Question
Healthy hospital has the following transactions for the calendar year ending 12/31/2022. 1. Net Patient billings on account: (can do as one entry or 12)
Healthy hospital has the following transactions for the calendar year ending 12/31/2022. 1. Net Patient billings on account: (can do as one entry or 12) A. January 50,000 B. February 60,000 C. March 70,000 D. April 80,000 E. May 50,000 F. June 40,000 G. July 50,000 H. August 40,000 I. September 50,000 J. October 40,000 K. November 35,000 L. December 50,000 2. Cash collected on patient accounts receivable for the year $530,000 3. Payment of December 2021 wages payable of $6K 4. Payment of Accounts payable $34K 5. Purchase of Equipment for $600K, paying $50K cash and a 5 year note of $550K 6. Interest expense on notes paid $16K 7. Purchase of investment (equity stocks) for $100K cash 8. Purchase of 3-year insurance policy $12K 9. Yearly expense of insurance of $4K 10. Purchase of inventory on account for $50K 11. Use of inventory during the year $35K 12. Unrestricted donation of $1,000,000 cash received. 13. Salary expense for January to November paid in cash $180K 14. Salary expense for December not paid in current year $24K 15. Payments on accounts payable for $30K 16. Equity investment is marked to market and increases in value by $25K 17. Rent payments for the year $35K 18. Principal payments on Notes payable $45K 19. On November 1, purchased the assets of an ambulatory surgery center from a retired physician. The following was the book value of the assets acquired. Building $200,000, inventory $10,000, Net Accounts receivable $17,000, Equipment $25,000. Healthy Hospital paid $400,000 in cash for the purchase. 20. Received a prepayment of $10K from a patient for an elective plastic surgery to be performed at a later date 21. Cash purchase of a new transport van for $40K 22. Returned $10K of damaged inventory to the supplier (receives a credit for future purchases) 23. Depreciation expense of property and equipment for the year of $40K 24. Goodwill amortization for the year of $5,000.
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