Question
20. Transactions plus multiple statements. Glenwood Hospital had the following ending bal- ances (in thousands) for its assets, liabilities, and net assets accounts as of
20. Transactions plus multiple statements. Glenwood Hospital had the following ending bal- ances (in thousands) for its assets, liabilities, and net assets accounts as of December 31, 20X0. Givens Cash Accounts receivable Allowance for uncollectibles Inventory or supplies Prepaid insurance Long-term investments Plant, property, and equipment Accumulated depreciation Short-term accounts payable Accrued expenses Long-term debt Without donor restrictions net assets With donor restrictions net assets $51,000 $68,000 $12,000 $5,900 $2,500 $330,000 $450,000 $100,000 $40,000 $18,700 $265,000 $460,400 $11,300 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 $8,100,000 toward outstanding accounts payable. b. The hospital collected $44,000,000 in cash from outstanding accounts receivable. c. The hospital provided $136,000,000 of services on credit. d. The hospital consumed $3,400,000 of supplies in the provision of its ambulatory services.
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