Advanced Accounting Chapter 18 EXAM GRADED A+

Advanced Accounting Chapter 18 EXAM GRADED A+ d. $680,000. (Amounts charged to patients less contractual adjustments and the provision for bad debts) - ANSWERA private not-for-profit health care entity has the following account balances: Revenue from newsstand $50,000 Amounts charged to patients $800,000 Interest income $30,000 Salary expense—nurses $100,000 Provision for bad debts $10,000 Undesignated gifts $80,000 Contractual adjustments $110,000 What is reported as the organization's net patient service revenue? a. $880,000. b. $800,000. c. $690,000. d. $680,000. a. Yes; Yes - ANSWERA large private not-for-profit entity's statement of activities should report the net change for net assets that are Unrestricted; Permanently Restricted a. Yes; Yes b. Yes; No c. No; No d. No; Yes b. Both I and II are true. (Private NFPs report depreciation expense. A public university is normally reported as an Enterprise Fund. Enterprise Funds also record depreciation expense.) - ANSWERWhich of the following statements is true? I. Private not-for-profit universities must report depreciation expense. II. Public universities must report depreciation expense. a. Neither I nor II is true. b. Both I and II are true. c. Only I is true. d. Only II is true. b. Permanently restricted net assets have increased by $210,000. (Permanently restricted net assets have increased by only $120,000.) - ANSWERA private not-for-profit entity receives three large cash don