Q.1. Identify and explain the basic financial statements for investor-owned health care entities and not-for-profit...
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Accounting
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.)
Given
Gross plant, property, and equipment
$70,000,000
Accrued expenses
$6,000,000
Cash
$8,000,000
Net accounts receivable
$15,500,000
Accounts payable
$7,000,000
Long-term debt
$45,000,000
Supplies
$3,000,000
Accumulated depreciation
$5,000,000
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.
Givens
Transfer to parent corporation
$40,000
Proceeds from sale of fixed equipment
$2,290,000
Principal payment on bonds payable
$780,000
Purchase of fixed equipment
$5,300,000
Beginning of cash balance
$6,500,000
Cash from operating activities
$3,900,000
Principal payment on notes payable
$6,500
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