Transactions plus multiple statements. Glenwood Hospital had the following ending balances (in thousands) for its assets, liabilities, and net assets accounts as of December 31, 20X0.

List and record each 20X1 transaction under the accrual basis of accounting. Then develop a balance sheet for end-of-years 20X0 and 20X1 and a statement of operations and a statement of changes in net assets for the year ended December 31, 20X1.

a. The hospital made a cash payment of $7,100,000 toward outstanding accounts payable.

b. The hospital collected $34,000,000 in cash from outstanding accounts receivable.

c. The hospital provided $236,000,000 of services on credit.

d. The hospital consumed $3,100,000 of supplies in the provision of its ambulatory services.

e. The hospital paid cash for incurred interest expense of $4,100,000.

f. The hospital purchased $36,000,000 in long-term investments and used cash for this purpose.
g. The hospital incurred $8,100,000 in general expenses that it paid for in cash.
h. The hospital made a $3,900,000 cash principal payment toward its long-term debt.
i. The hospital collected $141,000,000 in cash from outstanding accounts receivable.
j. The hospital purchased $6,100,000 of supplies on credit.
k. The hospital earned, but did not receive, $330,000 in income from its restricted net assets. The income can be used for general operations. (Hint: this transaction increases interest receivable and is also recorded under revenues, gains, and other support.)
l. The hospital incurred $720,000 in interest expense, which it paid for in cash.
m. The hospital incurred $93,000,000 in labor expenses, which it paid for in cash.
n. The hospital made a cash payment of $730,000 in advance for insurance expense.
o. The hospital transferred $1,050,000 in cash to its parent corporation.
p. The hospital incurred $5,300,000 in depreciation expense.
q. The hospital’s prepaid insurance of $620,000 expired for the year.
r. The hospital recognized $1,000,000 in bad debt for the year and established a provision of bad debt for this amount.
s. The hospital made a cash payment of $14,100,000 for radiology equipment.

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Givens Cash $8,000 Accounts receivable $58,000 Allowance for uncollectibles $8,000 Inventory or supplies $4,900 Prepaid insurance $1,500 Long-term investments $230,000 Plant, property, and equipment $250,000 Accumulated depreciation $90,000 Short-term accounts payable $20,000 Accrued expenses $8,700 Long-term debt $165,000 Unrestricted net assets $251,400 Temporarily restricted net assets $4,200 Permanently restricted net assets $5,100