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1. The following are taken from the Chart of Accounts for the Veteran Community Hospital,...

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Accounting

1. The following are taken from the Chart of Accounts for the Veteran Community Hospital, a Voluntary Health & Welfare Organization (VHWO). Prepare a Statement of Activities showing where each item would be placed on the financial statement.

Program Services Counseling

Net Assets, December 31, 2001

Net Assets Released From Restrictions

Contributions

Program Service Fees

Support Expenses Management

Change in Net Assets

Net Assets, December 31, 2000

Program Services Outreach

Support Expenses Fundraising

2. Record in general journal form the following selected transactions for Beckwith General Hospital, a nongovernmental, not-for-profit institution that follows the AICPA Audit and Accounting Guide.

1. Gross charges for patient services rendered during the period amounted to $7,670,000, of which $550,000 represented charity care for indigent patients.

2. During the year, the provision for bad debts was set at $170.000 and contractual adjustments amounted to $235,000.

3. A wealthy donor donated $4,000,000 to construct a new cardiology wing on the hospital.

4. During the year, the new cardiology wing (see item 3) was one-half completed at a cost of $2,000,000.

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