Prepare a statement of revenues, expenses, and changes in net assets for Patrick County Hospital for 20X0
Question:
Prepare a statement of revenues, expenses, and changes in net assets for Patrick County Hospital for 20X0 given the following information.
Gross patient service charges ............................................................................. $18,000,000
Unrestricted contributions .................................................................................. 350,000
Gain on sale of capital assets .............................................................................. 75,000
Charity services (at gross amounts) included in the above ................................ 500,000
State appropriations—operating ......................................................................... 500,000
State appropriations—capital ............................................................................. 500,000
Estimated uncollectible accounts ....................................................................... 710,000
Contractual adjustments ..................................................................................... 1,100,000
Nursing services expense ................................................................................... 8,000,000
Other professional services expense .................................................................. 890,000
General services expenses .................................................................................. 1,100,000
Administrative expenses .................................................................................... 440,000
Fiscal service expenses....................................................................................... 300,000
Depreciation—Building ..................................................................................... 1,400,000
Depreciation—Other .......................................................................................... 2,740,000
Income from investments of endowment—donor restricted to heart research .. 870,000
Cafeteria sales ................................................................................................ 444,000
Federal grant restricted for heart research (all eligibility requirements met) .... 1,300,000
Proceeds from bond issue for building addition ................................................. 22,000,000
Unrestricted net assets, January 1 ...................................................................... 9,000,000
Restricted net assets, January 1 .......................................................................... 3,200,000
Invested in capital assets, net of related debt, January 1 .................................... 15,000,000
Expert Answer:
Answer Statement for Patrick County Hospital for 20X0 Revenues Expenses Changes in Net Assets Gross ... View the full answer
