Metropolis Health System Balance Sheet March 31, 20X3 and 20X2 Assets Current As
ID: 2558574 • Letter: M
Question
Metropolis Health System Balance Sheet March 31, 20X3 and 20X2
Assets
Current Assets
Cash and cash equivalents
$1,150,000
$400,000
Assets whose use is limited
825,000
825,000
Patient accounts receivable
8,700,000
8,950,000
Less allowance for bad debts
(1,300,000)
(1,300,000)
Other receivables
150,000
100,000
Inventories of supplies
900,000
850,000
Prepaid expenses
200,000
150,000
Total Current Assets
10,625,000
9,975,000
Assets Whose Use Is Limited
Corporate funded depreciation
1,950,000
1,800,000
Under bond indenture agreements—held by trustee
1,425,000
1,475,000
Total Assets Whose Use Is Limited
3,375,000
3,275,000
Less Current Portion
(825,000)
(825,000)
Net Assets Whose Use Is Limited
2,550,000
2,450,000
Property, Plant, and Equipment, Net
19,300,000
19,200,000
Other Assets
325,000
375,000
Total Assets
$32,800,000
$32,000,000
Metropolis Health System Balance Sheet March 31, 20X3 and 20X2
Liabilities and Fund Balance
Current Liabilities
Current maturities of long-term debt
$525,000
$500,000
Accounts payable and accrued expenses
4,900,000
5,300,000
Bond interest payable
300,000
325,000
Reimbursement settlement payable
100,000
175,000
Total Current Liabilities
5,825,000
6,300,000
Long-Term Debt
6,000,000
6,500,000
Less Current Portion of Long-Term Debt
(525,000)
(500,000)
Net Long-Term Debt
5,475,000
6,000,000
Total Liabilities
11,300,000
12,300,000
Fund Balances
General Fund
21,500,000
19,700,000
Total Fund Balances
21,500,000
19,700,000
Total Liabilities and Fund Balances
$32,800,000
$32,000,000
Metropolis Health System Statement of Revenue and Expenses for the Years Ended March 31, 20X3 and 20X2
Revenue
Net patient service revenue
$34,000,000
$33,600,000
Other revenue
1,100,000
1,000,000
Total Operating Revenue
35,100,000
34,600,000
Expenses
Nursing services
5,025,000
5,450,000
Other professional services
13,100,000
12,950,000
General services
3,200,000
3,220,000
Support services
8,300,000
8,340,000
Depreciation
1,900,000
1,800,000
Amortization
50,000
50,000
Interest
325,000
350,000
Provision for doubtful accounts
1,500,000
1,600,000
Total Expenses
33,400,000
33,760,000
Income from Operations
1,700,000
840,000
Nonoperating Gains (Losses)
Unrestricted gifts and memorials
20,000
70,000
Interest income
80,000
40,000
Nonoperating Gains, Net
100,000
110,000
Revenue and Gains in Excess of Expenses and Losses
$1,800,000
$950,000
Metropolis Healtd System Statement of Changes in Fund Balance for tde Years Ended March 31, 20X3 and 20X2
General Fund Balance April 1st
$19,700,000
$18,750,000
Revenue and Gains in Excess of Expenses and Losses
1,800,000
950,000
General Fund Balance March 31st
$21,500,000
$19,700,000
Metropolis Health System Schedule of Property, Plant, and Equipment for the Years Ended March 31, 20X3 and 20X2
Buildings and Improvements
$14,700,000
$14,000,000
Land Improvements
1,100,000
1,100,000
Equipment
28,900,000
27,600,000
Total
44,700,000
42,700,000
Less Accumulated Depreciation
(26,100,000)
(24,200,000)
Net Depreciable Assets
18,600,000
18,500,000
Land
480,000
480,000
Construction in Progress
220,000
220,000
Net Property, Plant, and Equipment
Identify the following MHS Balance Sheet components (listed below numbers 1 - 8). List the name of each component and its amount(s) from the appropriate MHS financial statement
Current Liabilities
Total Assets
Income from Operations
Accumulated Depreciation
Total Operating Revenue
Current Portion of Long-Term Debt
Interest Income
Inventories
Components of Balance Sheet and Statement of Net Income.
