A not- for- profit hospital invests a $ 10,000 restricted donation in equity securities. At the date of its financial statements, the securities have a fair value of $ 12,000. How would the hospital report the increased value in its financial statements? Would your answer be the same for a governmental hospital?
Answer to relevant QuestionsIllustrate the difference between recording a hospital’s expenses by natural classification and recording by function. Discuss which is more informative. Dr. Rebecca Friend, the chief administrative officer of a hospital, is having an argument with the hospital’s comptroller. Dr. Friend recently received a gift of $ 100,000 from a benefactor. She wants to put the money into ...The Metro County Hospital could not collect the amount billed to a patient who declared bank-ruptcy and had no assets with which to pay his debts. Assuming the patient owed the hospital $ 3,000, prepare the entry or entries ...The following transactions relate to the Rohan Hospital, a not- for- profit hospital that uses fund accounting for internal record keeping purposes. Indicate which fund( s) would be used to record the data. 1. Collected $ ...Cort Hospital was established as a not- for- profit organization on January 1, 2013, to take over the assets of an existing hospital. The hospital does not use fund accounting. It had the following trans-actions during 2013. ...
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