Assignment Exercise 11-1: Components of Balance Sheet and Statement of Net Income Refer to the Metropolis Health System (MHS) financial statements contained in Appendix 33-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 books/9781284141375/cf/6/144/4/2/28/6/6/8/2/2/2@0:0 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 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 Inventories supplies 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) 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) 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 2. Read Assignment Exercise 11-1: Components of Balance Sheet and Statement of Net Income. 3. Refer to the Metropolis Health System (MHS) statements beginning on p. 461 of your text book, 4. Download the Financial Statements 1 worksheet 5. In the Financial Statements 1 worksheet, list the amount(s) from the appropriate MHS financial statement for the following components: Current Liabilities Total Assets Income from Operations Accumulated Depreciation Total Operating Revenue Current Portion of Long-Term Debt Interest Income Inventories E F G Component Current Llabilities Current Year Prior Year Total Assets 3 Income from Operations Accumulated Depreciation 5 Total Operating Revenue Current Portion of Long Term Debt 2 Interest Income Inventories Assignment Exercise 11-1: Components of Balance Sheet and Statement of Net Income Refer to the Metropolis Health System (MHS) financial statements contained in Appendix 33-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 books/9781284141375/cf/6/144/4/2/28/6/6/8/2/2/2@0:0 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 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 Inventories supplies 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) 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) 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 2. Read Assignment Exercise 11-1: Components of Balance Sheet and Statement of Net Income. 3. Refer to the Metropolis Health System (MHS) statements beginning on p. 461 of your text book, 4. Download the Financial Statements 1 worksheet 5. In the Financial Statements 1 worksheet, list the amount(s) from the appropriate MHS financial statement for the following components: Current Liabilities Total Assets Income from Operations Accumulated Depreciation Total Operating Revenue Current Portion of Long-Term Debt Interest Income Inventories E F G Component Current Llabilities Current Year Prior Year Total Assets 3 Income from Operations Accumulated Depreciation 5 Total Operating Revenue Current Portion of Long Term Debt 2 Interest Income Inventories