Question

This question deals with the items and the amounts that two entities, Mother Elizabeth Hospital (Mother Elizabeth) and City of Portland (Portland) should report in their financial statements. Fill in the blanks.

Requirements
1. On July 1, 2010, Mother Elizabeth collected $9,600 in advance from Portland, a client. Under the contract, Mother Elizabeth is obligated to perform medical exams for City of Portland employees evenly during the 12 months ending June 30, 2011. Assume you are Mother Elizabeth.
Mother Elizabeth’s income statement for the year ended December 31, 2010, will report ___ of $ ___.
Mother Elizabeth’s balance sheet at December 31, 2010, will report ___ of $ ___
2. Assume now that you are Portland.
Portland’s income statement for the year ended December 31, 2010, will report ___ of $ ___.
Portland’s balance sheet at December 31, 2010, will report ___ of $ ___.



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  • CreatedDecember 10, 2012
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