This assignment asks you to demonstrate the impact of financial events on the Fundamental Equation of Accounting, create a transaction worksheet and then generate a end of year balance sheet Instructions The Hospital for Ending Long term Problems (HELP) had the following financial events during the year HELP collected $250,000 in cash that it had billed to the federal government under Medicare The money had been earned in the prior fiscal year and was recorded as accounts receivable then HELP paid back $100,000 it borrowed at the end of the last year on a line of credit The bank did not charge interest HELP bought $25,000 in supplies to treat patient HELP paid the supplier for all the supplies with cash HELP belongs to the state hospital association, and its membership is current (meaning it is paid up through the end of the year) HELP receivers an invoice for $75,000 for next years fees but has not paid it yet HELP replaced many of the patient examination tables They cost $50,000, and HELP put $10,000 down in cash The rest is still owed HELP paid $65,000 it owed employees from last year Employees had earned this last fiscal year and it was recorded as an expense then Show the impact of these transactions on the Fundamental Equation of Accounting The most liquid asset affected by Transaction 2 (T2) is For the most liquid asset affected by Transaction 2, what is the dollar amount it changed Include a minus sign if necessary Do not include a dollar sign or commas If T2 affects another asset which one of the following is it No other asset is affected Equipment Market Securities Accounts Receivable D Given your response from the previous question, what is the dollar value of the change If no other asset is affected then enter 0 for your answer Include a minus sign if necessary Do not include a dollar sign or commas E The most current liability affected by T2 is Line of Credit Bank Note Payable Membership Payable No liability is affected by T2 F Given your response from the previous question, what is the dollar value of the change If no liability is affected then enter 0 for your answer Include a minus sign if necessary Do not include a dollar sign or commas

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This assignment asks you to demonstrate the impact of financial events on the Fundamental Equation of Accounting, create a transaction worksheet and then generate a

This assignment asks you to demonstrate the impact of financial events on the Fundamental Equation of Accounting, create a transaction worksheet and then generate a end of year balance sheet.

Instructions

The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year.

HELP collected $250,000 in cash that it had billed to the federal government under Medicare. The money had been earned in the prior fiscal year and was recorded as accounts receivable then.
HELP paid back $100,000 it borrowed at the end of the last year on a line of credit. The bank did not charge interest.
HELP bought $25,000 in supplies to treat patient. HELP paid the supplier for all the supplies with cash.
HELP belongs to the state hospital association, and its membership is current (meaning it is paid up through the end of the year). HELP receivers an invoice for $75,000 for next years fees but has not paid it yet.
HELP replaced many of the patient examination tables. They cost $50,000, and HELP put $10,000 down in cash. The rest is still owed.
HELP paid $65,000 it owed employees from last year. Employees had earned this last fiscal year and it was recorded as an expense then.

Show the impact of these transactions on the Fundamental Equation of Accounting

The most liquid asset affected by Transaction 2 (T2) is
For the most liquid asset affected by Transaction 2, what is the dollar amount it changed? Include a minus sign if necessary. Do not include a dollar sign or commas."
If T2 affects another asset which one of the following is it?

No other asset is affected

Equipment

Market Securities

Accounts Receivable

D."Given your response from the previous question, what is the dollar value of the change? If no other asset is affected then enter 0 for your answer. Include a minus sign if necessary. Do not include a dollar sign or commas."

E. The most current liability affected by T2 is

Line of Credit

Bank Note Payable

Membership Payable

No liability is affected by T2.

F. "Given your response from the previous question, what is the dollar value of the change? If no liability is affected then enter 0 for your answer. Include a minus sign if necessary. Do not include a dollar sign or commas."