Contribution Revenue of a hospital: Any contributions or gifts received by a hospital is the part of revenue for the hospital in the same year in which it receives gift. It does not make any difference that gifts are paid in later year. : Where the unrestricted gift pledge from an annual contributor to a not for profit hospital would be credited.

Question

Want to see the full answer?

Answer 1

Question

Chapter 19, Problem 19.2.6E

To determine

Concept Introduction:

Contribution Revenue of a hospital:

Any contributions or gifts received by a hospital is the part of revenue for the hospital in the same year in which it receives gift. It does not make any difference that gifts are paid in later year.

:

Where the unrestricted gift pledge from an annual contributor to a not for profit hospital would be credited.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Jan 1 Jan 10 Feb 1 March 1 March 15 April May 10 June 1 July 10 August Instruction: Ministry of Finance made an appropriation of OMR1500,000 to CollegeofMedicine. The College issued a purchase order, for medical supplies (OMR80,000) and two latest machineries for the Surgical department (OMR150,000 each) General operating expenditure incurred and paid OMR15,000 The college received 40% of the supplies along with a voucher of OMR30,000. The supplier delivery one machinery along with a voucher O M R 1 5 0 ,0 0 0 The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount of OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. Construction is certified to complete 10% and the contractor has submited a voucher for OMR50,000. Payment is made based on the voucher. 50% of…

Following are the adjusted current funds trial balances of Community Association for Children With Disabilities, a voluntary health and welfare organization, on June 3O, 20X4: COMMUNITY ASSOCIATION FOR CHILDREN WITH DISABILITIES Adjusted Current Funds Trial Balances June 30, 20X4 Without Donor Restrictions With Donor Restrictions Debit Debit Credit Credit Cash 40,000 9,000 5,000 Bequest Receivable Pledges Receivable Accrued Interest Receivable 12,000 1,000 100,000 Investments (at market) Accounts Payable & Accrued Expenses Deferred Revenue 50,000 2,000 1,000 Allowance for Uncollectible Pledges Fund Balances, July 1, 20X3: 3,000 Designated Undesignated With Donor Restrictions Transfers of Expired Endowment Fund Principal Contributions 12,000 26,000 23,000 20,000 20,000 300,000 25,000 30,000 10,000 15,000 Membership Dues Program Service Fees Investment Income Deaf Children's Program Expenses Blind Children's Program Expenses Management and General Services Fund-raising Services Provision…

66. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…