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Georgetown Hospital, a governmental hospital, recorded during its fiscal year ended September 30, gross patient services valued at $15,000,000, excluding charity care services of $1,
Georgetown Hospital, a governmental hospital, recorded during its fiscal year ended September 30, gross patient services valued at $15,000,000, excluding charity care services of $1, 600,000. However, contractual adjustments by third-party payers amounted to $1, 200,000. In May of that year it received donated medical supplies worth $2,000: supplies it had planned to purchase had it not been for the gift. At year-end, the governing board set aside investments in the amount of $500,000 for future plant expansion and $250,000 to be invested with the related earnings used for a special prenatal care program. In its operating statement for the year ended September 30, how much Georgetown should report as net patient services revenue? For the year ended September 30, how should the donation of medical supplies be reported? The donation should be reported as other revenue in the amount of $2,000 and as either supplies inventory or expense, depending on whether the donation was used in the current period. The donation should not be reported as there was no outflow of cash. The donation should be reported as donation received in the statement of changes in net assets in the amount of $2,000 and as either supplies inventory or expense, depending on whether the donation was used in the current period. The entire donation should be reported as other revenue in the amount of $2,000 and as supplies expense in the current period. The entire donation should be reported as donation received in the statement of changes in net assets in the amount of $2,000 and as supplies expense in the current period. What amount of unrestricted net position should Georgetown report in its balance sheet as board designated, assuming it had no board designated net position at the beginning of the year
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