Toning Financial Statement Preparation and al Statement Preparation and Accounting Adjustments Case 3.1: South Pacific Hospital de Key concept: Recording transaction data and updating nonprofit for statements pdating nonprofit financial The South Pacific Hospital, a nonprofit entity, has been experiencing fit entity, has been experiencing increasing operating revenues and improved financial performance. The most recen mary operations statement and balance sheet are shown here: South Pacific Hospital Balance Sheet December 31, 2015 and 2014 2015 2014 Assets Current assets Property, plant, and equipment Total assets $21,000,000 64,000,000 $85,000,000 $18,000,000 63,000,000 $81,000,000 e Liabilities and net assets Liabilities Current liabilities Bonds payable t Total liabilities Net assets Unrestricted net assets Total liabilities and net assets $18,000,000 25,000,000 43,000,000 $13,000,000 30,000,000 43,000,000 42,000,000 $85,000,000 38,000,000 $81,000,000 South Pacific Hospital Operations Statement for Year Ended December 31, 2015 Revenues $96,000,000 Expenses 92,000,000 Operating income $4,000,000 cial Management Accounting and Financial Manae Healthcare Applications: A Casebook the entire fiscal year 2016 follows ch 95 percent was colles Summary transaction data for the entre miscall year 2016 ul but $4,000,000 has no has been al of the bonds payable was made 1. The hospitalarned $100,000,000 in revenues, of which ed in receivables and uncollected in cash and 5 percent remained in recen 2. Operating expenses totaled $95,000,000, of which all h paid by fiscal year end. 5 A $5,000,000 payment on the principal of the bonds 4. $2,000,000 of new equipment was purchased for cash. hile ignoring any other he following: Assignment Update the financial statements for the ents for the 2016 transaction data while ion possible changes in the accounts or adjusting entries. Prepare the follow 1. A fiscal 2016 operations statement 2. A fiscal 2016 cash flow statement using the assumption that all 2014 and 2015 current assets were held in the form of cash and cash equivalents 3. A December 31, 2016, balance sheet