies are expected to total $103,000. b) The Hospital received $800.000 in pledges of support in a campaign undertaken to p

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Fox Point Humane Society, a VHWO caring for lost animals, had the following financial inflows and outflows for the year ended December 31, 2018:Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000Cash received that is designated for 2019 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Contributions pledged for 2018, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Contributions pledged for 2019, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Sales of pet supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Pet adoption fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Outflows:Kennel operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
2a
Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30, for $12,400, using its resources without donor restrictions. On December 31, the date of its financial statements, the stock's fair value was $12,800. On the following November 30, the hospital sold the stock for $11,200. a) Prepare the journal entries for all related transactions, assuming this was a governmental hospital. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Investments 12,400 Cash 12,400 v To record entry on June 30. No debit entry required Change in net unrealized gains and losses in investments (unrestricted) 12,800 x To record entry on December 31. Cash 11,200 Net realized and unrealized galns and losses on investments 1,600 Investments 12,800 To record entry on November 30 for sale of stock. 1,600 Change in net unrealized gains and losses in investments (unrestricted) To…
Prepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund. The Authority issued $2.5 million in long-term bonds. · The Authority purchased 4 acres of land for $500,000 in cash. · It sold one of the 4 acres of land for $125,000 in cash. · It made a $325,000 payment on the debt, consisting of $75,000 of interest and $250,000 of principal. · It lost a lawsuit filed by one of its renters and was ordered to pay $1 million in damages over 5 years. It made its first cash payment of $200,000.
10-15. Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account balances: [See attached image] The following took place during 2020: 1. Additional supplies were purchased on account in the amount of $16,050.2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 4 percent is expected to be uncollectible. The remainder is expected to be collected in the current year.3. Supplies used for animal care amounted to $17,200.4. Payments made on accounts payable amounted to $17,100.5. Cash collected from pledges totaled $90,500.6. Salaries were paid in the amount $47,500. Included in this amount is the accrued wages payable at the end of 2019. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.)7.…
Hw.17.
Use the formatted answer sheet template provided to analyze the effects of each of transaction on the accounting equations of each fund or nonfund account affected by the transaction. Indicate increases by positive amounts; indicate decreases by putting the amount in parentheses. 1. Beverly County issued at par $20 million of general obligation, 10%, 10-year bonds. The resources are to be used to construct a new civic center downtown. 2. The county paid $100,000 to Fancy Dan Construction Company for work completed during the year. 3. During the year the county transferred $250,000 of general fund cash to the fund from which the bonds are to be repaid. The purpose of shifting the resources was to provide for the principal and interest payments to be made during the fiscal year. 4. $200,000 of the bonds and $20,000 of interest matured and were paid. 2 Fund GCA and GLTL Affected Governmental Funds Nonfund Accounts CA - CL FB GCA-GLTL=NP
Prepare journal entries to record the following events in the city of Rosewood’sWater Commission enterprise fund: a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city. c. TheWater Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b). d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells. e. The contract with the well driller showed an estimated cost of $930,000. f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.