Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital.
Question:
Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital. Using the balance sheets and the additional information provided, complete the income statement of University Hospital for the year ended December 31, 2015.
Additional information:
• University Hospital paid no dividends and there were no other transactions affecting equity during 2015.
• There were no collections during 2015 on accounts receivable outstanding at December 31, 2014, but all receivables are considered collectible.
• There was no charity care or contractual discounts and allowances during 2015.
• University Hospital purchases all medical supplies on account.
• University Hospital did not purchase or sell any property, plant, and equipment during 2015.
Step by Step Answer:
Healthcare Finance: An Introduction To Accounting And Financial Management
ISBN: 9781567937411
6th Edition
Authors: Louis Gapenski