Prepare a statement of revenues, expenses, and changes in net assets for Patrick
ID: 2590456 • Letter: P
Question
Prepare a statement of revenues, expenses, and changes in net assets for Patrick County Hospital for 20X0 given the following information.
Gross patient service charges ............................................................................. $18,000,000
Unrestricted contributions .................................................................................. 350,000
Gain on sale of capital assets .............................................................................. 75,000
Charity services (at gross amounts) included in the above ................................ 500,000
State appropriations—operating ......................................................................... 500,000
State appropriations—capital ............................................................................. 500,000
Estimated uncollectible accounts ....................................................................... 710,000
Contractual adjustments ..................................................................................... 1,100,000
Nursing services expense ................................................................................... 8,000,000
Other professional services expense .................................................................. 890,000
General services expenses .................................................................................. 1,100,000
Administrative expenses .................................................................................... 440,000
Fiscal service expenses....................................................................................... 300,000
Depreciation—Building ..................................................................................... 1,400,000
Depreciation—Other .......................................................................................... 2,740,000
Income from investments of endowment—donor restricted to heart research .. 870,000
Cafeteria sales ................................................................................................ 444,000
Federal grant restricted for heart research (all eligibility requirements met) .... 1,300,000
Proceeds from bond issue for building addition ................................................. 22,000,000
Unrestricted net assets, January 1 ...................................................................... 9,000,000
Restricted net assets, January 1 .......................................................................... 3,200,000
Invested in capital assets, net of related debt, January 1 .................................... 15,000,000
Explanation / Answer
Statement for Patrick County Hospital for 20X0 Revenues Expenses Changes in Net Assets Gross Patient Service charges 1,80,00,000 Unrestricted Contributions 3,50,000 Gain on sale of capital assets 75,000 Charity services (at gross amounts) included in the above - 500,000 0 State appropriations - operating 5,00,000 State appropriations - capital 5,00,000 Estimated collectible accounts 7,10,000 Contractual adjustments 11,00,000 Nursing service expense 80,00,000 Other professional services expense 8,90,000 General services expenses 11,00,000 Administrative expenses 4,40,000 Fiscal service expenses 3,00,000 Depreciation - Building 14,00,000 Depreciation - Other 27,40,000 Income from Invvestments of endowment - donor restricted to heart research 8,70,000 Cafeteria sales 4,44,000 Federal grant restricted for heart research 13,00,000 Proceeds from bond issue for building addition 2,20,00,000 Unrestricted net assets January 1 90,00,000 Restricted net assets, January 1 32,00,000 Invested in capital assets, net of related debt, January 1 1,50,00,000