Use the information to complete the steps in the box below. Listed below are selected transactions from the City of Glendale Hospital. All amounts are in thousands of dollars. Transactions: 1. The hospital provided patient services during the year that had standard charges of $12,000. Contractual adjustments awarded to patients under contracts with insurance companies and under government programs totaled $3,000. Uncollectible accounts are expected to be approximately $1,000. 2. Nursing and other professional salaries paid during the year totaled $2,500. 3. Depreciation for the year was $600 for the building and $900 for equipment. 4. Medical supplies costing $2,800 were purchased during the year. The inventory of supplies increased from $200 at the beginning of the year to $300 at year end. 5. The hospital received a $4,500 gift to be used for the purchase of specialized diagnostic equipment. 6. The hospital received a $600 gift to be used for providing specialized coronary care services to patients. 7. The hospital purchased $2,000 of diagnostic equipment with the donation received for that purpose. 8. The hospital incurred $500 of operating expenses for the care of coronary patients consistent with the purposes of that donation. 9. The hospital issued $4,000 of 15-year, 8% bonds at par at mid-year to finance a new addition for the hospital. 10. The hospital estimates that malpractice claims against the hospital of $600 ultimately will result in liabilities of $200 that will have to be paid-but probably will not have to be paid during the next fiscal year.
Use the information to complete the steps in the box below. Listed below are selected transactions from the City of Glendale Hospital. All amounts are in thousands of dollars. Transactions: 1. The hospital provided patient services during the year that had standard charges of $12,000. Contractual adjustments awarded to patients under contracts with insurance companies and under government programs totaled $3,000. Uncollectible accounts are expected to be approximately $1,000. 2. Nursing and other professional salaries paid during the year totaled $2,500. 3. Depreciation for the year was $600 for the building and $900 for equipment. 4. Medical supplies costing $2,800 were purchased during the year. The inventory of supplies increased from $200 at the beginning of the year to $300 at year end. 5. The hospital received a $4,500 gift to be used for the purchase of specialized diagnostic equipment. 6. The hospital received a $600 gift to be used for providing specialized coronary care services to patients. 7. The hospital purchased $2,000 of diagnostic equipment with the donation received for that purpose. 8. The hospital incurred $500 of operating expenses for the care of coronary patients consistent with the purposes of that donation. 9. The hospital issued $4,000 of 15-year, 8% bonds at par at mid-year to finance a new addition for the hospital. 10. The hospital estimates that malpractice claims against the hospital of $600 ultimately will result in liabilities of $200 that will have to be paid-but probably will not have to be paid during the next fiscal year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 3
Use the information to complete the steps in the box below.
Listed below are selected transactions from the City of Glendale Hospital. All amounts are in thousands of dollars.
Transactions:
1. The hospital provided patient services during the year that had standard charges of $12,000. Contractual adjustments
awarded to patients under contracts with insurance companies and under government programs totaled $3,000.
Uncollectible accounts are expected to be approximately $1,000.
2. Nursing and other professional salaries paid during the year totaled $2,500.
3. Depreciation for the year was $600 for the building and $900 for equipment.
4. Medical supplies costing $2,800 were purchased during the year. The inventory of supplies increased from $200 at the
beginning of the year to $300 at year end.
5. The hospital received a $4,500 gift to be used for the purchase of specialized diagnostic equipment.
6. The hospital received a $600 gift to be used for providing specialized coronary care services to patients.
7. The hospital purchased $2,000 of diagnostic equipment with the donation received for that purpose.
8. The hospital incurred $500 of operating expenses for the care of coronary patients consistent with the purposes of
that donation.
9. The hospital issued $4,000 of 15-year, 8% bonds at par at mid-year to finance a new addition for the hospital.
10. The hospital estimates that malpractice claims against the hospital of $600 ultimately will result in liabilities of $200
that will have to be paid-but probably will not have to be paid during the next fiscal year.
Required Steps
Prepare the journal entries required of a government hospital for these transactions.
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