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I have tried this question multiple times, and can't seem to get the right answer when I compare it to my professor's. this is the
I have tried this question multiple times, and can't seem to get the right answer when I compare it to my professor's.
this is the only information I am given from the textbook
REVIEW QUESTIONS AND PROBLEMS 133 19. Transactions plus multiple statements. Happy Valley Hospital, Inc. had the following ending balances (in thousands) for its assets, liabilities, and net assets as of December 31, 20x0. Givens Cash $54,900 Accounts recelvable $54,000 Allowance for uncollectibles $8,000 Inventory or supplies $4,000 Prepaid insurance $900 Long-term investments $98,000 Plant, property, and equipment $355,000 Accumulated depreciation $90,000 Short-term accounts payable $12,500 Accrued expenses $29,000 Long-term debt $69,000 Without donor restrictions net assets $346,400 With donor restrictions net assets $11.900 List and record each 20X1 transaction under the accrual basis of accounting. Then develop a balance sheet for end-of-years 20X0 and 20X1 and a statement of operations and a statement of changes in net assets for the year ended December 31, 20X1. The hospital made a cash payment of 55,100,000 toward outstanding accounts payable. a. b. The hospital received $9,200,000 in cash from a donor who restricted its use. (Hintthis transaction increases the with donor restrictions net assets account.) c. The hospital provided $323,000,000 of services on credit d. The hospital consumed $5,630,000 of supplies in the provision of its ambulatory services. e. The hospital paid cash for accrued interest expense of $4,800,000. 4. The hospital collected $214,000,000 in cash from outstanding accounts receivable. g. The hospital incurred $8,000,000 in general expenses that it paid for in cash h. The hospital made a $15,800,000 cash principal payment toward its long-term debt. 1. The hospital collected $45,000,000 in cash from outstanding accounts receivable. J. The hospital purchased $60,000,000 of supplies on credit. k. The hospital earned, but did not receive, $7,000,000 in income from its restricted net as sets. The Income can be used for general operations. (Hint this transaction increases inter- est receivable and is also recorded under nonoperating income.) 1. The hospital incurred $3,300,000 in Interest expense, but has not yet paid for in cash. CHAPTER 3 PRINCIPLES AND PRACTICES OF HEALTH CARE ACCOUNTING m n. The hospital incurred $280,000,000 in labor expenses, which it paid for in cash. n. The hospital made a cash payment of $3,300,000 in advance for insurance. o. The hospital transferred $3,200,000 in cash to its parent corporation. p. The hospital incurred $9,000,000 in depreciation expense. q. The hospital's prepaid insurance of $2,600,000 expired for the year. r. The hospital estimated $900,000 in bad debt expense. 20. Transactions plus multiple statements. Glenwood Hospital had the following eng ances (in thousands) for its assets, liabilities and char Step by Step Solution
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