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Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for the following: Unrestricted use $ 41,400 Cancer
- Your analysis of the contributions receivable as of December 31, 20X4, determined that there were unrecognized contributions for the following:
Unrestricted use | $ | 41,400 | |
Cancer research | 11,700 | ||
Purchase of equipment | 21,700 | ||
Permanently restricted endowment principal | 31,500 | ||
Total | $ | 106,300 | |
- Short-term investments at year-end consist of $150,900 of funds without donor restrictions and $50,800 of funds restricted for future cancer research. All of the long-term investments are held in the permanently restricted endowment fund.
- Land is carried at its current market value of $121,800. The original owner purchased the land for $71,300, and at the time of donation to the hospital, it had an appraised value of $95,700.
- Buildings purchased 11 years ago for $610,500 had an estimated useful life of 30 years. Equipment costing $155,700 was purchased 7 years ago and had an expected life of 10 years. The controller had improperly increased the reported values of the buildings and equipment to their current fair value of $936,000 and had incorrectly computed the accumulated depreciation.
- The board of directors voted on December 29, 20X4, to designate $100,200 of funds without donor restrictions invested in short-term investments for developing a drug rehabilitation center.
Required: Prepare a balance sheet for Brookdale Hospital at December 31, 20X4.
Answer is not complete. BROOKDALE HOSPITAL Balance Sheet December 31, 20X4 Assets Current Assets: Cash $ 101,600 Contributions receivable Investments in marketable securities Interest receivable Accounts receivable 201,700 16,200 56,400 35,400 Inventory OOOOO OOL $ 411,300 Total current assets Long-term assets: Building & equipment Accumulated depreciation Net investment in buildings and equipment Land $ Investments in marketable secunties $ 411,300 Total long-term assets Total assets Liabilities Accounts payable Mortgage payable o Total liabilities Net assets: With donor restrictions Without donor restrictions Total net assets Total liabilities and net assetsStep by Step Solution
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