Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James Hospital. Using the balance sheets and the additional information provided, complete the income statement of James Hospital for the year ended December 31, 2020. Hint: It may be helpful to review the chapter supplement before completing this problem. Assets Cash Accounts receivable Net property, plant, and equipment Total assets Liabilities Equity Total liabilities. and equity James Hospital Balance Sheets December 31 2020 $ 75,000 32,000 90,000 Net patient service revenue Total revenue Net income $ 197,000 Supplies expense Depreciation expense Total expenses $ 37,000 160,000 $ 197,000 Additional information: • James Hospital paid no dividends, and there were no other transactions affecting equity during 2020. James Hospital Income Statement Year Ended December 31, 2020 2019 $ 50,000 22,000 100,000 • There were no collections during 2020 on accounts receivable outstanding at December 31, 2019, but all receivables are considered collectible. $ 172,000 • There was no charity care or contractual discounts and allowances during 2020. James Hospital purchases all medical supplies on account. • James Hospital did not purchase or sell any property, plant, and equipment during 2020. $ 30,000 142,000 $ 172,000 111-111 Use the information given Show all the calculations in detail. and prepare a Statement of Cash Flow as of December 31, 2020. Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James Hospital. Using the balance sheets and the additional information provided, complete the income statement of James Hospital for the year ended December 31, 2020. Hint: It may be helpful to review the chapter supplement before completing this problem. Assets Cash Accounts receivable Net property, plant, and equipment Total assets Liabilities Equity Total liabilities. and equity James Hospital Balance Sheets December 31 2020 $ 75,000 32,000 90,000 Net patient service revenue Total revenue Net income $ 197,000 Supplies expense Depreciation expense Total expenses $ 37,000 160,000 $ 197,000 Additional information: • James Hospital paid no dividends, and there were no other transactions affecting equity during 2020. James Hospital Income Statement Year Ended December 31, 2020 2019 $ 50,000 22,000 100,000 • There were no collections during 2020 on accounts receivable outstanding at December 31, 2019, but all receivables are considered collectible. $ 172,000 • There was no charity care or contractual discounts and allowances during 2020. James Hospital purchases all medical supplies on account. • James Hospital did not purchase or sell any property, plant, and equipment during 2020. $ 30,000 142,000 $ 172,000 111-111 Use the information given Show all the calculations in detail. and prepare a Statement of Cash Flow as of December 31, 2020.
Expert Answer:
Answer rating: 100% (QA)
Answer To complete the income statement for James Hospital for the year ended December 31 2020 we need to calculate the following Net Patient Service ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these finance questions
-
The following financial statements apply to James Appliances, Inc. Required Calculate the following ratios for 2015 by rounding to two decimal points. a. Working capital b. Current ratio c. Quick...
-
The following financial statements apply to Bedford Appliances, Inc.: Required Calculate the following ratios for 2019 by rounding to two decimal points: a. Working capital. b. Current ratio. c....
-
Complete Blue Catering Service Inc.'s (BCS) 2014 Form 1120, Schedule D, and Schedule G (if applicable) using the information provided below. Form 4562 for depreciation is not required. Include the...
-
Prepare journal entries to record the following grant-related transactions of an enterprise fund activity. Explain how these transactions should be reported in the enterprise funds financial...
-
Define and outline the accounting required for each of the following types of agreements: a. Charitable lead trusts. b. Charitable remainder trusts. c. Perpetual trust held by a third party.
-
Identify the type of asymmetric information problem described in each of the following scenarios: a) A loan officer requests information about your work and credit history before approving your car...
-
A hot, 0.5-m-diameter, 35 -mm-thick aluminum alloy disk is quenched from an initial temperature of \(T_{i}=\) \(400^{\circ} \mathrm{C}\) in a large oil bath of temperature \(T_{\infty}=35^{\circ}...
-
Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2016. The business acquired $44,000 cash from Busby and $66,000 from Beatty. During 2016, the partnership earned $42,000 in...
-
Pavlos, Inc., is expecting a period of intense growth, so it has decided to reduce its annual dividend by 10 percent a year for the next three years. After that, it will maintain a constant dividend...
-
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: For each of the following scenarios, determine the appropriate way to...
-
Listed below are transactions made by the Jessica Selisana Consulting during 2018: July 1 Received a check from Cebu Ferries in the amount of P270,000 for professional services to be rendered over...
-
What impact does the incorporation of found objects and unconventional materials have on the conceptual depth and narrative potential of mixed media artworks? Explain
-
Revise the sentences to emphasize the perspective of the audience and the "YOU" VIEW. A. We have prepared the enclosed form that may be used by victims to report identity theft to creditors. B. To...
-
Prepare Sterling's journal entry on January 1 to record its purchase of stock investments with insignificant influence.
-
How to write a thesis on a research project assignment? The topic is what are the stereotypes living with epilepsy?
-
Which of the following accurately describes a requirement for a business to qualify as a qualified small business corporation a . The corporation must be a CCPC that uses at least the shares are sold...
-
Daunting Company produces and sells 50,000 units of a new product while operating at 70% of its plant capacity. The company's records show the following information for the new product: Sales price...
-
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
-
On April 11, Edwards Construction Company purchased inventory for $30,000 on terms of 2/10, n/30. It pays the account balance on April 21. Edwards uses a periodic inventory system. Required: 1....
-
Shaquille Corporation began the current year with inventory of $50,000. During the year, its purchases totaled $110,000. Shaquille paid freight charges of $8,500 for these purchases. At the end of...
-
How are each of the three categories of minority passive investments reported on the balance sheet?
-
The swinging spring is an example of a two degree-of-freedom system with a cubic nonlinearity. Indicate whether the statement presented is true or false. If true, state why. If false, rewrite the...
-
The period of free vibrations of a nonlinear system depends upon initial conditions. Indicate whether the statement presented is true or false. If true, state why. If false, rewrite the statement to...
-
A mass attached to a linear spring sliding on a surface with Coulomb damping is an example of a nonlinear system. Indicate whether the statement presented is true or false. If true, state why. If...
Study smarter with the SolutionInn App