Q.1. Identify and explain the basic financial statements for investor-owned health care entities and not-for-profit...
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Q.1. Identify and explain the basic financial statements for investor-owned health care entities and not-for-profit entities.
Q.2.Balance sheet. The following are account balances as of September 30, 20X1, for Ray Hospital. Prepare a balance sheet at September 30, 20X1. (Hint: net assets will also need to be calculated.)
| Given | |
| Gross plant, property, and equipment | $70,000,000 |
| Accrued expenses | $6,000,000 |
| Cash | $8,000,000 |
| Net accounts receivable | $15,500,000 |
| Accounts payable | $7,000,000 |
| Long-term debt | $45,000,000 |
| Supplies | $3,000,000 |
| Accumulated depreciation | $5,000,000 |
Q.3.Statement of cash flows. The following is a list of account balances for Hover Hospital on June 30, 20X1. Prepare a statement of cash flows as of June 30, 20X1.
| Givens | |
| Transfer to parent corporation | $40,000 |
| Proceeds from sale of fixed equipment | $2,290,000 |
| Principal payment on bonds payable | $780,000 |
| Purchase of fixed equipment | $5,300,000 |
| Beginning of cash balance | $6,500,000 |
| Cash from operating activities | $3,900,000 |
| Principal payment on notes payable | $6,500 |
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