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During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution 1. Gross charges for patient services, all

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During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution 1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1.820,000. Estimated contractual adjustments with third party payors amounted to $485,000 and the Hospital estimated implicit price concessions would total $12,000 2. Charity services, not included in transaction 1, would amount to $70,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $22,000, cafeteria, $38,000,gift shop, $6,000. 4. Cash gifts restricted by the donor for programs amounted to $27700 for the year. During the year, $53,600 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $53,200 for principal and $30,400 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $44,800 and unrestricted income of $37.500 from endowment investments, it is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7. New equipment, costing $156,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year. 8. An old piece of lab equipment that originally cost $70,000 and that had an undepreciated cost of $14,000 was sold for $9,000 cash 9. 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. 10. Cash contributions were received from donors restricted for plant acquisition, $176,500. 11. Bills were received for the following items: Utilities $141,600 and Insurance $81,600. These will be paid in January of 2021 12. Depreciation of plant and equipment amounted to $186.000. 13. Cash payments on accounts payable amounted to $173,400. Another $804,600 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,184,000. These were in settlement of patient accounts totaling $1.597000. Contractual adjustments associated with these totaled $404,000 and price concessions totaled $9,000. 15. Closing entries were prepared

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