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.

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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