Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me with this? It's due tomorrow night. Thank you! Prepare a statement of revenues, expenses, and changes in net assets for Patrick

can someone help me with this? It's due tomorrow night. Thank you!

  1. Prepare a statement of revenues, expenses, and changes in net assets for Patrick County Hospital for 20X0 given the following information. Gross patient service charges............................................................................. $18,000,000 Unrestricted contributions.................................................................................. 350,000 Gain on sale of capital assets.............................................................................. 75,000 Charity services (at gross amounts) included in the above ................................ 500,000 State appropriationsoperating......................................................................... 500,000 State appropriationscapital ............................................................................. 500,000 Estimated uncollectible accounts....................................................................... 710,000 Contractual adjustments..................................................................................... 1,100,000 Nursing services expense ................................................................................... 8,000,000 Other professional services expense .................................................................. 890,000 General services expenses.................................................................................. 1,100,000 Administrative expenses .................................................................................... 440,000 Fiscal service expenses....................................................................................... 300,000 DepreciationBuilding ..................................................................................... 1,400,000 DepreciationOther.......................................................................................... 2,740,000 Income from investments of endowmentdonor restricted to heart research .. 870,000 Cafeteria sales ................................................................................................ 444,000 Federal grant restricted for heart research (all eligibility requirements met).... 1,300,000 Proceeds from bond issue for building addition................................................. 22,000,000 Unrestricted net assets, January 1 ...................................................................... 9,000,000 Restricted net assets, January 1 .......................................................................... 3,200,000 Invested in capital assets, net of related debt, January 1.................................... 15,000,000

2. In January 2010, the Free Cancer Foundation accepted an endowment of $500,000, the income from which is restricted to promoting research related to recovery from cancer. All gains, whether realized or unrealized are available for distribution. During 2010 the market value of endowment's investment portfolio increased to $520,000. Accordingly, at year-end $20,000 was credited to a temporarily restricted expendable fund. During 2011 the market value of the portfolio decreased to $480,000 and the foundation spent $12,000 on qualifying projects. Owing to these events and transactions, what should be the reported net asset balance of the following categories during 2011 (assuming a zero beginning balance in unrestricted net assets): a) Permanently restricted b) Temporarily restricted c) Unrestricted

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management For Public Health And Not For Profit Organizations

Authors: Steven A. Finkler

2nd Edition

0131471988, 978-0131471986

More Books

Students also viewed these Finance questions