The Following Information Is Contained in the Funds Which Are

question 22

Essay

The following information is contained in the funds which are used to account for the transactions of the Hope Hospital,which is operated by a nonprofit,religious organization.The balances in the accounts are as of June 30,2009,the end of the hospital's fiscal year.Credit amounts are in parentheses.
Additional information:
The $64,000 in the specific purpose fund is restricted for research activities to be conducted by the hospital.
Required:
Prepare a balance sheet for Hope Hospital as of June 30,2009.

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Definitions:

Corporate Tax

A tax imposed on the income or profit of corporations and other business entities.

35%

This is often a reference to a specific tax rate, percentage rate of interest, or any other figure that is quantified at 35%.

Sole Shareholder

A single individual or entity that holds all the shares of a corporation, essentially owning the company outright.

FMV

Stands for Fair Market Value, which is the price that property would sell for on the open market.