ASSUME THAT QUEENSWAY CARLETON HOSPITAL’S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES:
ASSUME THAT QUEENSWAY CARLETON HOSPITAL’S ACCOUNTING RECORDS INCLUDED THE FOLLOWING JOURNAL ENTRIES:
This assignment has a total of 100 marks and contributes 20% to your final grade. State any assumptions that you have made and remember to show all of your work as partial marks may be awarded.
Question 1 (20 marks)
Assume that Queensway Carleton Hospital’s accounting records included the following journal entries:
a) DR Receivable from governments 5,000,000
CR Funding from governments 5,000,000
b) DR Inventories 100,000
CR Accounts payable and accrued liabilities 100,000
c) DR Salaries and benefits 125,000
CR Cash 125,000
d) DR Amortization of major equipment 6,237,000
CR Accumulated amortization 6,237,000
e) DR Accounts receivable 2,800
CR Preferred accommodations revenue 2,800
f) DR Long-term debt 250,000
CR Cash 250,000
g) DR Cash 2,500,000
CR Receivable from governments 2,500,000
h) DR Medical and surgical supplies expense 160,000
CR Inventories 160,000
i) DR Accounts payable and accrued liabilities 80,000
CR Cash 80,000
j) DR Prepaid expenses 10,000
CR Cash 10,000
Required:
Explain the transaction represented by each of the above journal entries. Do not just say that the account was increased or decreased—explain the nature of the transaction.
(2 marks each)
Question 2 (55 marks)
For this question, use the 2015 financial statements of Queensway Carleton Hospital found at.qch.on.ca/NewsroomFiles/Audited%20Satements%203-31-15.pdf”>http://www.qch.on.ca/NewsroomFiles/Audited%20Satements%203-31-15.pdf
a) Calculate the following ratios for 2015 and 2014 for Queensway:
. .
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