Prepare a balance sheet as of December

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FINANCIAL MANAGEMENT OF HEALTH SYSTEMS ASSIGNMENT -

Q1. Given below is a list of account balances for Dade Hospital as of December 31, 2016. Prepare a balance sheet as of December 31, 2016, in proper form. (Hint: You will need to compute the net assets account. Assume that all net assets at the beginning of the year are unrestricted.)

Account

Balance

Gross plant & equipment

$6,000,000

Accounts payable

130,000

Inventories

100,000

Other current liabilities

70,000

Net accounts receivable

650,000

Accrued expenses

100,000

Accumulated depreciation

200,000

Long-term debt

5,000,000

Cash

210,000

Q2. Below is a list of accounts for Dade Hospital for December 2016 (annual amounts). Prepare a statement of operations for 2016 in good form.

Account

Amount

Administrative expenses

$80,000

Net assets released from temporarily restricted accounts for operations

120,000

Labor expense

260,000

Interest expense

12,000

Net patient service revenue

840,000

Supply expense

88,000

Transfer to parent corporation

10,000

Bad debt expense

40,000

Depreciation expense

50,000

Reference no: EM132225479

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