Using the data below and the format found in Exhibit 4.1, create a Balance Sheet for TMJ Center for the fiscal year ended 12/31/2019
Accounts payable	405,000
Accrued expenses	465,000
Cash	950,000
Inventory	285,000
Long-term debt	6,830,000
Long-term investments	3,250,000
Net patient accounts receivable	2,275,000
Net property and equipment	4,150,000
Notes payable	350,000
Other long-term liabilities	430,000
Short-term investments	700,000
BALANCE SHEET:
Assets
Current Assets
Cash
Short-term investments
Net patient accounts receivable
Inventory
Total current assets
Long-term investments
Net property and equipment
Total assets
Liabilities and Equity
Current Liabilities:
Notes payable
Accounts payable
Accrued expenses
Total current liabilities
Long-term debt
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets (Equity)
Total liabilities & equity
Based upon your Balance Sheet, answer the following questions:
How much does the hospital own?
What % of the hospital's assets are current?
How much does the hospital owe to others?
What are current assets minus current liabilities?
What is the hospital's net assets (equity)?
If the hospital earned $700,000 in 2019, what was the net assets (equity) balance on 12/31/2018?
If the net assets (equity) balance was $1,350,000 on 12/31/18, what was the hospital's net income in 2019?