finance
Please help me answer the following accounting questions.
Question 1.
This is finance class. They are two problems, but its one question. the template is below.
Problem 10-27. HELP started the year with the following account balances (shown in alphabetical order):
Accounts Receivable …………..$ 300,000
Cash ……………………135,000
Accounts Payable ………………0
Equipment ………………………….70,000
Line of Credit …………………….100,000
Permanently Restricted Net Assets ……….167,000
Supplies ……………………………….7,000
Temporarily Restricted Net Assets ………50,000
Unrestricted Net Assets ……………125,000
Wages Payable …………………….70,000
Record these opening balances and the transactions fromProblem 10-26
(Problem10-26)The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year:
1. HELP collected $ 250,000 in cash that it had billed to the federal government under Medicare. The money had been earned in the prior fiscal year, and was recorded as revenue then.
2. HELP paid back $ 100,000 it borrowed at the end of last year on a line of credit. The bank did not charge interest.
3. HELP bought $ 25,000 in supplies to treat patients. HELP paid the supplier for all the supplies with cash.
4. HELP belongs to the state hospital association, and its membership is current (meaning it is paid up through the end of the year). HELP receives an invoice for $ 75,000 for next year’s fees but has not paid it yet.
5. HELP replaced many of the patient examination tables. They cost $ 50,000, and HELP put $ 10,000 down in cash. The rest is still owed.
6. HELP paid $ 65,000 it owed employees from last year. Employees had earned this last fiscal year, and it was recorded as an expense then.
Show the impact of these transactions on the fundamental equation of accounting.
Question 2.
11-5 ARCH began the year with the following balances (shown in alphabetical order) in their accounts:
Accounts Payable $27,000
Accounts Receivable, net 26,000
Cash 10,000
Inventory 25,000
Notes Payable 270,000
Permanently Restricted Net Assets 100,000
Pledges Receivable 350,000
Property, Plant, and Equipment, net 350,000
Temporarily Restricted Net Assets 30,000
Unrestricted Net Assets 302,000
Wages Payable 32,000
Record this information and the transactions from Problem 11-14 in a worksheet similar to Exhibit 11-7.
(Problem 11-14) The American Research Council of Humanity (ARCH) had the following financial events during the current year:
1. January 12. Received a $300,000 payment from a pledge made last year.
2. February 4. Placed an order for new cubicle partitions with five-year useful lives, for $15,000. ARCH uses straight-line depreciation. Payment was not yet made, and the partitions have not yet been delivered.
3. March 1. Paid out a $50,000 grant to the Governmental Archeological Research Committee for History (GARCH). This was a new grant made in the current fiscal year.
4. May 29. Paid a $5,000 deposit for the partitions ordered on February 4.
5. June 12. Collected $80,000 in new donations.
6. September 1. ARCH bought $60,000 of books it has sponsored in the past to sell in its online bookstore. They paid half now, and still owe the other half, to be paid at the end of the year. ARCH has budgeted to sell the books for $100,000 total.
7. October 15. The partitions ordered on February 4 arrived, and ARCH paid for the balance owed.
8. November 10. ARCH borrowed $75,000 from its bank on a note payable.
9. December 5. ARCH repaid $25,000 on the note payable, and also $3,000 in interest expenses.
10. December 28. ARCH paid its employees $75,000 of wages in cash for the year, $70,000 of which was for the current year and $5,000 of which was for the outstanding balance owed. Employees earned $90,000 in wages for the year.
11. December 31. Book sales from the Internet book-store totaled $ 110,000, and the cost of the books sold was $58,000. ARCH has not collected $12,000 of the sales. The balance owed for the inventory was paid.
12. ARCH expects that of the $12,000 not collected to date, it will collect $10,000.
13. December 31. Depreciation on ARCHs building for the year is $40,000.
Record these transactions and any other required adjusting entries by showing their impact on the fundamental equation of accounting or journal entries.
