Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please provide the amounts the ones are marked wrong The following are transactions and events of the general fund of Sycamore Hospital, a not-for-profit entity,
please provide the amounts the ones are marked wrong
The following are transactions and events of the general fund of Sycamore Hospital, a not-for-profit entity, for the 20X6 fiscal year ending December 31, 20X6. 1. Provided a total of $6,300,000 in patient services. 2. Had total operating expenses of $6,088,000, as follows: Nursing services Other professional expenses Fiscal services General services Bad debts Administration Depreciation $2,120,000 1,300,000 242,000 1,570,000 146,000 230,000 480,000 Accounts credited for operating expenses other than depreciation: Cash Allowance for Uncollectibles Accounts Payable Inventories Donated Services $4,789,000 146,000 220,000 230,000 223,000 3. Allowed contractual adjustments of $210,000 as deductions from gross patient revenue. 4. Received a transfer of $190,000 from specific-purpose funds for payment of approved operating costs in accordance with the terms of the restricted gift. Prev 1 of 2 Next Vile Tesucleu gil 5. Received a transfer of $250,000 from the plant fund with donor restrictions to purchase new equipment for the hospital. 6. Received $150,000 of unrestricted gifts. 7. Collected accounts receivable except for $70,000 written off. 8. Reported a $70,000 increase in the market value of the investment securities portfolio of the general fund from the beginning of the period. The board designated this entire income for other than current operations. Required: a. Prepare journal entries in the general fund for each of the transactions and events. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete but not entirely correct. No Event General Journal Debit Credit A 1 Accounts receivable 6,300,000 Patient services revenue 6,300,000 B 2 Nursing services expense Other professional services expense Fiscal services expense 2,120,000 1,300,000 242,000 1,570,000 146,000 230,000 General services expense Bad debts expense Administration expense Depreciation expense 480,000 A 70nnn vuel prueSSIONAI Services expense 1,JUU UUU Fiscal services expense 242,000 General services expense Bad debts expense Administration expense 1,570,000 146,000 230,000 480,000 Depreciation expense Cash Allowance for uncollectibles Accumulated depreciation Accounts payable Inventory 4,789,000 146,000 480,000 220,000 230,000 223,000 Donated services 3 Patient services revenue 210,000 Accounts receivable 210,000 D 4 Cash 190,000 Net assets released from program use restrictions 190,000 E 5 Cash 250,000 Net assets released from equipment acquisition restriction 250,000 Inventory Donated services 230,000 223,000 3 Patient services revenue 210,000 Accounts receivable 210,000 4 Cash 190,000 Net assets released from program use restrictions 190,000 E E 5 Cash 250,000 Net assets released from equipment acquisition restriction 250,000 F 6 Cash 150,000 Contributions without donor restrictions 150,000 G 7 Cash 6,090,000 70,000 Allowance for uncollectibles Accounts receivable 6,160,000 H 8 Investment securities 70,000 Unrealized holding gain on investment securities 70,000 b. Prepare the statement of operations for the general, fund without donor restrictions of Sycamore Hospital. X Answer is complete but not entirely correct. SYCAMORE HOSPITAL Statement of Operations For the Year Ended December 31, 20X6 Unrestricted Revenue, Gains, & Other Support Net patient services revenue Contributions 6,088,000 412,000 $ Unrealized gains designated in excess of amounts for current operations Net assets released from restrictions used for purchase of equipment Increase in net assets without donor restrictions > 70,000 250,000 732,000 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started