Government and Not-for-Profit Accounting Transactions Analysis

School: Colorado State University, Global Campus - Course: ACT 555 - Subject: Accounting

Option #1: Government and Not-for-Profit Accounting Portfolio Tammy Weatherford Colorado State University Global ACT555 Dr. Dushyant Gosai December 4, 20221

2 Option #1: Government and Not-for-Profit Accounting Portfolio Problem 1 1. Medical Care provided to the underprivileged citizens (homeless) which is worth $96,000 - No Revenue 2. Federal grant received by the hospital of $15,000 to provide immunizations to children - Other Revenue (non-exchange) 3. Recently approved drugs worth $19,000 donated by pharmaceutical firms. The hospital uses such drugs in its operations - Other Revenue (non-exchange) 4. Receipt of $10 from a patient as a co-pay for an outpatient visit. $800 was billed to insurance - Patient Service Revenue 5. Final payment made by Geezer Health Insurance of $625 on the bill due for $800 - Contractual Adjustment 6. Sales from the gift shop of $3,200 - Other Revenue (exchange) 7. Contributions received from the local civic group of $24,000 worth of labor at the information desk of the hospital - No Revenue 8 Patient accounts of $1,800 were written off as uncollectible - No Revenue 9. Receipt of $900 by the hospital for CPR training given to the city police department. - Other Revenue (exchange) 10. Contribution from a patient of $1,000 for unrestricted use by the hospital - Other Revenue (non-exchange) The first proposed transaction describes a scenario in which the hospital donated $96,000 worth of charitable services to homeless citizens. This would be categorized as "No Revenue" because the hospital did not receive income for the services provided.