please help me to solve this question During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profitinstitution:1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,800,000. Estimated contractualadjustments with third-party payors amounted to $465,000 and the Hospital estimated implicit price concessions would total$10,000.2. Charity services, not included in transaction 1, would amount to $66,000, had billings been made at gross amounts.3. Other revenues, received in cash, were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000.4. Cash gifts restricted by the donor for programs amounted to $26,000 for the year. During the year, $50,000 was expended fortechnician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits).5. Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used.6. During the year, the hospital received, in cash, unrestricted contributions of $42,000 and unrestricted income of $35,000 fromendowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.)7. New equipment, costing $152,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year.8. An old piece of lab equipment that originally cost $50,000 and that had an undepreciated cost of $10,000 was sold for $7,000 cash.9. At the end of 2020, pledges (restricted as to purpose) were received in the amount of $120,000. These are intended to be receivedand expended in 2021.10. Cash contributions were received from donors restricted for plant acquisition, $170,000.11. Bills were received for the following items: Utilities $139,000 and Insurance $80,000. These will be paid in January of 2021.12. Depreciation of plant and equipment amounted to $180,000.13. Cash payments on accounts payable amounted to $168,000. Another $800,000 was expended on wages and benefits.14. Cash collections of patient accounts receivable amounted to $1,180,000. These were in settlement of patient accounts totaling$1,587,000. Contractual adjustments associated with these totaled $400,000 and price concessions totaled $7,000.15. Closing entries were prepared.Required:a. Record the transactions in the general journal of the Port Hudson Community Hospital.b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020.c. Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31, 2020.Assume beginning net assets are $7,000,000.

Trn. General Journal Debit Credit 1 Patient Accounts Receivables $1,950,000…

Answered: a. Record the transactions in the…

FINANCIAL ACCOUNTING

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During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,675,000. Estimated contractual adjustments with third-party payors amounted to $405,000, and the hospital estimated implicit price concessions totaling 35,000. Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. Cash gifts restricted by the donor for programs amounted to $32,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. During the year, the…
During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,675,000. Estimated contractual adjustments with third-party payors amounted to $405,000, and the hospital estimated implicit price concessions totaling 35,000. Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. Cash gifts restricted by the donor for programs amounted to $32,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. During the year, the…
During 2024, the following transactions were recorded by the Port Hudson Community Hospital, a private-sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,675,000. Estimated contractual adjustments with third-party payors amounted to $405,000, and the hospital estimated implicit price concessions totaling 35,000. Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. Cash gifts restricted by the donor for programs amounted to $32,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (Debit Operating Expense—Salaries and Benefits). Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. During the year, the…
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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…

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a. Record the transactions in the general journal of the Port Hudson Community Hospital. b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2020.