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HI need help with Required B - Operating income and required C - Net assets released from restrictions and increase in net asset During 2020,

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HI need help with Required B - Operating income and required C - Net assets released from restrictions and increase in net asset

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 $1,800,000. Estimated contractual adjustments with third-party payors amounted to $465,000 and the Hospital estimated implicit price concessions would total $10,000. 2. Charity services, not included in transaction 1, would amount to $66,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $20,000; cafeteria, $35,000: gift shop, $5,000. 4. Cash gifts restricted by the donor for programs amounted to $26,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $42,000 and unrestricted income of $35,000 from endowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7. New equipment, costing $152,000, 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 $50,000 and that had an undepreciated cost of $10,000 was sold for $7,000 cash. 9. At the end of 2020, pledges (restricted as to purpose) were received in the amount of $120,000. These are intended to be received and expended in 2021. 10. Cash contributions were received from donors restricted for plant acquisition, $170,000. 11. Bills were received for the following items: Utilities $139,000 and Insurance $80,000. These will be paid in January of 2021. 12. Depreciation of plant and equipment amounted to $180,000. 13. Cash payments on accounts payable amounted to $168,000. Another $800,000 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,180,000. These were in settlement of patient accounts totaling $1,587,000. Contractual adjustments associated with these totaled $400,000 and price concessions totaled $7,000. 15. 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 31, 2020. c. Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31, 2020. Assume beginning net assets are $7,000,000. 1 1a Patient Accounts Receivable 1,800,000 . Operating Revenue-Without Donor RestrictionsPatient Service Reven 1,800,00 2 1b 465,000 Contractual Adjustments Allowance for Contractual Adjustments 485,00 | 1c 10,000 Provision for Implicit Price Concessions Allowance for Implicit Price Concessions Oo 10,00 4 02 No Journal Entry Required on 5 03 Cash 80,000 Oo Operating Revenue-Without Donor Restrictions-Other Revenue 80,00 6 4a 28,000 Cash Revenues With Donor Restrictions Contributions OO 28,00 7 4b 50,000 Operating Expense-Salaries and Benefits Cash Oo 50,00 8 40 Reclassifications from Net Assets With Donor RestrictionsSatisfaction of PV 26,000 Reclassifications to Net Assets Without Donor RestrictionsSatisfaction 26,00 9 05 Operating Expense-interest Mortgage Bonds Payable Cash OOO 28,000 50,000 78,00 10 08 Cash 77,000 Nonoperating Income-Without Donor RestrictionsGifts and Bequests 42,00 Nonoperating Income-Without Donor Restrictions-income on Investme 35,00 11 7a 152.000 Equipment Cash 152,00 12 7b Reclassifications from Net Assets With Donor RestrictionsSatisfaction of Oil 152,000 Reclassifications to Net Assets Without Donor Restrictions-Satisfaction 152,00 13 08 Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment-Unrestricted Equipment OOOO 7.000 40.000 3,000 50,00 14 09 120,000 Contributions Receivable Revenues With Donor Restrictions-Contributions 120,00 15 10 Cash 170,000 13 08 Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment-Unrestricted Equipment Ooo 7.000 40,000 3,000 50,00 14 09 120,000 Contributions Receivable Revenues With Donor Restrictions-Contributions 120,00 15 10 170,000 Cash Revenues With Donor Restrictions Contributions O 170,00 18 11 Operating Expense-Utilities Operating Expense-Insurance Accounts Payable 139,000 80,000 219,00 17 12 180,000 Operating Expense-Depreciation Accumulated Depreciation-Equipment 180,00 18 13a 168,000 Accounts Payable Cash OO 168,00 19 13b 800,000 Operating Expense-Salaries and Benefits Cash OOO 800,00 20 14 Cash Allowance for Contractual Adjustments Allowance for Implicit Price Concessions Patient Accounts Receivable OOO 1,180,000 400,000 7,000 1,587,00 21 15a Operating Revenue-Without Donor RestrictionsPatient Service Revenue 1,800,000 Operating Revenue-Without Donor RestrictionsOther Revenue > 60.000 > 42.000 Nonoperating Income-Without Donor Restrictions,Gifts and Bequests Nonoperating Income-Without Donor RestrictionsIncome on investments 35,000 Reclassifications to Net Assets Without Donor RestrictionsSatisfaction of 152,000 Reclassifications to Net Assets Without Donor RestrictionsSatisfaction of 26,000 Contractual Adjustments Loss on Sale of Equipment-Unrestricted Operating Expense-Depreciation Operating Expense-Salaries and Benefts Operating Expense-Utilities Operating Expense Insurance Operating Expense-Interest Net Assets Without Donor Restrictions 485,00 3,00 180.00 850,00 139,00 80,00 28,00 Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020. (Input all amounts as positive values. Loss amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Patient Service Revenues-Net of Contractual Adjustments $ 1,325,000 Other Operating Revenues 80,000 0 Total Revenues 1,385,000 Net Assets Released From Restrictions: Satisfaction of Program Restrictions 28.000 OON o 0 1,411,000 Total Operating Revenues Operating Expenses: Salaries and Benefits Utilities Insurance Depreciation Interest Solololo 850,000 139,000 80,000 180,000 28,000 0 1,277,000 o Total Operating Expenses Operating Income Other Income: Unrestricted Gifts and Bequests Income on Endowment Investments OS 42.000 35,000 0 77,000 OOO 77.000 Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: Satisfaction of Capital Acquisition Restrictions Loss on Sale of Equipment SIS 152,000 (3.000) 0 $ 226,000 Increase in Net Assets without Donor Restrictions Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31 2020. Assume beginning net assets are $7,000,000. (Loss/Negative amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Changes in Net Assets For the Year Ended December 31, 2020 Net Assets without Donor Restrictions: Excess of Revenues Over Expenses Net Assets Released From Restrictions: Satisfaction of Capital Acquisition Restrictions Loss on Sale of Equipment $ 211,000 slo 152.000 (3.000) 0 360,000 Increase in Net Assets without Donor Restrictions . Net Assets with Donor Restrictions: Contribution Revenue Net Assets Released From Restrictions slo 316,000 0 % 0 318,000 els lolos Increase in Net Assets with Donor Restrictions Increase in Net Assets Net Assets. Beginning of Year Net Assets, End of Year 7,000,000 $ 7,000,000 60.000 > 42.000 Nonoperating Income-Without Donor Restrictions,Gifts and Bequests Nonoperating Income-Without Donor RestrictionsIncome on investments 35,000 Reclassifications to Net Assets Without Donor RestrictionsSatisfaction of 152,000 Reclassifications to Net Assets Without Donor RestrictionsSatisfaction of 26,000 Contractual Adjustments Loss on Sale of Equipment-Unrestricted Operating Expense-Depreciation Operating Expense-Salaries and Benefts Operating Expense-Utilities Operating Expense Insurance Operating Expense-Interest Net Assets Without Donor Restrictions 485,00 3,00 180.00 850,00 139,00 80,00 28,00 Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020. (Input all amounts as positive values. Loss amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Patient Service Revenues-Net of Contractual Adjustments $ 1,325,000 Other Operating Revenues 80,000 0 Total Revenues 1,385,000 Net Assets Released From Restrictions: Satisfaction of Program Restrictions 28.000 OON o 0 1,411,000 Total Operating Revenues Operating Expenses: Salaries and Benefits Utilities Insurance Depreciation Interest Solololo 850,000 139,000 80,000 180,000 28,000 0 1,277,000 o Total Operating Expenses Operating Income Other Income: Unrestricted Gifts and Bequests Income on Endowment Investments OS 42.000 35,000 0 77,000 OOO 77.000 Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: Satisfaction of Capital Acquisition Restrictions Loss on Sale of Equipment SIS 152,000 (3.000) 0 $ 226,000 Increase in Net Assets without Donor Restrictions Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31 2020. Assume beginning net assets are $7,000,000. (Loss/Negative amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Changes in Net Assets For the Year Ended December 31, 2020 Net Assets without Donor Restrictions: Excess of Revenues Over Expenses Net Assets Released From Restrictions: Satisfaction of Capital Acquisition Restrictions Loss on Sale of Equipment $ 211,000 slo 152.000 (3.000) 0 360,000 Increase in Net Assets without Donor Restrictions . Net Assets with Donor Restrictions: Contribution Revenue Net Assets Released From Restrictions slo 316,000 0 % 0 318,000 els lolos Increase in Net Assets with Donor Restrictions Increase in Net Assets Net Assets. Beginning of Year Net Assets, End of Year 7,000,000 $ 7,000,000

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