Developing Financial Statements:

All organizations including those in the healthcare industry, need to make money to be profitable and survive. Financial Statements such as balance sheets, profit and loss statements and cash flow statements summarize this profitability and an organization's overall financial status. For this assignmnet you practice developing three key financial statements using data from Outer Banks Medical Center

Givens:

Inventory 6000

Patient Revenue (net of contractual allowance) 302000

Gross Plant, property and equipment 375000

Net accounts receivable 90000

Ending balance temporarily restricted net assets 6000

Wages Payable 6600

Long term debit 218400

Supply expense 34000

Net assets released from temporary restriction 7000

Depreciation expense 45000

General expense 92000

Provision for bad debt expense 4500

Cash and cash equivalents 18000

Transfer to parent corporation -3900

Beginning balance unrestricted net assets 239400

Accounts payable 11000

Beginning Balance, temporarily restricted net assets 13000

Interest expense 6000

Labor Expense 118000

Accumulated depreciation 22000

Long term investments 20000

Ending Balance unrestricted net assets 238000

Examine the data from Outer Bank Medical Center. Reflect on how you will use this data to develop a balance sheet, Profit and Loss Statement and Cash Flow Statement.