I need someone to complete my assignemt. I am struggling and I am asking for help.
Student Info STUDENT NAME: COURSE: HCM 316 DATE: TIME: Instructions Below you are provided Ending Balances from 2018 financial statements for your not-for-profit hospital Hint: the below information is necessary for you to complete the assignment. AssetsCash$ 7,800,000.00 Prepaid Insurance$ 120,000.00 Accounts Receivable$ 3,900,000.00 Inventory$ 3,600,000.00 Plant & Equipment$ 6,000,000.00 Pledge Receivable$ - 0 $ - 0 ExpensesInventory$ 660,000.00 Labor$ 600,000.00 Interest$ 120,000.00 Insurance$ 300,000.00 Depreciation$ 300,000.00 $ - 0 LiabilitiesAccounts Payable$ 1,800,000.00 Wages Payable$ 5,400,000.00 Mortgage Payable$ 1,440,000.00 $ - 0 Net AssetsUnrestricted$ 6,000,000.00 Temporarily Restricted$ 1,980,000.00 Permanently Restricted$ 4,800,000.00 $ - 0 RevenuePatient Service Revenue$ 2,100,000.00 Revenue - contributions donations$ 720,000.00 Revenue- non-patient services (gift shop, parking etc.)$ 420,000.00 1- Complete the Journal Entries and Corresponding T account records that are provided to you in "Journal Entries" woksheet 2- By using the Information provided to you fill out Not-for-Profit Ledger including the beginning and ending balances 3- By using the information provided to you and information that you generated in the ledger, prepare your balancesheet as of December 31 2019 by utilizing the BalanceSheet Template 4- By using the information provided to you and the information that you generated calculate your depreciation expense by using 3 different methods of depreciation methods --- Use the Depreciation template provided to you 5- By using the information provided to you and information that you generated in the ledger, prepare your Income Statement as of December 31 2019 by utilizing the Income Statement Template.Hint: In your income statement use the numbers from your Straight Line Depreciation calculation 6- By using the information provided to you and information that you generated, prepare your Cash Flow statement as of December 31 2019 by utilizing the Statement of the Cash Flow Template. Hint: Please use the direct method for your Cash Flow Statement Journal Entries Journal Entries These are the transactions that took place during Fiscal Year 2019 Create a journal entry and a T-Account entry for each of the following transactions: 1$1,000,000.00worth ofMR Machineis purchased withCash Buildings and EquipmentCash AccountsDebitCredit 2$50,000.00worth ofInventoryis purchased byCash InventoryCash AccountsDebitCredit 3$ 50,000.00Fire Insuranceis purchased byCashfor5year Prepaid InsuranceCash AccountsDebitCredit 4Wagesdue to employees that had been previously recorded as a liability are now paid inCash$200,000 Wages PayableCash AccountsDebitCredit 5A patient dischargedwho used$250,000worth ofInventory InventoryInventory Expense AccountsDebitCredit 6Bills are submitted to insurance companiesin the amount of$300,000forservices rendered to patients Accounts ReceivablePatient Service Revenue AccountsDebitCredit 7$150,000cash is receivedfor servicespreviously provided and billed Accounts ReceivableCash AccountsDebitCredit 8 At year end annual mortgage payment made byCash Principle payment$10,000 Interest payment$25,000 CashMortgage PayableInterest Expense AccountsDebitCredit 9 End of yearinsurance adjustment1yearinsurance used Prepaid InsuranceInsurance Expense AccountsDebitCredit 10 End of year adjustment – One yeardepreciation ofMR Machinepurchased for$1,000,000at the beginning of the year Useful life:10years The salvage value:$50,000 Please useStraight Line Depreciationhere AccountsDebitCreditBuildings and EquipmentDepreciation Expense 11Right before the year endyou receiveda pledge of$500,000 designated to be used in the construction of Women and Infant Center that you are planning to start building next year Pledge ReceivableRevenue - Contributions AccountsDebitCredit Not-for-Profit Ledger Ledger Account (x1000) Assets+Expenses=LiabilitiesNet Assets+ +Revenue CashPrepaid InsuranceAccounts ReceivableInventoryPledge ReceivablePlant & EquipmentInventoryLaborInterestInsuranceDepreciationAccounts PayableWages PayableMortgage PayableUnrestrictedTemporarily RestrictedPermanently RestrictedRevenue Beginning Balance+=++ 1+=++ N2+=++ O3+=++ I4+=++ T5+=++ C6+=++ A7+=++ S8+=++ N9+=++ A10+=++ R11+=++ T12+=++ 13+=++ 14+=++ 15+=++ 16+=++ 17+=++ 18+=++ 19+=++ 20+=++ Ending Balance+=++ BalanceSheet Template NAME OF YOUR HOSPITAL Balance Sheet As of December 31, 2020 ASSETSLIABILITIES & NET ASSETS Current AssetsLiabilities Current liabilities Long-term liabilities Fixed AssetsNet Assets TOTAL ASSETSTOTAL LIABILITIES & NET ASSETS Income Statement NAME OF YOUR HOSPIAL Operating Statement For the Year Ending December 31, 2020 Revenues Less Expenses NET INCOME CashFlow Statement NAME OF YOUR HOSPITAL Statement of Cash Flows For the Year Ending December 31, 2020 Cash Flows from Operating Activities Net Cash from Operating Activities Net Cash Used for Investing Activities Net Cash from Financing Activities NET INCREASE/(DECREASE) IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR Depreciations Puchased a new Lab machine for $ 1,200,000 , paid $ 10,000 for transportation and paid $10,000 for installment. Useful life for MRI machine is 7 years. The salvage value is $150,000. Please use depreciations in all depreciation methods. Asset Cost: Salvage Value: Asset Life: Depreciable Base: Calculating Straight-line and Accelerated Depreciation Year12345678910 Annual Depreciation Accumulated Depreciation Calculating The Double Declining Balance Depreciation Year12345678910 Annual Depreciation Accumulated Depreciation Calculating The Sum of the Years Digits Depreciation Year12345678910 Annual Depreciation Accumulated Depreciation MRI ASSIGNMENT JOURNAL ENTRY EXPLAIN ● WHAT IS DEBIT AND WHAT IS CREDIT ○ WHY YOU WOULD DEBIT ASSETS WHEN THERE IS AN INCREASE ○ WHY WOULD YOU INCREASE YOUR LIABILITIES, YOUR CREDIT ■ PROVIDE EXAMPLES ON WHAT YOU DID, WHY YOU RECORDED THIS INFORMATION, TELL WHAT DOUBLE ENTRY IN ACCOUNTING IS. NON FOR PROFIT LEDGER EXPLAIN ● WHERE DID YOUR NUMBERS COME FROM/ WHAT FORMULA WAS USED (YOU DO NOT HAVE TO EXPLAIN EVERY NUMBER. JUST IN GENERAL) ● HOW DID YOU GET YOUR ENDING BALANCES BALANCE SHEET EXPLAIN ● WHERE DID YOU GET YOUR NUMBERS FROM INCOME STATEMENT EXPLAIN ● WHERE DID YOUR NUMBERS COME FROM DEPRECIATION EXPLAIN ● WHAT IS THE PHILOSOPHY/ WHY ARE YOU DOING DEPRECIATION ● WHY WOULD AN ORGANIZATION USE STRAIGHT LINE/ THE SUM OF THE YEAR/ DOUBLE DECLINING DEPRECIATION