Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sacred heart hospital had the following closing en

Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017:...

70.2K

Verified Solution

Question

Accounting

Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017:

Reclassification to unrestricted net assets
Satisfaction of equipment acquisition restrictions $150,000
Operating revenues: patient service revenue 3,750,000
Operating revenues: other revenue 30,000
Non-operating investment income: unrestricted 10,000
Non-operating: net realized and unrealized gains on investments 12,000
Unrestricted net assets 1,377,000
Contractual adjustments: unrestricted 300,000
Operating expenses: professional care of patients 1,730,000
Operating expenses: general services 345,000
Operating expenses: administration 200,000
Donor restricted net assets 150,000
Reclassification from donor restricted net assets: satisfaction of plant acquisition restrictions 150,000
Non-operating contribution revenue: donor restricted 504,000
Donor restricted net assets 504,000

Required:

  1. Prepare a statement of operations for the year ended December 31, 2017.
  2. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are $1,700,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

PLEASE NO COPIED OR HAND WRITTEN ANSWERS Describe what directly impacts the cash flow of a...

Finance
Q

Calculate the pH of the solution after the addition of the following amounts of 0.0649 M...

Chemistry
Q

Managing other consultants on a project is one of the key and daunting tasks of construction...

Civil Engineering
Q

2. The Main Line HealthCare medical practice recently redid their new patient intake form to better...

Psychology
Q

How were American universities initially financed O Donations Government funding Local efforts

Biology
Q

Exercise 3 2 Reduce the following Kuhn tre 5 1 2 3 0 4 e...

Basic Math
Q

Solve sin (3x) cos(5x) - cos(3x) sin(5x)=-0.35 for the smallest positive solution.x=

Basic Math
Q

Factor the given expression following the example 2 2 2 2 2 2 2 1...

Algebra
Q

__________ is an important part of the process of dismantling an organization, particularly with complex...

Accounting
Q

Even though real estate rental income is passive by definition, how much may taxpayers deduct...

Accounting
Q

Use the following information for questions 1011. Berwick Company compiled the following financial...

Accounting
Q

16. Sources and Uses of Cash (L04] For each account on this company's balance sheet,...

Finance