Use the information given to prepare a statement of operations for Hometown Memorial,Hospital at December 31, 2011.The following selected items were taken from the accounts of Hometown Memorial Hospital, a not-for-profit hospital, at December 31, 2011:
Use the information given to prepare a statement of operations for Hometown Memorial,Hospital at December 31, 2011.The following selected items were taken from the accounts of Hometown Memorial Hospital, a not-for-profit hospital, at December 31, 2011:
THE FOLLOWING SELECTED ITEMS WERE TAKEN FROM THE ACCOUNTS OF
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The following selected items were taken from the accounts of Hometown Memorial Hospital, a not-for-profit hospital, at December 31, 2011:
Debits
Administrative services……………………………………… $ 310,000
Contractual allowances………………………………………. 400,000
Depreciation…………………………………………………. 200,000
Employee discounts…………………………………………. 100,000
General services……………………………………………… 290,000
Loss on sale of assets………………………………………… 50,000
Nursing services…………………………………………….. 1,000,000
Other professional services………………………………….. 500,000
Provision for bad debts……………………………………… 150,000
Credits
Donated medicine……………………………….. ………….. 300,000
Income from investment in affiliate…………………………. 80,000
Patient service revenues……………………………………… 2,500,000
Television rentals to patients…………………………….…… 50,000
Unrestricted donations…………………………………………… 200,000
Unrestricted income from investments of endowment funds….. 270,000
Restricted donations for fixed asset purchases…………………. 300,000
Restricted donations for specific operating purposes…………… 100,000
REQUIRED
Use the information given to prepare a statement of operations for Hometown Memorial
Hospital at December 31, 2011. Assume that $80,000 of expenses were for purposes for which restricted donations were available and that fixed assets costing $97,000 were purchased from donations restricted for their purchase.
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