Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: Gross patient services revenues: $25,000,000. Billed to patients. 2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3. Purchased equipment by issuing a 5-year note for $200,000. 4. Received cash donations restricted for a capital building addition program, $5,100,000. 5. Incurred and paid $1,700,000 of contractor billings for the capital building program.
Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: Gross patient services revenues: $25,000,000. Billed to patients. 2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3. Purchased equipment by issuing a 5-year note for $200,000. 4. Received cash donations restricted for a capital building addition program, $5,100,000. 5. Incurred and paid $1,700,000 of contractor billings for the capital building program.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem #1
Record the following transactions for Porter Hospital, a private, nonprofit hospital:
- Gross patient services revenues: $25,000,000. Billed to patients.
2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000.
3. Purchased equipment by issuing a 5-year note for $200,000.
4. Received cash donations restricted for a capital building addition program, $5,100,000.
5. Incurred and paid $1,700,000 of contractor billings for the capital building program.
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