Item Current Year Prior Year.
$19,300,000
$19,200,000
Metropolis Health System Balance Sheet March 31, 20X3 and 20X2
Assets
Current Assets
Cash and cash equivalents
$1,150,000
$400,000
Assets whose use is limited
825,000
825,000
Patient accounts receivable
8,700,000
8,950,000
Less allowance for bad debts
(1,300,000)
(1,300,000)
Other receivables
150,000
100,000
Inventories of supplies
900,000
850,000
Prepaid expenses
200,000
150,000
Total Current Assets
10,625,000
9,975,000
Assets Whose Use Is Limited
Corporate funded depreciation
1,950,000
1,800,000
Under bond indenture agreements—held by trustee
1,425,000
1,475,000
Total Assets Whose Use Is Limited
3,375,000
3,275,000
Less Current Portion
(825,000)
(825,000)
Net Assets Whose Use Is Limited
2,550,000
2,450,000
Property, Plant, and Equipment, Net
19,300,000
19,200,000
Other Assets
325,000
375,000
Total Assets
$32,800,000
$32,000,000
Explanation / Answer
(1) Current Liabilities in the books of MHS on 31st March, 20X3 and 20X2 Particulars 20X3 20X2 Current maturities of long-term debt $525,000 $500,000 Accounts payable and accrued expenses $4,900,000 $5,300,000 Bond interest payable $300,000 $325,000 Reimbursement settlement payable $100,000 $175,000 Total Current Liabilities $5,825,000 $6,300,000 (2) Total Assets in the books of MHS on 31st March, 20X3 and 20X2 Particulars Total Current Assets $10,625,000 $9,975,000 Net Assets whose use is limited $2,550,000 $2,450,000 Property, Plant, and Equipment, Net $19,300,000 $19,200,000 Other Assets $325,000 $375,000 Total Assets $32,800,000 $32,000,000 (3) Income from Operations in the books of MHS on 31st March, 20X3 and 20X2 20X3 20X2 Revenue Net patient service revenue $34,000,000 $33,600,000 Other revenue 1,100,000 1,000,000 Total Operating Revenue 35,100,000 34,600,000 Expenses Nursing services 5,025,000 5,450,000 Other professional services 13,100,000 12,950,000 General services 3,200,000 3,220,000 Support services 8,300,000 8,340,000 Depreciation 1,900,000 1,800,000 Amortization 50,000 50,000 Interest 325,000 350,000 Provision for doubtful accounts 1,500,000 1,600,000 Total Expenses 33,400,000 33,760,000 Income from Operations 1,700,000 840,000 (4) Accumulated Depreciation in the books of MHS on 31st March, 20X3 and 20X2 20X3 20X2 Total Accumulated Depreciation -26,100,000 -24,200,000 (5) Total Operating Revenue in the books of MHS on 31st March, 20X3 and 20X2 20X3 20X2 Income from Operations 1,700,000 840,000 Nonoperating Gains (Losses) Unrestricted gifts and memorials 20,000 70,000 Interest income 80,000 40,000 Nonoperating Gains, Net 100,000 110,000 Revenue and Gains in Excess of Expenses and Losses $1,800,000 $950,000 (6) Current Portion of Long-Term Debt in the books of MHS on 31st March, 20X3 and 20X2 20X3 20X2 Current Portion of Long-Term Debt -525,000 -500,000 (7) Interest Income in the books of MHS on 31st March, 20X3 and 20X2 20X3 20X2 Interest income 80,000 40,000 (8) Inventories in the books of MHS on 31st March, 20X3 and 20X2 20X3 20X2 Inventories of supplies 900,000 850,000