Chapter Show more Financial Management of Health Care Organizatios 4th Edition Zelman McCue Glick Thomas: Chapter 3-11: Transactions Plus Multiple Statements:
Chapter Show more Financial Management of Health Care Organizatios 4th Edition Zelman McCue Glick Thomas: Chapter 3-11: Transactions Plus Multiple Statements:
List and record each transaction for the Claymont Outpatient Clinic under the accrual basis of accounting at December 31 20X1. Then Develop a balance sheet as of December 31 20X1 and a statement of operations for the year ended December 31 20X1. a) Clinic Received a $10000000 unrestricted cash contribution from the community (hint: this transaction increases the unrestricted net assets account). b) the clinic purchased $4500000 of equipment. The clinic paid cash for equipment. c) the clinic borrowed $2000000 from the bank on a long-term basis d) the clinc purchased $550000 of supplies on credit e) the clinic provided $8400000 of services on credit f) In the provision of these services the clinic used $420000 of supplies g) the clinic received $800000 in advance to care for capitated patients h) the clinic incurred $4500000 in labor expenses and paid cash for them i) the clinic incurred $2230000 in general expensed and paid cash for them j) the clinic received $6000000 from patients and their third parties in payment of outstanding accounts k) the clinic met $440000 of its obligation to capitated patients ( transaction g) L) the clinic made a $400000 cash payment on the long-term loan m) the clinic also made a cash interest payment of $40000 n) A donor made a temporary restricted donation of $370000 which is set aside in temporary investments o) the clinic recognized $400000 in depreciation for the the year. p) the clinic estimated that $850000 of patient accounts would not be received and established a provision for bad debt. Show less
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