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During 2 0 2 0 , the following transactions were recorded by the Port Hudson Community Hospital, a private sector not - for - profit
During the following transactions were recorded by the Port Hudson Community Hospital, a private sector notforprofit institution:
Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $ Estimated contractual adjustments with thirdparty payors amounted to $ and the Hospital estimated implicit price concessions would total $
Charity services, not included in transaction would amount to $ had billings been made at gross amounts.
Other revenues, received in cash, were parking lot, $; cafeteria, $; gift shop, $
Cash gifts restricted by the donor for programs amounted to $ for the year. During the year, $ was expended for technician salaries supporting the program identified by the donor debit Operating ExpenseSalaries and Benefits
Mortgage bond payments amounted to $ for principal and $ for interest. Assume unrestricted resources are used.
During the year, the hospital received, in cash, unrestricted contributions of $ and unrestricted income of $ from endowment investments. It is the hospitals practice to treat unrestricted gifts as nonoperating income.
New equipment, costing $ was acquired, using donorrestricted cash that was on hand at the beginning of the year.
An old piece of lab equipment that originally cost $ and that had an undepreciated cost of $ was sold for $ cash.
At the end of pledges restricted as to purpose were received in the amount of $ These are intended to be received and expended in
Cash contributions were received from donors restricted for plant acquisition, $
Bills were received for the following items: Utilities $ and Insurance $ These will be paid in January of
Depreciation of plant and equipment amounted to $
Cash payments on accounts payable amounted to $ Another $ was expended on wages and benefits.
Cash collections of patient accounts receivable amounted to $ These were in settlement of patient accounts totaling $ Contractual adjustments associated with these totaled $ and price concessions totaled $
Closing entries were prepared.
Required:
a Record the transactions in the general journal of the Port Hudson Community Hospital.
b Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December
c Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December Assume beginning net assets are $
I also need help with the statement of changes
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