Question
1.Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,860,000. 2. Record the estimated contractual adjustments for patient services
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1.Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,860,000.
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2. Record the estimated contractual adjustments for patient services with third-party payors amounted to $505,000.
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3.Record the $16,000 estimated implicit price concessions.
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4.Charity services, not included in transaction 1, would amount to$78,000, had billings been made at gross amounts.
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5.Other revenues, received in cash, were parking lot, $26,000; cafeteria, $44,000; gift shop, $8,000.
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6.Record the cash gifts received for programs.
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7.Record the $60,800 technician salaries supporting the program.
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8.Record the reclassification of assets in satisfaction of program restrictions.
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9.Mortgage bond payments amounted to $59,600 for principal and $35,200 for interest. Assume unrestricted resources are used.
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10.During the year, the hospital received, in cash, unrestricted contributions of $50,400 and unrestricted income of $42,500 from endowment investments.
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11.Record the new equipment, costing $164,000, acquired using donor-restricted cash that was on hand at the beginning of the year.
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12.Record the reclassification of net assets due to equipment acquisition.
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13.An old piece of lab equipment that originally cost $110,000 and that had an undepreciated cost of $22,000 was sold for $13,000 cash.
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14.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.
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15.Cash contributions were received from donors restricted for plant acquisition, $213,000.
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16.Record the bills received for Utilities $146,800 and Insurance $84,800 to be paid in January of 2021.
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17. Depreciation of plant and equipment amounted to $198,000.
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18.Record the cash payments on accounts payable amounted to $184,200.
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19.Record the $813,800 expended on wages and benefits.
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20.Cash collections of patient accounts receivable amounted to $1,192,000. These were in settlement of patient accounts totaling $1,617,000. Contractual adjustments associated with these totaled $412,000 and price concessions totaled $13,000.
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21.Record the closing entry for net assets without donor restrictions.
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22.Record the closing entry for net assets with donor restrictions.
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