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1210. Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December 31, 2017, are summarized in the T-account. BALANCE SHEET ACCOUNTS December 31, 2016 December 31, 2017 Debits Cash $1,700,000 $2,895,700 Patient Accounts Receivable (net) 510,000 592,800 Third-Party Accounts Receivable (net) 1,190,000 1,383,200 Contributions Receivable 10,000 12,500 InvestmentsEndowment 1,500,000 1,620,000 Property, Plant, and Equipment 4,875,000 5,182,000 Credits Accumulated Depreciation 2,107,000 2,567,000 Accounts Payable 37,500 46,200 Long-Term Debt 2,282,000 2,782,000 Net AssetsDecember 31, 2016 5,358,500 Net AssetsDecember 31, 2017 6,291,000 ACTIVITY ACCOUNTS December 31, 2017 Debits Contractual Adjustments Provision for Uncollectible Accounts $1,100,000 33,500 460,000 6,000,000 2,200,000 19,600 10,000 Operating ExpensesDepreciation Operating ExpensesSalaries Operating ExpensesSupplies Reclassification from Temporarily Restricted Net Assets (Time Restrictions) Net Losses on InvestmentsPermanently Restricted Credits Patient Service Revenue(patient portion) Unrestricted Patient Service Revenue(third-party portion) Unrestricted Income on EndowmentsUnrestricted Reclassification to Unrestricted Net Assets Contribution RevenueUnrestricted Contribution RevenueEndowment Contribution RevenueTemporarily Restricted for Future Years 3,156,000 7,364,000 25,000 19,600 36,000 130,000 25,000 Beginning balance January 1 Collections from patients Collections from third parties Contributions to endowment Other contributions Investment income ProceedsLT debt Ending balance December 31 CASH (2017) $1,700,000 3,039,700 $6,000,000 Salaries 6,070,800 2,191,300 Operating expenses 130,000 58,500 307,000 Equipment purchases 25,000 100,000 Payment principal LT debt 600,000 130,000 Purchase endowment investments $2,895,700 The hospital issued $600,000 of long-term debt during the year and purchased $307,000 of equipment. No fixed assets were sold. Required: Using the information above and the Excel template provided, prepare: a. A Statement of Operations and a Statement of Changes in Net Assets for the year ended December 31, 2017. b. Statements of Cash Flow assuming: 1. Monterey Hospital is a private not-for-profit. 2. Monterey Hospital is a government-owned hospital. December 31, 2017 Increase (Decrease) December 31, 2016 BALANCE SHEET ACCOUNTS Debits Cash 1,700,000 Patient Accounts Receivable (net) 510,000 3rd Party Accounts Receivable (net) 1,190,000 Contributions Receivable 10,000 Supplies Investments - Endowment 1,500,000 Property, plant and equipment 4,875,000 2,895,700 592,800 1,383,200 12,500 1,195,700 82,800 193,200 2,500 Salaries Operating expenses Beginning balance 1/1 Collections from patients Collections from 3rd parties Contributions to Endowment Other Contributions Investment Income Proceeds - LT debt CASH (2017) 1,700,000 3,039,700 6,000,000 6,070,800 2,191,300 130,000 58,500 307,000 25,000 100,000 600,000 130,000 1,620,000 5,182,000 120,000 307,000 Equipment purchases Payment principal LT Debt Purchase Endowment Investments Ending balance 12/31 2,895,700 Credits Accumulated Depreciation Accounts Payable (supplies) Long-term Debt Net Assets or Net Position - December 31 Net Assets or Net Position - December 31 2,107,000 37,500 2,282,000 5,358,500 2,567,000 46,200 2,782,000 460,000 8,700 500,000 6,291,000 ACTIVITY ACCOUNTS Debits Contractual Adjustments Provision for Uncollectible Accounts Operating Expenses - Depreciation Operating Expenses - Salaries Operating Expenses - Supplies Reclassification from Temporarily Restricted Net Assets (time restrictions) Net Losses on Investments - Permanently Restricted 1.100.000 33,500 460,000 6,000,000 2,200,000 19,600 10,000 Credits Patient Service Revenue - (patient portion) Unrestricted Patient Service Revenue - insurer portion) Unrestricted Income on Endowments - Unrestricted 3,156,000 7,364,000 25,000 Reclassification to Unrestricted Net Assets Contribution Revenue - Unrestricted Contribution Revenue - Endowment Contribution Revenue - Temporarily Restricted for Future Years 19,600 36,000 130,000 25,000 Other Information: Sales of Property and Equipment Purchases of Property and Equipment Issuance of Long-term Debt none 307,000 600,000 Excess Credits over Debits - Activity Accounts Beginning Net Assets or Net Position Ending Net Assets or Net Position 2015 932,500 5,358,500 6,291,000 1210. Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December 31, 2017, are summarized in the T-account. BALANCE SHEET ACCOUNTS December 31, 2016 December 31, 2017 Debits Cash $1,700,000 $2,895,700 Patient Accounts Receivable (net) 510,000 592,800 Third-Party Accounts Receivable (net) 1,190,000 1,383,200 Contributions Receivable 10,000 12,500 InvestmentsEndowment 1,500,000 1,620,000 Property, Plant, and Equipment 4,875,000 5,182,000 Credits Accumulated Depreciation 2,107,000 2,567,000 Accounts Payable 37,500 46,200 Long-Term Debt 2,282,000 2,782,000 Net AssetsDecember 31, 2016 5,358,500 Net AssetsDecember 31, 2017 6,291,000 ACTIVITY ACCOUNTS December 31, 2017 Debits Contractual Adjustments Provision for Uncollectible Accounts $1,100,000 33,500 460,000 6,000,000 2,200,000 19,600 10,000 Operating ExpensesDepreciation Operating ExpensesSalaries Operating ExpensesSupplies Reclassification from Temporarily Restricted Net Assets (Time Restrictions) Net Losses on InvestmentsPermanently Restricted Credits Patient Service Revenue(patient portion) Unrestricted Patient Service Revenue(third-party portion) Unrestricted Income on EndowmentsUnrestricted Reclassification to Unrestricted Net Assets Contribution RevenueUnrestricted Contribution RevenueEndowment Contribution RevenueTemporarily Restricted for Future Years 3,156,000 7,364,000 25,000 19,600 36,000 130,000 25,000 Beginning balance January 1 Collections from patients Collections from third parties Contributions to endowment Other contributions Investment income ProceedsLT debt Ending balance December 31 CASH (2017) $1,700,000 3,039,700 $6,000,000 Salaries 6,070,800 2,191,300 Operating expenses 130,000 58,500 307,000 Equipment purchases 25,000 100,000 Payment principal LT debt 600,000 130,000 Purchase endowment investments $2,895,700 The hospital issued $600,000 of long-term debt during the year and purchased $307,000 of equipment. No fixed assets were sold. Required: Using the information above and the Excel template provided, prepare: a. A Statement of Operations and a Statement of Changes in Net Assets for the year ended December 31, 2017. b. Statements of Cash Flow assuming: 1. Monterey Hospital is a private not-for-profit. 2. Monterey Hospital is a government-owned hospital. December 31, 2017 Increase (Decrease) December 31, 2016 BALANCE SHEET ACCOUNTS Debits Cash 1,700,000 Patient Accounts Receivable (net) 510,000 3rd Party Accounts Receivable (net) 1,190,000 Contributions Receivable 10,000 Supplies Investments - Endowment 1,500,000 Property, plant and equipment 4,875,000 2,895,700 592,800 1,383,200 12,500 1,195,700 82,800 193,200 2,500 Salaries Operating expenses Beginning balance 1/1 Collections from patients Collections from 3rd parties Contributions to Endowment Other Contributions Investment Income Proceeds - LT debt CASH (2017) 1,700,000 3,039,700 6,000,000 6,070,800 2,191,300 130,000 58,500 307,000 25,000 100,000 600,000 130,000 1,620,000 5,182,000 120,000 307,000 Equipment purchases Payment principal LT Debt Purchase Endowment Investments Ending balance 12/31 2,895,700 Credits Accumulated Depreciation Accounts Payable (supplies) Long-term Debt Net Assets or Net Position - December 31 Net Assets or Net Position - December 31 2,107,000 37,500 2,282,000 5,358,500 2,567,000 46,200 2,782,000 460,000 8,700 500,000 6,291,000 ACTIVITY ACCOUNTS Debits Contractual Adjustments Provision for Uncollectible Accounts Operating Expenses - Depreciation Operating Expenses - Salaries Operating Expenses - Supplies Reclassification from Temporarily Restricted Net Assets (time restrictions) Net Losses on Investments - Permanently Restricted 1.100.000 33,500 460,000 6,000,000 2,200,000 19,600 10,000 Credits Patient Service Revenue - (patient portion) Unrestricted Patient Service Revenue - insurer portion) Unrestricted Income on Endowments - Unrestricted 3,156,000 7,364,000 25,000 Reclassification to Unrestricted Net Assets Contribution Revenue - Unrestricted Contribution Revenue - Endowment Contribution Revenue - Temporarily Restricted for Future Years 19,600 36,000 130,000 25,000 Other Information: Sales of Property and Equipment Purchases of Property and Equipment Issuance of Long-term Debt none 307,000 600,000 Excess Credits over Debits - Activity Accounts Beginning Net Assets or Net Position Ending Net Assets or Net Position 2015 932,500 5,358,500 6,291,000