During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution: 1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,930,000. Estimated contractual adjustments with third-party payors amounted to $540,000 and the Hospital estimated implicit price concessions would total $23,000. 2. Charity services, not included in transaction 1, would amount to $92,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $33,000; cafeteria, $54,500; gift shop, $11,500. 4. Cash gifts restricted by the donor for programs amounted to $37,050 for the year. During the year, $73,400 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $70,800 for principal and $43,600 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $60,200 and unrestricted income of $51,250 from endowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7. New equipment, costing $178,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year. 8. An old piece of lab equipment that originally cost $180,000 and that had an undepreciated cost of $36,000 was sold for $20,000 cash. 9. At the end of 2020, pledges (restricted as to purpose) were received in the amount of $130,000. These are intended to be received and expended in 2021. 10. Cash contributions were received from donors restricted for plant acquisition, $271,000. 11. Bills were received for the following items: Utilities $155,900 and Insurance $90,400. These will be paid in January of 2021. 12. Depreciation of plant and equipment amounted to $219,000. 13. Cash payments on accounts payable amounted to $203,100. Another $829,900 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,206,000. These were in settlement of patient accounts totaling $1,652,000. Contractual adjustments associated with these totaled $426,000 and price concessions totaled $20,000. 15. Closing entries were prepared. Required: a. Record the transactions in the general journal of the Port Hudson Community Hospital. b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020. c. Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31, 2020. Assume beginning net assets are $7,195,000. Required A Required B Required C Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020. (Input all amounts as positive values. Loss amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Total Revenues Net Assets Released From Restrictions: Total Operating Revenues Operating Expenses: Total Operating Expenses Other Income: Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: 0 0 0 0 During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution: 1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,930,000. Estimated contractual adjustments with third-party payors amounted to $540,000 and the Hospital estimated implicit price concessions would total $23,000. 2. Charity services, not included in transaction 1, would amount to $92,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $33,000; cafeteria, $54,500; gift shop, $11,500. 4. Cash gifts restricted by the donor for programs amounted to $37,050 for the year. During the year, $73,400 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $70,800 for principal and $43,600 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $60,200 and unrestricted income of $51,250 from endowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7. New equipment, costing $178,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year. 8. An old piece of lab equipment that originally cost $180,000 and that had an undepreciated cost of $36,000 was sold for $20,000 cash. 9. At the end of 2020, pledges (restricted as to purpose) were received in the amount of $130,000. These are intended to be received and expended in 2021. 10. Cash contributions were received from donors restricted for plant acquisition, $271,000. 11. Bills were received for the following items: Utilities $155,900 and Insurance $90,400. These will be paid in January of 2021. 12. Depreciation of plant and equipment amounted to $219,000. 13. Cash payments on accounts payable amounted to $203,100. Another $829,900 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,206,000. These were in settlement of patient accounts totaling $1,652,000. Contractual adjustments associated with these totaled $426,000 and price concessions totaled $20,000. 15. Closing entries were prepared. Required: a. Record the transactions in the general journal of the Port Hudson Community Hospital. b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020. c. Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31, 2020. Assume beginning net assets are $7,195,000. Required A Required B Required C Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020. (Input all amounts as positive values. Loss amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Total Revenues Net Assets Released From Restrictions: Total Operating Revenues Operating Expenses: Total Operating Expenses Other Income: Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: 0 0 0 0
Expert Answer:
Related Book For
Cost Management A Strategic Emphasis
ISBN: 978-0078025532
6th edition
Authors: Edward Blocher, David Stout, Paul Juras, Gary Cokins
Posted Date:
Students also viewed these organizational behavior questions
-
Write a paper for the retail children's clothing company that currently manufactures its products in South East Asia but is selling these products exclusively in the United States. The company is...
-
For this paper assignment, you will produce and submit a paper on the Theory of Constraints and Supply Chain Management and include a detailed summary of the novel The Goal.
-
For each current events paper you must clearly state the ethical issue give proposed solutions to the issue and decide which solution you think is most ethical You must have facts statistics and/or...
-
Write a text-based transaction program for recording stock levels in a warehouse. A transaction is either an import, an export, or wastage (e.g., when stock falls off a shelf and breaks) of items,...
-
n = 15, p = 0.70, q = 0.30 The sample size n, probability of success p, and probability of failure q are given for a binomial experiment. Determine whether you can use a normal distribution to...
-
a. A firm generated $410 million in free cash flow and spent $340 million of this paying net interest and buying down its net debt. What was the net payout to shareholders? b. The same firm issued...
-
Identify the System Elements of the Mission System and its Enabling System.
-
The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year:...
-
You plan to migrate an on-premises Apache Spark deployment to a managed Apache Spark service in Azure. To which Azure service can you migrate the on-premises deployment?
-
Complete a failure mode effect analysis for the nitric acid plant reactor section described in Example 9.2. (This is best carried out as a group activity with a group size of three to six). Data from...
-
A compay reported 31, 2024, balance sheet equipment at cost of $800,000.a disclosure note indicates that the company uses straight line depreciation over five years, and estimates salvage value as...
-
Viejol Corporation has collected the following information after its first year of sales. Sales were $1,600,000 on 100,000 units, selling expenses $250,000 (40% variable and 60% fixed), direct...
-
There are few areas as controversial as the use of deadly force by police officers who are attempting to apprehend a fleeing suspect. The current fleeing felon rule authorizes the police to use...
-
A history professor at Hamline University in Minnesota has irritable bowel syndrome, obsessive-compulsive disorder, and generalized anxiety disorder and was unable, according to the professor's...
-
This week you will learn about Social Media and the liabilities and risks from a legal perspective. Social media is defined as electronic communication (including the Internet or network systems)...
-
Discuss the significance of heat integration in absorption processes, especially in the design of energy-efficient systems. How can heat exchangers be incorporated to recover and reuse energy within...
-
What are some torts that would also affect family law proceedings. For example could someone claim unjust enrichment as an affirmative defense in a family law proceeding?
-
Explain why each of the following is either a private good or a public good: traffic lights, in line skates, a city park, a chicken salad sandwich, a tennis racket, national defense, a coastal...
-
Quality Chemical manufactures three chemicals for industrial and retail customers. The largest volume product, S-210, is a sweetener used in the preparation of processed foods; the second, H-35, is...
-
1. Using the data from 2016 in Exhibit 9.1, create an Excel spreadsheet to provide a sensitivity analysis of the effect on operating profit of potential changes in demand for HFI, Inc. Use Exhibits...
-
Creighton Corporation produces a variety of consumer electronic products. Unit selling prices and costs for three models in one of its product lines are given below. Variable overhead cost is charged...
-
Testing \(H_{0}: p_{1}=p_{2}\) vs \(H_{a}: p_{1}>p_{2}\) using \(\hat{p}_{1}-\hat{p}_{2}=0.45-0.30=0.15\) with each of the following sample sizes: (a) \(\hat{p}_{1}=9 / 20=0.45\) and \(\hat{p}_{2}=6...
-
Testing \(H_{0}: p=0.5\) vs \(H_{a}: p>0.5\) using \(\hat{p}=0.58\) with each of the following sample sizes: (a) \(\hat{p}=29 / 50=0.58\) (b) \(\hat{p}=290 / 500=0.58\) The same sample statistic is...
-
Testing \(H_{0}: p=0.5\) vs \(H_{a}: p>0.5\) using \(\hat{p}=0.55\) with each of the following sample sizes: (a) \(\hat{p}=55 / 100=0.55\) (b) \(\hat{p}=275 / 500=0.55\) (c) \(\hat{p}=550 /...
Study smarter with the SolutionInn App