Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James...

 

 

 

Transcribed Image Text:

Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James Hospital. Using the balance sheets and the additional information provided, complete the income statement of James Hospital for the year ended December 31, 2020. Hint: It may be helpful to review the chapter supplement before completing this problem. Assets Cash Accounts receivable Net property, plant, and equipment Total assets Liabilities Equity Total liabilities. and equity James Hospital Balance Sheets December 31 2020 $ 75,000 32,000 90,000 Net patient service revenue Total revenue Net income $ 197,000 Supplies expense Depreciation expense Total expenses $ 37,000 160,000 $ 197,000 Additional information: • James Hospital paid no dividends, and there were no other transactions affecting equity during 2020. James Hospital Income Statement Year Ended December 31, 2020 2019 $ 50,000 22,000 100,000 • There were no collections during 2020 on accounts receivable outstanding at December 31, 2019, but all receivables are considered collectible. $ 172,000 • There was no charity care or contractual discounts and allowances during 2020. James Hospital purchases all medical supplies on account. • James Hospital did not purchase or sell any property, plant, and equipment during 2020. $ 30,000 142,000 $ 172,000 111-111 Use the information given Show all the calculations in detail. and prepare a Statement of Cash Flow as of December 31, 2020. Given below are balance sheets as of December 31, 2020, and December 31, 2019, for James Hospital. Using the balance sheets and the additional information provided, complete the income statement of James Hospital for the year ended December 31, 2020. Hint: It may be helpful to review the chapter supplement before completing this problem. Assets Cash Accounts receivable Net property, plant, and equipment Total assets Liabilities Equity Total liabilities. and equity James Hospital Balance Sheets December 31 2020 $ 75,000 32,000 90,000 Net patient service revenue Total revenue Net income $ 197,000 Supplies expense Depreciation expense Total expenses $ 37,000 160,000 $ 197,000 Additional information: • James Hospital paid no dividends, and there were no other transactions affecting equity during 2020. James Hospital Income Statement Year Ended December 31, 2020 2019 $ 50,000 22,000 100,000 • There were no collections during 2020 on accounts receivable outstanding at December 31, 2019, but all receivables are considered collectible. $ 172,000 • There was no charity care or contractual discounts and allowances during 2020. James Hospital purchases all medical supplies on account. • James Hospital did not purchase or sell any property, plant, and equipment during 2020. $ 30,000 142,000 $ 172,000 111-111 Use the information given Show all the calculations in detail. and prepare a Statement of Cash Flow as of December 31, 2020.

Answer rating: 100% (QA)

Answer To complete the income statement for James Hospital for the year ended December 31 2020 we need to calculate the following Net Patient Service ... View the full answer