Response to the following problem:
List and record each transaction for Claymont Outpatient Clinic under the accrual basis of accounting at Dec 31, 2011. Then develop a balance sheet as of Dec 31, 2012, and a statement of operations for the year ended Dec 31, 2012.
1 The clinic received an $8,000,000 unrestricted cash contribution from the community.
(Hint: this transaction increases the unrestricted net assets account.)
2 The clinic purchased $5,600,000 of equipment. The clinic paid cash for the equipment.
3 The clinic borrowed $3,000,000 from the bank on a long-term basis.
4 The clinic purchased $600,000 of supplies on credit.
5 The clinic provided $9,400,000 of services on credit.
6 In the provisions of these services, the clinic used $300,000 of supplies.
7 The clinic received $740,000 in advance to care for capitated patients.
8 The clinic incurred $4,000,000 in labor expenses and paid cash for them.
9 The clinic incurred $2,500,000 in general expenses and paid cash for them.
10 The clinic received $7,300,000 from patients and their third parties in payment of outstanding accounts.
11 The clinic met $540,000 of its obligation to capitated patients in transaction g.
12 The clinic made a $300,000 cash payment on the long-term loan.
13 The clinic also made a cash interest payment of $35,000.
14 A donor made a temporarily restricted donation of $350,000, which is set aside in temporary investments.
15 The clinic recognized $380,000 in depreciation for the year.
16 The clinic estimated that $800,000 of patient accounts would not be received.