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REVIEW QUESTIONS AND PROBLEMS 129 Givens Cash Accounts receivable Allowance for uncollectibles Supplies Long-term investments Properties and equipment Accumulated depreciation Short-term accounts payable Other current
REVIEW QUESTIONS AND PROBLEMS 129 Givens Cash Accounts receivable Allowance for uncollectibles Supplies Long-term investments Properties and equipment Accumulated depreciation Short-term accounts payable Other current liabilities Long-term debt Unrestricted net assets Permanently restricted net assets $5,500 $60,000 $4,500 $13,000 $42,000 $880,000 $90,000 $42,000 $3,000 $680,000 $169,000 $12,000 c. e. List and record each transaction under the accrual basis of accounting. Then develop a balance sheet as of December 31, 20X1 and 20x0, and a statement of operations for the year ended December 31, 20x1. a. The center purchased $4,000 of supplies on credit. b. The center provided $430,000 of home health services on credit. The center consumed $9,000 of supplies in the provision of its home health services. d. The center provided $250,000 of home health services, and patients paid for services in cash. The center paid cash for $5,000 of supplies in the provision of its home health services. f. The center paid $24,000 in cash for supplies previously purchased on credit g. A donor established a $87,000 permanent endowment fund (in the form of long-term investments) for the center. (Hint this transaction increases the permanently restricted net assets account.) h. The center collected $250,000 from patients for outstanding receivables. 1. The center paid $300,000 in cash toward labor expense. ). The center paid $90,000 in cash toward its long-term loan. k. The center purchased $35,000 in small equipment on credit. The amount is due within one year. 1. The center incurred $40,000 in general expenses. The center used cash to pay for the general expenses
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