Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Edwards Lake Community Hospital balance sheet as of December 31,2022 , follows. The following are the transactions of Edwards Lake Community Hospital during the
The Edwards Lake Community Hospital balance sheet as of December 31,2022 , follows. The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31,2023. (1) Information related to accrual of revenues and gains is as follows: The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31,2023. (1) Information related to accrual of revenues and gains is as follows: (2) Cash received includes (3) Expenses of $892,000 were recorded in accounts payable and $1,455,590 in accrued payroll. Because some of the nursing expenses met a net asset restriction, $95,000 was released from restrictions. (4) Cash paid includes: (5) Interest of $1,280 accrued on investments in Assets Limited as to Use. (6) Depreciation charges for the year amounted to $118,000 for the buildings and $129,500 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services. (7) Other information: (5) Interest of $1,280 accrued on investments in Assets Limited as to Use. (6) Depreciation charges for the year amounted to $118,000 for the buildings and $129,500 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services. (7) Other information: (a) Provision for uncollectible receivables was determined to be adequate. (b) Supplies inventory balances: (c) Portion of mortgage payable due within one year, $510,000. (8) A $667 unrealized loss on investments occurred. (9) Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets-Without Donor Restrictions. Designated for Plant. Required a-1. Prepare journal entry for the preceding transactions during the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a not-for-profit hospital. a-2. Prepare closing entries for the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a notfor-profit hospital. b. Prepare a balance sheet as of December 31,2023. c1. Prepare a statement of operations for the year ended December 31,2023. c2. Prepare a statement of changes in net assets for the year ended December 31, 2023. d. Prepare a statement of cash flows for the year ended December 31, 2023. EDWARDS LAKE COMMUNITY HOSPITAL Statement of Operations For Year Ended December 31, 2023 Revenue Without Donor Restrictions: The Edwards Lake Community Hospital balance sheet as of December 31,2022 , follows. The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31,2023. (1) Information related to accrual of revenues and gains is as follows: The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31,2023. (1) Information related to accrual of revenues and gains is as follows: (2) Cash received includes (3) Expenses of $892,000 were recorded in accounts payable and $1,455,590 in accrued payroll. Because some of the nursing expenses met a net asset restriction, $95,000 was released from restrictions. (4) Cash paid includes: (5) Interest of $1,280 accrued on investments in Assets Limited as to Use. (6) Depreciation charges for the year amounted to $118,000 for the buildings and $129,500 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services. (7) Other information: (5) Interest of $1,280 accrued on investments in Assets Limited as to Use. (6) Depreciation charges for the year amounted to $118,000 for the buildings and $129,500 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services. (7) Other information: (a) Provision for uncollectible receivables was determined to be adequate. (b) Supplies inventory balances: (c) Portion of mortgage payable due within one year, $510,000. (8) A $667 unrealized loss on investments occurred. (9) Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets-Without Donor Restrictions. Designated for Plant. Required a-1. Prepare journal entry for the preceding transactions during the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a not-for-profit hospital. a-2. Prepare closing entries for the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a notfor-profit hospital. b. Prepare a balance sheet as of December 31,2023. c1. Prepare a statement of operations for the year ended December 31,2023. c2. Prepare a statement of changes in net assets for the year ended December 31, 2023. d. Prepare a statement of cash flows for the year ended December 31, 2023. EDWARDS LAKE COMMUNITY HOSPITAL Statement of Operations For Year Ended December 31, 2023 Revenue Without Donor Restrictions
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