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Please help me sign out all the blanks, Thanks Hospital Statement of Activities The following information pertains to the activities of Montclair Hospital for the
Please help me sign out all the blanks, Thanks
Hospital Statement of Activities The following information pertains to the activities of Montclair Hospital for the year ended December 31, 2020. 1. Gross patient service revenue: $75,000,000 Charity allowances: 15,000,000 Contractual discounts to third party payers: 5,000,000 The hospital calculates a provision for uncollectibles at 5% of net patient service revenue. 2. Fair market value of noncash donations: Volunteer workers in public relations campaign: $200,000 Medical supplies donated by a pharmaceutical firm: 800,000 3. Operating expenses, of which $3,000,000 are unpaid at year-end: Professional patient care: $33,000,000 General services: 9,500,000 Nursing services: 10,000,000 Administrative services: 6,600,000 4. The hospital conducts various educational programs for which it received fees of $500,000 during 2020. 5. The cafeteria and gift shop reported profit of $120,000 on sales of $1,320,000; operating costs are recorded as administrative expenses and are included in 3. above. 6. A retired doctor contributed $1,000,000 to be used in validating the accuracy of a new cholesterol testing procedure. The funds were spent this year. In addition, $2,800,000 was spent for health education programs, using donor-restricted funds donated last year. Both expenditures were recorded as general services expenses, and included in 3. above. 7. In July, a donor established a trust in the amount of $6,000,000. Income from the trust is to be paid to the hospital until the donor's death, with no restrictions on use. At that time, the principal is to be given to a local university. A local bank is appointed as trustee. Income received by the trust, and due to be distributed in 2020, amounted to $100,000. As of December 31, the bank had remitted only $60,000 to the hospital. 8. A donor's will provided for a bequest to the hospital of debt securities. There are no restrictions on the securities or income and gains and losses on the securities. The hospital decided to hold the securities on a long-term basis and received interest income of $65,000 in 2020. When the donor died on March 15, the securities were worth $1,500,000; at year-end they were worth $1,270,000. 9. A new X-ray machine was purchased for $4,000,000, using unrestricted cash. Required Prepare Montclair Hospital's 2020 statement of activities, in good form. Ignore beginning and ending net asset balances. IMPORTANT: Use a negative sign with your answer(s) for Change in net assets without (or with) donor restrictions, if applicable. Otherwise, do not use negative signs with any of your answers. Montclair Hospital Statement of Activities For the Year Ended December 31, 2020 Net assets without donor restrictions Operating revenue, gains, and other support Gross patient service revenue $ Less: contractual discounts Net patient service revenue Other revenue: Donated supplies Educational program fees Cafeteria/gift shop sales Unrestricted bequest Net assets released from restrictions for operations: Satisfaction of program restrictions Total operating revenue, gains and other support Operating expenses Professional patient care General services Nursing services Administrative services Total operating expenses Operating income C We can't finish downloading your Investment income update. $ Performance income Unrealized loss on non-trading securities Change in net assets without donor restrictions Net assets with donor restrictions Contributions Net assets released from use restrictions Change in net assets with donor restrictions $ $ LA Hospital Statement of Activities The following information pertains to the activities of Montclair Hospital for the year ended December 31, 2020. 1. Gross patient service revenue: $75,000,000 Charity allowances: 15,000,000 Contractual discounts to third party payers: 5,000,000 The hospital calculates a provision for uncollectibles at 5% of net patient service revenue. 2. Fair market value of noncash donations: Volunteer workers in public relations campaign: $200,000 Medical supplies donated by a pharmaceutical firm: 800,000 3. Operating expenses, of which $3,000,000 are unpaid at year-end: Professional patient care: $33,000,000 General services: 9,500,000 Nursing services: 10,000,000 Administrative services: 6,600,000 4. The hospital conducts various educational programs for which it received fees of $500,000 during 2020. 5. The cafeteria and gift shop reported profit of $120,000 on sales of $1,320,000; operating costs are recorded as administrative expenses and are included in 3. above. 6. A retired doctor contributed $1,000,000 to be used in validating the accuracy of a new cholesterol testing procedure. The funds were spent this year. In addition, $2,800,000 was spent for health education programs, using donor-restricted funds donated last year. Both expenditures were recorded as general services expenses, and included in 3. above. 7. In July, a donor established a trust in the amount of $6,000,000. Income from the trust is to be paid to the hospital until the donor's death, with no restrictions on use. At that time, the principal is to be given to a local university. A local bank is appointed as trustee. Income received by the trust, and due to be distributed in 2020, amounted to $100,000. As of December 31, the bank had remitted only $60,000 to the hospital. 8. A donor's will provided for a bequest to the hospital of debt securities. There are no restrictions on the securities or income and gains and losses on the securities. The hospital decided to hold the securities on a long-term basis and received interest income of $65,000 in 2020. When the donor died on March 15, the securities were worth $1,500,000; at year-end they were worth $1,270,000. 9. A new X-ray machine was purchased for $4,000,000, using unrestricted cash. Required Prepare Montclair Hospital's 2020 statement of activities, in good form. Ignore beginning and ending net asset balances. IMPORTANT: Use a negative sign with your answer(s) for Change in net assets without (or with) donor restrictions, if applicable. Otherwise, do not use negative signs with any of your answers. Montclair Hospital Statement of Activities For the Year Ended December 31, 2020 Net assets without donor restrictions Operating revenue, gains, and other support Gross patient service revenue $ Less: contractual discounts Net patient service revenue Other revenue: Donated supplies Educational program fees Cafeteria/gift shop sales Unrestricted bequest Net assets released from restrictions for operations: Satisfaction of program restrictions Total operating revenue, gains and other support Operating expenses Professional patient care General services Nursing services Administrative services Total operating expenses Operating income C We can't finish downloading your Investment income update. $ Performance income Unrealized loss on non-trading securities Change in net assets without donor restrictions Net assets with donor restrictions Contributions Net assets released from use restrictions Change in net assets with donor restrictions $ $ LAStep by Step Solution
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