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The following are transactions and events of the general fund of Sycamore Hospital a not-for-profit entity for the 20X6 fiscal year ending December 31 20X6 1 Provided a total of

The following are transactions and events of the general fund of Sycamore Hospital, a not-for-profit entity, for the 20X6 fiscal year ending December 31, 20X6. 1. Provided a total of $6,200,000 in patient services. 2. Had total operating expenses of $5,940,000, as follows: Nursing services ....... $2,070,000 Other professional expenses ... 1,250,000 Fiscal services ........ 225,000 General services ....... 1,510,000 Bad debts ......... 125,000 Administration ........ 260,000 Depreciation .......... 500,000 Accounts credited for operating expenses other than depreciation: Cash ............ $4,785,000 Allowance for Uncollectibles ... 125,000 Accounts Payable ....... 210,000 Inventories ......... 240,000 Donated Services ........ 80,000 3. Allowed contractual adjustments of $220,000 as deductions from gross patient revenue. 4. Received a transfer of $180,000 from specific-purpose funds for payment of approved operating costs in accordance with the terms of the restricted gift. 5. Received a transfer of $200,000 from the temporarily restricted plant fund to purchase new equipment for the hospital. 6. Received $155,000 of unrestricted gifts. 7. Collected accounts receivable except for $75,000 written off. 8. Reported a $70,000 increase in the market value of the investment securities portfolio of the general fund from the beginning of the period. The board designated this entire income for other than current operations. Required a. Prepare journal entrie

Apr 12 2020 Read more Less More

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