Assignment: Hospital Balance Sheet
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Assignment: Hospital Balance Sheet
909px;=””>The Edwards Lake Community Hospital balance sheet as of December 31, 2017, follows. a. Prepare a balance sheet as of December 31, 2017b. Prepare a statement of operations for the year ended December 31, 2017c. Prepare a statement of changes in net assets for the year ended December 31, 2017d. Prepare a statement of cash flows for the year ended December 31, 2017.909px;=””>EDWARDS LAKE COMMUNITY HOSPITALBalance SheetAs of December 31, 2017 Assets Current assets: Cash and Cash Equivalents$405,600 Accounts and notes receivable (net of uncollectible accounts of $16,900)27,600 Inventory88,600 Total current assets521,800 Assets limited as to use: Cash$18,240 Investments234,720 Total assets limited as to use252,960 Property, plant, and equipment: Land215,600 Buildings (net of accumulated depreciation of $1,624,100)2,898,500 Equipment (net of accumulated depreciation of $1,025,600)1,861,000 Total property, plant, and equipment4,975,100 Total assets$5,749,860 Liabilities and Net Assets Current liabilities: Accounts payable$20,300 Accrued payroll47,200 Current portion of mortgage payable555,000 Total current liabilities622,500 Long-term debt—mortgage payable2,610,000 Total liabilities3,232,500 Net assets:
Assignment: Hospital Balance Sheet
Assignment: Hospital Balance Sheet
Unrestricted Undesignated2,088,260 Designated for plant251,860 Temporarily restricted177,2402,517,360 Total liabilities and net assets$5,749,860.909px;=””>The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31, 2017..909px;=””> (1)Information related to accrual of revenues and gains is as follows:.909px;=””> Patient services revenue, gross$3,502,000 Charity care216,760 Contractual adjustments to patient service revenues1,531,000 Other operating revenues1,000,950 .909px;=””>(2)Cash received includes:.909px;=””> Interest on investments in Assets Limited as to Use8,450 Collections of receivables2,966,100 .909px;=””>(3)Expenses of $896,500 were recorded in accounts payable and $1,460,990 in accrued payroll. Since some of the nursing expenses met a temporary net asset restriction, $99,500 was released from temporary restrictions..909px;=””> Administration expenses451,980 General services expenses527,110 Nursing services expenses1,032,900 Other professional services expenses345,500 .909px;=””>(4)Cash paid includes:.909px;=””> Interest expense (allocated half to nursing services and half to general services)$291,000 Payment on mortgage principal555,000 Accounts payable for purchases839,000 Accrued payroll1,285,000 .909px;=””>(5)Interest of $1,730 accrued on investments in Assets Limited as to Use..909px;=””>(6)Depreciation charges for the year amounted to $122,500 for the buildings and $134,000 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services..909px;=””>(7)Other information:(a)Provision for uncollectible receivables was determined to be adequate.(b)Supplies inventory balances:.909px;=””>12/31/201612/31/2017 Administration$11,300$9,500 General services12,00014,500 Nursing services22,50019,000 Other professional services42,80051,000 Totals$88,600$94,000.909px;=””>(c)Portion of mortgage payable due within one year, $555,000.(8)A $685 unrealized loss on investments occurred.(9)Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets—Unrestricted, Designated for Plant.
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