Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The list of accounts below are from financial statements of the Mercy Hospital on December 31, 20X9. Please reassemble the accounts and prepare (1) a

The list of accounts below are from financial statements of the Mercy Hospital on December 31, 20X9. Please reassemble the accounts and prepare (1) a balance sheet and (2) statement of operations as of December 31, 20X9.

Givens (thousand):

Self-insurance reserves $5,200 Accounts payable $470
Capitation and premium revenues $1,060 Plant, property, and equipment, net $33,400
Administrative expense $5,250 Cash and cash equivalent $1,150
Depreciation and amortization expense $2,700 With donor restricted net assets $4,930
Other long-term assets $9,430 Net assets released from donor restrictions $370
Investment income $60 Net patient service revenues $61,020
Inventory $1,300 Current portion of long-term debt $290
Goodwill $280 Other current assets $920
Interest expense $1,500 Loss from early extinguishment of debt $110
Employee benefit expense $11,230 Salaries, wages, and related liabilities $2,800
Short-term investments $300 Short-term borrowing $2,370
Long-term investments in unconsolidated affiliates $9,650 Prepaid expenses $550
Patient accounts receivable, net $6,600 Long-term debt, net of current portion $19,270
Salary and wage expense $25,100 Supply expense $5,200
Accrued expense $350 Other operating revenues $430
Without donor restricted net assets $27,900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz

7th Edition

0137858515, 9780137858514

Students also viewed these Accounting questions