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- Record in general journal form the following selected transactions for Meridian Hospital, a nongovernmental not for-profit institution. (or no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Gross charges accrued for patient services rendered during the period amounted to $7,870,000, of which $350,000 represented charity care for indigent patients 2. During the year the implicit price concessions for individual payors was determined to be $190,000 and contractual adjustments amounted to S435,000. 3. A wealthy donor donated $2.000,000 in cash to construct a new cardiology wing on the hospital. 4. During the yeat, the new cardiolody wing (see item 3) was one-half completed at a cost of $1.000.000. View transaction list Journal entry worksheet Record the $190,000 implicit price concessions for individual payers and $435,000 contractual adjustments. Note Enter debits befare credits Transaction General Journal Debit Credi 02…A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…
- Prepare journal entries to record the following transactions of a nonprofit hospital, with expense transactionscategorized by function:1. The hospital billed its uninsured patients for $300,000. Based on historical experience, it expects tocollect 45 percent of that amount over time.2. Nurses and doctors employed by the hospital were paid their salaries, $120,000.3. The chief administrative officer was paid her salary of $12,000.4. The hospital paid its utility bill, $6,000.5. Depreciation on the equipment was $40,800.6. Several adults donated their time (worth $6,000) selling merchandise in the hospital gift shop.7. The hospital billed Medicare $120,000 for services provided at its established rates. The prospectivebilling arrangement gives Medicare a 40 percent discount from these rates.8. A contribution without donor restrictions of $4,800 was received. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: Gross patient services revenues: $25,000,000. Billed to patients. 2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3. Purchased equipment by issuing a 5-year note for $200,000. 4. Received cash donations restricted for a capital building addition program, $5,100,000. 5. Incurred and paid $1,700,000 of contractor billings for the capital building program.Dippel Hospital's December 31, 20X2, balance sheet reported hospital net assets of $8,645. Dippel's 20X2 excess of revenue over expenses was $714. What was reported as hospital net assets in Dippel's balance sheet at December 31, 20X1?
- Prepare general journal form for the following transactions of Bothwell Regional Hospital, a nongovernmental not-for-profit hospital. (If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.) For the month just ended, the hospital received in cash $8,000 from the hospital's gift shop sales and received donated medicines with a fair value of $47,000. These medicines are of the type the hospital normally would purchase. The hospital's finance officer, in compliance with the directive of the governing board, invested $600,000 of operating cash in certificates of deposit to be held for future purchases of equipment. New equipment costing $750,000 was purchased from money given to the hospital by a donor in a prior year to be held until needed for equipment purchases. A federal grant was received in cash in the amount of $400,000 to be used for heart research. During the current year, only $50,000 was spent for this research…1. A hospital reports the following information: Estimated bad debts—non-charity patients $ 500,000 Contractual adjustments—third party payors 1,000,000 Direct gross billings to non-charity patients 5,000,000 Gross billings to insurance companies and Medicare/Medicaid 17,000,000 Charity care, estimated billing value 2,000,000 Charity care, cost 1,200,000 Net patient service revenue, as reported on the hospital's statement of activities, is: 2. NFP organizations like the Red Cross invest in derivatives to hedge their financial risks. How do the accounting standards for NFP hedge investments differ from the accounting standards for other NFP investments? Select one: A. There is no difference. B. Unrealized gains and losses on hedge investments are reported as changes in net assets with donor restrictions on the statement of activities, while unrealized gains and losses on other investments are not reported. C. Unrealized gains and…Instructions: Complete the following. Calculating Medicare Payments, Write-Offs, Limiting Charges, and Allowed Amounts: Calculate the following amounts for a nonphysician practitioner who bills Medicare: Submitted charge (based on provider's regular fee for office visit) $75 ● MPFS allowed amount $60 Nonphysician practitioner allowed amount (100 percent of MPFS allowed amount) $ . ● ● ● Instructions: Complete the following. Calculating Medicare Payments, Write-Offs, Limiting Charges, and Allowed Amounts: Calculate the following amounts for a participating provider who bills Medicare: Medicare payment (80 percent of the MPFS allowed amount) $ • Submitted charge (based on provider's regular fee for office visit) $75 Medicare physician fee schedule (MPFS) allowed amount $60 ● Coinsurance amount (paid by patient or supplemental insurance) $12 • Medicare payment (80 percent of the MPFS allowed amount) $ Medicare write-off (not to be paid by Medicare or the beneficiary) $ Instructions:…
- 1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Ministry of Finance made an appropriation of OMRIS00,000 to College of Medicine. Jan I Jan 10 The College issued a purchase order, for medieal supplies (OMR80,000) and two latest machineries for the Surgical department (OMRI 50,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 The college received 40% of the supplies along with a voucher of OMR30,000. March 1 The supplier delivery one machinery along with a voucher OMRI SO,000 March 1S The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount ofr OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. April Construction is certified to complete 10% and the contractor has submited a voucher for OMRS0,o00. Payment is made based on the voucher. May 10 June 1 50% of the supplies ordered on January…A private not-for-profit health care entity has the following account balances: What is reported as the organization’s net patient service revenue? $880,000 $800,000 $690,000 $680,0001. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Ministry of Finance made an appropriation of OMR1500,000 to College of Medicine. Jan 1 The College issued a purchase order, for medical supplies (OMR80,000) and two latest machineries for the Surgical department (ÓMR150,000 each) Jan 10 Feb 1 General operating expenditure incurred and paid OMR15,000 March 1 The college received 40% of the supplies along with a voucher of OMR30,000. March 15 The supplier delivery one machinery along with a voucher OMR150,o00 The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount of OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. April Construction is certified to complete 10% and the contractor has submited a voucher for OMR50,000. Payment is made based on the voucher. May 10 June 1 50% of the supplies ordered on January 10…
