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Ambulatory Center, Inc. had the following ending balances for its assets, liabilities, and net assets accounts as of December 31, 20XO. Givens: Cash 50,000 Accounts receivable 85,000 Allowance for uncollectibles 15,000 Inventory or supplies 8,000 Prepaid insurance 1,300 Long-term investments 15,000 Plant, property, and equipment 4,000,000 Accumulated depreciation 2,000,000 Short-term accounts payable 75,000 Accrued expenses 22,000 Long-term debt 1,300,000 Unrestricted net assets 652,300 Permanently restricted net assets 95,000 List and record each 20XI transaction under the accrual basis of accounting. Develop a balance sheet for end-of-years 20XO and 20X}, a statement of operations and a statement of changes in net assets for the year ended December 31, 20X I. a. The center made a cash payment of $45,000 to payoff outstanding accounts payable. b. The center received $10,000 in cash from a donor who temporarily restricted its use. (Hint: this transaction increases the temporarily restricted net assets account.) c. The center provided $3,300,000 of services on credit. d. The center consumed $6,000 of supplies in the provision of its ambulatory services. e. The center paid off accrued interest expense of $18,500 in cash. f. The center collected $2,800,000 in cash from outstanding accounts receivable. g. The center incurred $22,000 in general expenses that it paid for in cash. h. The center made a $300,000 cash principal payment toward its long-term debt. i. The center collected $450,000 in cash from outstanding accounts receivable. j. The center received $28,000 in cash from an HMO for future capitated services. k. The center purchased $3,000 of supplies on credit. l. The center earned, but did not receive, $3,500 in income from its restricted net assets. The income can be used for general operations. (Hint: this transaction increases interest receivable and is also recorded under revenues, gains, and other support.) m. The center's temporarily restricted asset account released $2,500 from its restricted account to its unrestricted account for operations. (Hint: the transfer gets recorded under revenues, gains, and other support.) n. The center incurred $6,000 in interest expense. The interest expense was recorded but not yet paid in cash. o. The center incurred $2,700,000 in labor expenses, which it paid for in cash. p. The center paid $3,200 in advance for insurance expense. q. The center transferred $6,400 in cash to its parent corporation. r. The center incurred $175,000 in depreciation expense. s. The center's prepaid insurance of $3,400 expired for the year. t. The center estimated $8,000 for bad debt expense for the year. NOTE: This question is NOT our property; we are only suggesting solution of this question.

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