Transactions plus multiple statements. Happy Valley Hospital, Inc had the following ending balances (in thousands) for its assets, liabilities, and net assets as of Dec 31^st 20X0.

Givens

Cash ..$54,900

Accounts receivable..$54,000

Allowance for uncollectible..$8,000

Inventory for Supplies..$4,000

Prepaid insurance$9,000

Long term investments.$98,000

Plant, property and equipment..$355,000

Accumulated depreciation..$90,000

Short term accounts payable..$12,500

Accrued expenses..$29,000

Long-term debt..$69,000

Net assets without donor restrictions..$346,400

Net assets with donor restrictions..$11,900

List and record each 20X1 transaction under the accrual basis of accounting. Then develop a balance sheet at end-of-years 20X0 and 20X1, a statement of operations, and a statement of changes in net assets for the year ended 12/31/20X1.

a. The hospital made a cash payment of $5,100,000 towards outstanding accounts payable.

b. The hospital received $9,200,000 in cash from a donor who restricted its use. (hint: this transaction increases the with donor restrictions net asset account).

c. The hospital provided $323,000,000 of services on credit.

d. The hospital consumed $5,630,000 of supplies in the provision of its ambulatory services.

e. The hospital paid cash for accurate interest expenses of $4,800,000.

f. The hospital collected $214,000,000 in cash from outstanding accounts receivable.

g. The hospital incurred $8,000,000 in general expenses that it paid for in cash.

h. The hospital made a $15,800,000 cash principal payment toward its long-term debt.

i. The hospital collected $45,000,000 in cash from outstanding accounts receivable.

j. The hospital purchased $60,000,000 of supplies on credit.

k. The hospital earned, but did not receive, $7,000,000 in income from its restricted net assets. The income can be used for general operations. (Hint; This transaction increases interest receivable and is also regarded under non-operating income).

l. The hospital incurred $3,300,000 in interest expense but has not yet paid for in cash.

m. The hospital incurred $280,000,000 in labor expenses, which it paid for in cash.

n. The hospital made a cash payment of 3,300,000 in advance for insurance.

o. The hospital transferred $3,200,000 in cash to its parent corporation.

p. The hospital incurred $9,000,000 in depreciation expense.

q. The hospital's prepaid insurance of $2,600,000 expired for the year.

r. The hospital estimated $900,000 in bad debt expense.