Question: Assume that Brite Hope Hospital in E13 2 is a

Assume that Brite- Hope Hospital in E13- 2 is a not- for- profit hospital. Using the following letters, identify which net asset classification would be affected by the events or activities listed in E13- 2:
a. Unrestricted net assets
b. Temporarily restricted net assets
c. Permanently restricted net assets
In E13- 2:
Using these codes, identify which fund(s) would be used to account for the following events or activities:
____ 1. The operations of the cafeteria.
____ 2. A gift received from an individual for medical research ( consider only the receipt of the gift).
____ 3. Income is earned on investments of money donated by the Manybucks Corporation ( the original gift and all income earned must be used to provide up- to- date equipment for the hospital).
____ 4. The hospital received $ 1 million in securities from an individual; the principal of the gift must be maintained intact ( consider only the receipt of the gift).
____ 5. The managing board of the hospital decided to start a fund for cancer research. It transferred $ 30,000 into the fund. Which fund would be used to record the receipt of the money?
____ 6. The payment of salaries to the nursing staff.
____ 7. Depreciation is recorded on equipment in use.
____ 8. The purchase of additional hospital equipment.

Sale on SolutionInn
  • CreatedDecember 30, 2014
  • Files Included
Post your question