Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December
Question:
Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December 31, 2020, are summarized in the T-account.
The hospital issued $600,000 of long-term debt during the year and purchased $307,000 of equipment. No fixed assets were sold.
Required:
Using the information above and the Excel template provided, prepare:
a. A Statement of Operations and a Statement of Changes in Net Assets for the year ended December 31, 2020.
b. Statements of Cash Flow assuming:
1. Monterey Hospital is a private not-for-profit.
2. Monterey Hospital is a government-owned hospital.
BALANCE SHEET ACCOUNTS December 31, 2020 December 31, 2019 Debits 1,000,000 1,210,000 1,190,000 10,000 $2,895,700 592,800 1,383,200 Cash Patient Accounts Receivable (net) Third-Party Accounts Receivable (net) Contributions Receivable 12,500 Supplies Investments-Endowment Property, Plant, and Equipment 1,500,000 4,875,000 1,620,000 5,182,000 Credits 2,567,000 2,107,000 37,500 2,282,000 Accumulated Depreciation 46,200 2,782,000 Accounts Payable (supplies) Long-Term Debt Net Assets or Net Position- December 31, 2019 5,358,500 Net Assets or Net Position- December 31, 2020 6,291,000 ACTIVITY ACCOUNTS Debits Contractual Adjustments Provision for Implicit Price Concessions Operating Expenses-Depreciation Operating Expenses-Salaries Operating Expenses-Supplies Reclassification from Net Assets with Donor Restrictions (time restrictions) Net Losses on Investments-Permanent Endowment 1,100,000 33,500 460,000 6,900,000 2,200,000 19,600 10,000 Credits Patient Service Revenue-(patient portion) Unrestricted Patient Service Revenue (Insurer portion) Unrestricted Income on Endowments-Unrestricted Reclassification to Unrestricted Net Assets Contribution Revenue-without Donor Restrictions Contribution Revenue-with Donor Restrictions (endowment) Contribution Revenue-with Donor Restrictions (Restricted for Future Years) Other Information: Sales of Property and Equipment Purchases of Property and Equipment Issuance of Long-Term Debt Excess Cred ts over Deblts-Activity Accounts Beginning Net Assets or Net Posltion 3,156,000 7.364,000 25,000 19,600 36,000 130,000 25,000 none 307,000 600,000 32,500 5.358,500 5,391.000 Ending Net Assets or Net Positlon 2015
Step by Step Answer:
ANSWER a Statement of Operations and Statement of Changes in Net Assets Monterey Hospital Statement of Operations For the Year Ended December 31 2020 Patient Service Revenue patient portion Unrestrict...View the full answer
Essentials Of Accounting For Governmental And Not-for-Profit Organizations
ISBN: 9781260570175
14th Edition
Authors: Paul Copley
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In order to determine the amount of cash created by operating operations, the indirect technique for preparing the statement of cash flows entails adjusting net income with changes in balance sheet.
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