Q.1. Identify and explain the basic financial statements for investor-owned health care entities and not-for-profit entities.
Q.2.Balance sheet. The following are account balances as of September 30, 20X1, for Ray Hospital. Prepare a balance sheet at September 30, 20X1. (Hint: net assets will also need to be calculated.)
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Given
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Gross plant, property, and equipment
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$70,000,000
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Accrued expenses
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$6,000,000
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Cash
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$8,000,000
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Net accounts receivable
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$15,500,000
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Accounts payable
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$7,000,000
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Long-term debt
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$45,000,000
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Supplies
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$3,000,000
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Accumulated depreciation
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$5,000,000
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Q.3.Statement of cash flows. The following is a list of account balances for Hover Hospital on June 30, 20X1. Prepare a statement of cash flows as of June 30, 20X1.
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Givens
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Transfer to parent corporation
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$40,000
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Proceeds from sale of fixed equipment
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$2,290,000
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Principal payment on bonds payable
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$780,000
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Purchase of fixed equipment
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$5,300,000
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Beginning of cash balance
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$6,500,000
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Cash from operating activities
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$3,900,000
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Principal payment on notes payable
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$6,500
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