The Edwards Lake Community Hospital balance sheet as of December 31, 2017, follows.

a. Prepare a balance sheet as of December 31, 2017

b. Prepare a statement of operations for the year ended December 31, 2017

c. Prepare a statement of changes in net assets for the year ended December 31, 2017

d. Prepare a statement of cash flows for the year ended December 31, 2017

EDWARDS LAKE COMMUNITY HOSPITAL
Balance Sheet
As of December 31, 2017
Assets
Current assets:
Cash and Cash Equivalents						$	405,600
Accounts and notes receivable (net of uncollectible accounts of $16,900)							27,600
Inventory							88,600
Total current assets							521,800
Assets limited as to use:
Cash		$	18,240
Investments			234,720
Total assets limited as to use							252,960
Property, plant, and equipment:
Land			215,600
Buildings (net of accumulated depreciation of $1,624,100)			2,898,500
Equipment (net of accumulated depreciation of $1,025,600)			1,861,000
Total property, plant, and equipment							4,975,100
Total assets						$	5,749,860
Liabilities and Net Assets
Current liabilities:
Accounts payable						$	20,300
Accrued payroll							47,200
Current portion of mortgage payable							555,000
Total current liabilities							622,500
Long-term debtmortgage payable							2,610,000
Total liabilities							3,232,500
Net assets:
Unrestricted
Undesignated			2,088,260
Designated for plant			251,860
Temporarily restricted			177,240				2,517,360
Total liabilities and net assets						$	5,749,860

The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31, 2017.

(1)	Information related to accrual of revenues and gains is as follows:

Patient services revenue, gross	$	3,502,000
Charity care		216,760
Contractual adjustments to patient service revenues		1,531,000
Other operating revenues		1,000,950

(2)	Cash received includes:

Interest on investments in Assets Limited as to Use		8,450
Collections of receivables		2,966,100

(3)	Expenses of $896,500 were recorded in accounts payable and $1,460,990 in accrued payroll. Since some of the nursing expenses met a temporary net asset restriction, $99,500 was released from temporary restrictions.

Administration expenses		451,980
General services expenses		527,110
Nursing services expenses		1,032,900
Other professional services expenses		345,500

(4)	Cash paid includes:

Interest expense (allocated half to nursing services and half to general services)	$	291,000
Payment on mortgage principal		555,000
Accounts payable for purchases		839,000
Accrued payroll		1,285,000

(5)	Interest of $1,730 accrued on investments in Assets Limited as to Use.

(6)	Depreciation charges for the year amounted to $122,500 for the buildings and $134,000 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services.

(7)	Other information:
(a)	Provision for uncollectible receivables was determined to be adequate.
(b)	Supplies inventory balances:

	12/31/2016		12/31/2017
Administration	$	11,300			$	9,500
General services		12,000				14,500
Nursing services		22,500				19,000
Other professional services		42,800				51,000
Totals	$	88,600			$	94,000

(c)	Portion of mortgage payable due within one year, $555,000.
(8)	A $685 unrealized loss on investments occurred.
(9)	Nominal accounts were closed. Necessary adjustments were made to increase the Net AssetsUnrestricted, Designated for Plant.