(Use of funds) The following transactions relate to the Tableaux Hospital, a not-for-profit hospital. Indicate which fund...
Question:
(Use of funds)
The following transactions relate to the Tableaux Hospital, a not-for-profit hospital. Indicate which fund or funds would be used to record the data.
1. Collected $\$ 2,345$ from a patient.
2. Received a $\$ 100,000$ grant from Toosuups Drug Company for a study of the effects of morphine on female patients.
3. Received unrestricted gifts of $\$ 50,000$.
4. Purchased equipment for $\$ 125,000$ by using resources previously accumulated in the Plant Replacement and Expansion Fund.
5. Research expenses totaling $\$ 12,000$ were incurred in studying the effects of morphine on female patients.
6. The board decided to begin a fund for nursing education. Initially $\$ 10,000$ of general hospital resources was transferred to the fund.
7. Marketable securities with a fair value of $\$ 15,000$ were donated by WFJ, Inc., to help the hospital acquire new equipment.
8. The securities in item (7) produced income of $\$ 5,000$. Assume that the investment income is restricted in the same way as the original gift.
Step by Step Answer:
Introduction To Government And Not For Profit Accounting
ISBN: 9780130464149
5th Edition
Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch