Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 16, Problem 7Q
To determine
Provide the difference in the accounting for the donor’s contribution and pledge by ascertaining that Memorial Hospital T is (a) a governmental hospital (b) not-for profit hospital.
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White Valley Presbyterian Hospital is a nonprofit initial care facility. For the hospital’s calendar year ending December 31, 2019
journal entries to record the transactions listed in 1 through 14. below
Third-parties payers and direct-pay patients were billed $6,500,000 at the hospital's established billing rates
The hospital determined that certain of its patients qualified for charity care and that it would not seek to collect $950,000 at established billing rates from direct-pay patients
The hospital estimated contractual adjustments for the year of $1,600,000
The hospital originally estimated uncollectible amounts from direct-pay patients to be $250,000 (recall that original estimated uncollectible amounts reduce revenue; only estimates specific to an individual patient are reported as bad debt expense).
The hospital received capitation premiums of $2,500,000. It estimated that the cost of providing this care was $1,800,000
The hospital received payments from third-party payers…
A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Choose the correct.a. Revenues of $33,500.b. Public support of $33,500.c. Public support of $32,000 and a $1,500 increase in the fund balance.d. Public support of $32,000 and revenue of $1,500.
A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation?
Make no entry.
Record contributed support of $2,100 and community assistance expense of $2,100.
Recognize revenue of $2,100.
Recognize contributed support of $2,100 and community expenditures of $2,100.
Chapter 16 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What is an example of a performance indicator and...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - What are assets limited as to use and how do they...Ch. 16 - Prob. 9QCh. 16 - Prob. 10Q
Ch. 16 - Prob. 11QCh. 16 - Prob. 12CCh. 16 - Prob. 17.1EPCh. 16 - Prob. 17.2EPCh. 16 - Which of the following is a true statement...Ch. 16 - Prob. 17.4EPCh. 16 - Prob. 17.5EPCh. 16 - Prob. 17.6EPCh. 16 - Prob. 17.7EPCh. 16 - Wellness Psychiatric Clinic received a large...Ch. 16 - Prob. 17.9EPCh. 16 - Prob. 17.10EPCh. 16 - Prob. 18EPCh. 16 - Prob. 19EPCh. 16 - The Kyle Sports Medicine facility is a...Ch. 16 - Prob. 21EPCh. 16 - Prob. 22EPCh. 16 - Prob. 23EPCh. 16 - Prob. 24EPCh. 16 - Prob. 25EP
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