Homework Sourse470000 65000 450000 900000 35000 22000 456000 Labor expense
Solution
BALANCE-SHEET
Current assets Current liabilities
Cash 61,000 Aaccounts payable 23,000
Net accounts receivable 350,000 Wages payable 37,000
Pprepaid expenses 8,000 Total current liabilities 60,000
Total current assets 419,000
Long term debt 270,000
Gross plant, property and equipment 900,000 Total liabilities 330,000
(less accumulated depreciation) -450,000 Net assets
Net plant, property and equipment 450,000 Ending balance, unresrticted net assets 456,000
Ending balance, temporarily resrticted net assets 48,000
Ending balance, permamnently resrticted net assets 35,000
Total current assets 869,000 Total liabilities and net asset 869,000
Statement of operations
Unrestricted revenue
Ppatient revenues (net of contractuals) 1,100,000
Provision of bad debts -8,000
Net patient service revenue 1,092,000
Net assets released from temporrary restriction 22,000
Total revenues 1,114,000
Operating expenses:
Labor exp 470,000
General exp 255,000
Supply exp 65,000
Insurance exp 55,000
Depreciation exp 33,000
Total operating exp 878,000
Excess of revenues over expenses 236,000
Transfer of patent corporation -55,000
Increase in unrestricted net asset 181,000
Statement of changes in net assets
Unrestricted net asset
Excess of revenues over expenses 236,000
Transfer to parent corporation -55,000
Changes in net assets 181,000
Temporarily restricted net assets
Net assets released from temporarily restriction -22,000
Changes in temporarily restricted ssets -22,000
Permanently restricted net assets
Changes in permanently restricted ssets
Increase in net assets 159,000
Beginning balance, unresrticted net assets 275,000
Beginning balance, temporarily resrticted net assets 70,000
Beginning balance, permamnently resrticted net assets 35,000
Ending balance, Total net assets 539,000
