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Week 7 Assignment 1 The following are key terms in Chapter 15 that relate to accounting for colleges and universities: A. Term endowments B. Annuity agreements C. Collections D. Pooled life income agreements E. Spending rate F. Total return For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition. _____1. Agreements to pay the donor the income earned by assets donated to an organization over the specified beneficiary's lifetime _____ 2. A comprehensive measure of the rate of investment return, which includes unrealized and realized gains and losses, as well as interest and dividend income _____ 3. A contribution that must be retained intact until the happening of a specific event or the passage of a stated period of time _____ 4. The proportion of total return that may prudently be used by an institution for current purposes _____ 5. Agreement to pay stipulated amounts periodically to the donor of assets by the recipient organization 2 A private university receives $1,000,000 in fiscal year 2017 as a grant restricted for a specific research project and incurs expenses of $400,000 related to the research project during fiscal year 2017. Make all necessary journal entries to record the transactions related to the grant for fiscal year 2017. 3 The following are key terms in Chapter 16 that relate to accounting for health care organizations: A. Contractual adjustments B. Capitation fees C. Charity care D. Diagnosis-related groups E. Prospective payment system F. Health maintenance organizations G. Performance indicator H. Third-party payor For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition. _____1. A prepaid health care plan that functions as a broker of health care between the consumer/patient requiring services and the health care provider _____ 2. Medicare's system in which payments are based on allowed service costs within the same diagnosis-related group rather than on actual cost of services rendered _____ 3. Fixed dollar amount of fees per person paid periodically by a third-party payor to a health care provider _____ 4. The difference between the gross patient service revenue and the negotiated payment by thirdparty payors arriving at net patient service revenue _____ 5. Health services provided to persons with a demonstrated inability to pay 4 Record in general journal form the following selected transactions for Avalon General Hospital, a nongovernmental not-for-profit institution. 1. Gross charges for patient services rendered during the period amounted to $7,870,000, of which $350,000 represented charity care for indigent patients. 2. During the year the provision for bad debts was set at $190,000 and contractual adjustments amounted to $435,000. 3. A wealthy donor donated $2,000,000 to construct a new cardiology wing on the hospital. 4. During the year, the new cardiology wing (see item 3) was one-half completed at a cost of $1,000,000. 5 In 100 words, contrast the statement of cash flows that nongovernmental not -for-profit hospitals prepare to those that governmental hospitals prepare. 6 Compute the missing amount in the following list of proprietary accounts of a federal government agency. Show all computations legibly with labels. Proprietary Accounts: Accounts Payable $1,200,000 Operating/Program Expenses 12,400,000 Accumulated Depreciation-Plant and Equipment 9,200,000 Cumulative Results of Operations 10/1/2016 ? Appropriations Used2017 12,400,000 Fund Balance with Treasury2017 4,800,000 Accounts Receivable 200,000 Operating Materials and Supplies 3,200,000 Plant and Equipment 30,000,000 Unexpended Appropriations2017 3,600,000