A Hospital had an equity balance of $1.38 million at the beginning of the year. At the end of the year its equity balance was $1.98million dollars. Assumed that Mount Sinai Hospital is a not-for-profit organization. What was its net income for the period?
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A Hospital had an equity balance of $1.38 million at the beginning of the year. At the end of the year its equity balance was $1.98million dollars. Assumed that Mount Sinai Hospital is a not-for-profit organization. What was its net income for the period?
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- Mount Sinai Hospital had an equity balance of $1.38 million at the beginning of the year. At the end of the year its equity balance was $1.98million dollars. Assumed that Mount Sinai Hospital is a not-for-profit organization. What was its net income for the period? show your work.During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year). Services provided to inpatients and outpatients amounted to $9,600,000, of which $450,000 was for charity care; $928,000 was paid by uninsured patients; and $8,222,000 was billed to Medicare, Medicaid, and insurance companies. Donated pharmaceuticals and medical supplies valued at $265,000 were received and utilized as general expenses. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,365,000 of the $8,222,000 billed by the hospital during the year (see transaction 1). An unconditional contributionPage 687 of $5,000,000 was received in cash from a donor to construct a new facility for care of Alzheimer’s patients. The full amount is expendable for that purpose. No activity occurred on this project during the current year. A total of $965,000 was received from…At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets and $9,000,000 of liabilities (including deferred revenues of $300,000). What is the balance of Cramer’s net assets?a. $5,700,000b. $6,000,000c. $6,300,000d. $15,000,000
- Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the past year, Jefferson reported an after-tax income of $7 million. Total interest expense was $3,200,000, and the hospital tax rate was 30%. Total assets totaled $70 million, and non-interest-bearing current liabilities were $22,800,000. The required rate of return established by Jefferson is equal to 18% of invested capital. What is the residual income of Jefferson Memorial Hospital?A non-profit domestic hospital has the following data during the year 2x18: Gross income from hospital operation P2,000,000 Operating Expenses (excluding depreciation for the new hospital building) 500,000 Rent income of commercial space, hospital ground floor, net of 5% withholding taxes 190,000 Interest on bank deposit, net of 20% withholding tax 40,000 Dividend income from a domestic corporation 100,000 An additional hospital building was built and finished on June 30, 2X18 at the cost of P4,000,000 with a depreciable life of 25 years. a. Compute the income tax still due and payable in 2X18. b. Assume the hospital was organized for profit, compute the income tax still due and payable in 2X18.Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021, the company reports the following amounts: Advertising expense $ 33,500 Service revenue $127,600 Buildings 150,000 Interest expense 3,500 Salaries expense 65,100 Utilities expense 15,500 Accounts payable 6,400 Equipment 27,000 Cash 5,500 Notes payable 30,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $30,300 at the beginning of the year and paid dividends of $5,200. Required: Prepare the income statement, statement of stockholders’ equity, and balance sheet for Gator Investments.
- This is the financial position of Hospital AMIH, Inc. regarding the repayment of its debts. These are the most relevant data of its financial statements: Total revenues $ 245,000 Total expenses $ 145,000 Depreciation $ 10,000 Changes in receivable accounts +$ 50,000 Changes in inventory ($ 20,000) Changes in accounts payable ($ 25,000) Total current liabilities $ 30,000 Total long-term debt $ 45,000 cash flow (total margin + depreciation expense) + interest expense/principal payment + interest expense Calculate the operating cash flow.St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for the taxable year, 2018: Gross receipts from patients and laboratory 5,000,000.00 ;Income earned from unrelated activities 1,500,000.00 ; Total hospital expenses 2,300,000.00. What is the rate of unrelated activity income to St. Matthew Hospital's gross income? Determine the income tax liability of St. Matthew Hospital.Prepare journal entries to record the following transactions of a nonprofit hospital, with expense transactionscategorized by function:1. The hospital billed its uninsured patients for $300,000. Based on historical experience, it expects tocollect 45 percent of that amount over time.2. Nurses and doctors employed by the hospital were paid their salaries, $120,000.3. The chief administrative officer was paid her salary of $12,000.4. The hospital paid its utility bill, $6,000.5. Depreciation on the equipment was $40,800.6. Several adults donated their time (worth $6,000) selling merchandise in the hospital gift shop.7. The hospital billed Medicare $120,000 for services provided at its established rates. The prospectivebilling arrangement gives Medicare a 40 percent discount from these rates.8. A contribution without donor restrictions of $4,800 was received. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.
- The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?At the beginning of the year, Omni Direction Health Services, a Health and welfare not-for-profit entity, had the following Net Assets balances: Net Assets: without donor restriction $980,000 with donor restriction $320,000 During the year a number of transactions occured. Using a 2-column schedule, show how each of the following transactions would affect the organization's two categories of Net assets. Show any reclassification necessary. Number each entry on your schedule to match the numbering below and provide a final total. 2. Paid salaries of $30,000 with $5,000 of that amount coming from restricted funds. note: two separate things should be recorded. One, there is a reduction (you show an addition) of 30,000 to net assets without donor restrictions because of the salaries expense. Then, there is a reclassification that reduces net assets with donor restrictions and increases net assets without donor restrictions because some previous donation has been used as the…At the beginning of the year, the AAA of Rose, Inc. shows a balance of $682,000. During the year, the following items occur. Compute the end-of-year AAA balance. Operating income $452,000 Interest income 6,550 Dividend income 14,050 Municipal bond interest income 12,000 Short-term capital loss from sale of building 7,400 Section 179 expense 6,500 Charitable contributions 19,000 Cash distributions 57,000 Depreciation recapture 3,500 a.$1,185,150. b.$1,191,150. c.$1,242,150. d.$1,064,700. 10- Misha receives a proportionate current (nonliquidating) distribution when the basis of his partnership interest is $60,000. The distribution consists of $80,000 cash and inventory (adjusted basis to the partnership of $10,000, fair market value of $20,000). How much gain or loss does Misha recognize, and what is his basis in the distributed inventory and in the partnership interest following the distribution? a.$0 gain or loss; $20,000 basis in inventory; $50,000 basis in…