A local private not for profit health care entity incurred the

following
A local private not-for-profit health care entity incurred the following transactions during the
current year. Record each of these transactions in appropriate journal entry form. Prepare a
schedule calculating the change in unrestricted, permanently restricted, and temporarily
restricted net assets.a. The organization’s governing board announced that $160,000 in
previously unrestricted cash will be used in the future to acquire equipment. The funds are
invested until the purchase eventually occurs.b. Received a donation of $80,000 with the
stipulation that all income derived from this money be used to supplement nursing salaries.c.
Expended $25,000 for medicines. It received the money the previous year as a restricted gift for
this purpose.d. Charged patients $600,000, 80 percent of which is expected to be covered by
third-party payors.e. Calculated depreciation expense of $38,000.f. Received interest income of
$15,000 on the investments the board acquired in transaction (a).g. Estimated that $20,000 of
current accounts receivable from patients will not be collected and that third-party payors will
reduce the amounts owed by $30,000 because of contractual adjustments.h. Consumed the
medicines acquired in (c).i. Sold the investments acquired in (a) for $172,000. Spent all
restricted cash and $25,000 that previously had been given to the organization (with the
stipulation that the money be used to acquire plant assets) for new equipment.j. Received
pledges for $126,000 in unrestricted donations. Of the pledges, 10 percent are paid immediately
with 90 percent to be received and used in future years. Officials estimate that $9,000 of this
money will never be collected. Present value of the receivable is $98,000.View Solution: A local
private not for profit health care entity incurred the following
SOLUTION-- http://solutiondone.online/downloads/a-local-private-not-for-profit-health-care-
entity-incurred-the-following/

Unlock answers here solutiondone.online