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Ladders and other equipment, for which they paid $1,800 in cash. They estimated that the equipment would have an average useful life of 6 years.
For each transaction, state whether an asset increased or decreased, a liability increased or decreased, or equity increased or decreased.
Mario and John, who run the best barber shop in Westchester, decided to expand their business.
Based upon the following information, compute total assets, total liabilities, and total capital.
Identify the proper financial statement classification for each account by placing the appropriate letter key in the space provided.
South Salem Day Care Center is a not-for-profit organization that provides day care services.
Nomoto receives 14 automobiles from a manufacturer and puts them into its inventory for resale. Nomoto bought the autos on credit for $22,000 each.
Based on this information, what was the change in equity for the period?
Identify the accounts that would be increased and those that would be decreased on April 30 in order to accurately measure the results of operations.
Purchased, on credit, copper pipes and a variety of other items for use in repair jobs at a cost of $3,500. He recorded these items as Supplies inventory.
The Metro County Hospital could not collect the amount billed to a patient who declared bankruptcy and had no assets with which to pay his debts.
When the patient tells the hospital that he will not be able to pay the bill, how should the lost revenues be reported?
A hospital arranges with a third-party payer to charge the third party 75 percent of its established billing rates.
A hospital arranges with an HMO to provide hospital care to the HMO's members at a specific rate per member, per month.
The hospital provided services to charity patients amounting to $1 million at its established billing rates.
A hospital purchased 100 shares of stock on June 30, 2011, for $3,100, using its unrestricted resources.
Using the following codes, indicate which statement would be used to report each item for a notfor-profit hospital.
What amount should Alpha report as net patient service revenue in its year 2012 financial statements?
During the year ended December 31, 2012, a not-for-profit hospital had both unrealized and realized gains on investments made with its unrestricted net assets.
Rasheed works for Company A, earning $389,000 in salary during 2016. Assuming he has no other sources of income, what amount of FICA tax will Rasheed pay
What are the components of the net position section of a governmental hospital's balance sheet?
The total services provided by the hospital to all patients during the year amounted to $19 million at the hospital's established billing rates.
Claim A is for $500,000. The hospital's attorneys are 90 percent confident that the hospital will win the claim if it goes to trial.
Christy General Hospital, a not-for-profit organization, accounts for its activities using a General Fund (GF), and three restricted fund groups-Specific .
Assume that Brite-Hope Hospital in E13-2 is a not-for-profit hospital. Using the following letters, identify which net asset classification.