Suppose you are a new hire in the finance department of Miller Hospital, a not$$for$$profit hospital 

 

located in Southport. You are assigned to prepare a Balance Sheet for the year ending $($December

$31,2023)$ using the following information. Please prepare a Balance Sheet for December $31,$

$2023,$ for Miller hospital on an Excel spreadsheet. Following are the transaction recorded on or

before December $31,2023$

$($in thousands$)$

Cash in Bank $ $100$

Deposited funds in the Bank $ $500$

Gross patient charges billed, but not collected by the end of

$2023$ $ $350,600$

Courtesy allowance for the service billed, but not collected $ $300$

Received donation $($on November $12,2023)$ for running free

diabetes awareness program in the community in the year

$2024$ $ $1,250$

Supplies purchased in $2023+$ Supplies unused from previous

year $ $36,500$

Properties and equipment $($not supplies$)$ $ $185,000$

Doubtful account allowance $(\%$ of Gross patient charges$)23\mathrm{.}50\%$

Accumulated depreciation $ $55,000$

Addition of a parking garage from long$-$term bank loan $ $1,000$

Payment due for supplies $ $20,500$

Salaries and benefits due for payment $ $30,600$

Supplies Used in $2023$ $ $25,000$

Long$-$term debt $ $55,600$

current portion of long$-$term liabilities $ $3,720$

Charity care provided in $2023$ $ $1,250$

Other accrued liabilities $ $1,640$

While you were preparing the Balance Sheet, you found that the following transaction was

missing from the above information you received. Therefore, you updated the above information

with the following information.

BMW is one of the major employers in Southport. The CEO of BMW plant donated

$$790,000$ worth of medical supplies and $$2,200,000$ worth of Da Vinci Robotic Surgery

System to the hospital in November $2023.$

Answer rating: 100% (QA)

Based on the provided information here is the Balance Sheet for Miller Hospital as of December 31 ... View the full answer