Question
Assignment Exercise 101: Components of Balance Sheet and Statement of Net Income Refer to the Metropolis Health System (MHS) financial statements contained in Appendix 28-A.
Assignment Exercise 101: Components of Balance Sheet and Statement of Net Income
Refer to the Metropolis Health System (MHS) financial statements contained in Appendix 28-A. Use the MHS comparative balance sheet, statement of revenue and expenses, and statement of fund balance for this assignment.
Required
Identify the following MHS balance sheet components. List the name of each component and its amount(s) from the appropriate MHS financial statement.
Current Liabilities
Total Assets
Income from Operations
Accumulated Depreciation
Total Operating Revenue
Current Portion of Long-Term Debt
Interest Income
Inventories
Doctors Smith and Brown: Statement of Net Income for the Three Months Ended March 31, 2___
Revenue |
|
|
Net patient service revenue | 180,000 |
|
Other revenue | -0- |
|
Total Operating Revenue |
| 180,000 |
Expenses |
|
|
Nursing/PA salaries | 16,650 |
|
Clerical salaries | 10,150 |
|
Payroll taxes/employee benefits | 4,800 |
|
Medical supplies and drugs | 15,000 |
|
Professional fees | 3,000 |
|
Dues and publications | 2,400 |
|
Janitorial service | 1,200 |
|
Office supplies | 1,500 |
|
Repairs and maintenance | 1,200 |
|
Utilities and telephone | 6,000 |
|
Depreciation | 30,000 |
|
Interest | 3,100 |
|
Other | 5,000 |
|
Total Expenses |
| 100,000 |
Income from Operations |
| 80,000 |
Nonoperating Gains (Losses) Interest Income |
| -0- |
Nonoperating Gains, Net |
| -0- |
Net Income |
| 80,000 |
Doctors Smith and Brown Balance Sheet March 31, 2___
Assets |
|
|
Current Assets |
|
|
Cash and cash equivalents | 25,000 |
|
Patient accounts receivable | 40,000 |
|
Inventoriessupplies and drugs | 5,000 |
|
Total Current Assets |
| 70,000 |
Property, Plant, and Equipment |
|
|
Buildings and Improvements | 500,000 |
|
Equipment | 800,000 |
|
Total | 1,300,000 |
|
Less Accumulated Depreciation | (480,000) |
|
Net Depreciable Assets | 820,000 |
|
Land | 100,000 |
|
Property, Plant, and Equipment, Net |
| 920,000 |
Other Assets |
| 10,000 |
Total Assets |
| 1,000,000 |
Liabilities and Capital |
|
|
Current Liabilities |
|
|
Current maturities of long-term debt | 10,000 |
|
Accounts payable and accrued expenses | 20,000 |
|
Total Current Liabilities |
| 30,000 |
Long-Term Debt | 180,000 |
|
Less Current Portion of Long-Term Debt | (10,000) |
|
Net Long-Term Debt |
| 170,000 |
Total Liabilities |
| 200,000 |
Capital |
| 800,000 |
Total Liabilities and Capital |
| 1,000,000 |
Doctors Smith and Brown Statement of Changes in Capital for the Three Months Ended March 31, 2___
Beginning Balance | $720,000 |
Net Income | 80,000 |
Ending Balance | $800,000 |
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