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wards Lake Community Hospital balance sheet as of December 31, 2017, follows. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2017 Assets Current

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

EDWARDS LAKE COMMUNITY HOSPITAL
Balance Sheet
As of December 31, 2017
Assets
Current assets:
Cash and Cash Equivalents $ 272,600
Accounts and notes receivable (net of uncollectible accounts of $15,900) 26,600
Inventory 72,600
Total current assets 371,800
Assets limited as to use:
Cash $ 17,240
Investments 229,720
Total assets limited as to use 246,960
Property, plant, and equipment:
Land 210,600
Buildings (net of accumulated depreciation of $1,623,100) 2,893,500
Equipment (net of accumulated depreciation of $1,024,600) 1,859,000
Total property, plant, and equipment 4,963,100
Total assets $ 5,581,860
Liabilities and Net Assets
Current liabilities:
Accounts payable $ 19,300
Accrued payroll 45,200
Current portion of mortgage payable 505,000
Total current liabilities 569,500
Long-term debtmortgage payable 2,510,000
Total liabilities 3,079,500
Net assets:
Unrestricted
Undesignated 2,083,260
Designated for plant 246,860
Temporarily restricted 172,240 2,502,360
Total liabilities and net assets $ 5,581,860

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 $ 3,501,000
Charity care 211,760
Contractual adjustments to patient service revenues 1,521,000
Other operating revenues 998,950

(2) Cash received includes:

Interest on investments in Assets Limited as to Use 7,450
Collections of receivables 2,961,100

(3)

Expenses of $891,500 were recorded in accounts payable and $1,454,990 in accrued payroll. Since some of the nursing expenses met a temporary net asset restriction, $94,500 was released from temporary restrictions.

Administration expenses 446,980
General services expenses 524,610
Nursing services expenses 1,031,900
Other professional services expenses 343,000

(4) Cash paid includes:

Interest expense (allocated half to nursing services and half to general services) $ 281,000
Payment on mortgage principal 505,000
Accounts payable for purchases 837,000
Accrued payroll 1,280,000

(5) Interest of $1,230 accrued on investments in Assets Limited as to Use.
(6)

Depreciation charges for the year amounted to $117,500 for the buildings and $129,000 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 $ 8,300 $ 7,500
General services 9,000 9,500
Nursing services 17,500 17,000
Other professional services 37,800 41,000
Totals $ 72,600 $ 75,000

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