The goal of this assignment is to use an organization’s financial information to create financial statements (balance sheet, statement of operations, and statement of changes in net assets).
In your eTextbook at the end of Chapter 2, locate Question 22 within “Review Questions and Problems. Using the financial information provided for Sharpe Medical Center in the table, provide
- a completed statement of operations,
- a statement of changes in net assets, and
- a balance sheet.
To conclude this assignment, you must also
- analyze the organization’s financial position using the information contained within the financial statements that you composed, and
- create a summary of the organization’s financial strength based on the financial statements.
Your submission should be at least three pages, not counting the title or reference page. At a minimum, you must cite your eTextbook, but you may use other outside sources as well. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.
22. Multiple statements. The following are account balances (in thousands) at September 30, 20X1, for Sharpe Medical Center. Prepare (a) a balance sheet, (b) a statement of operations, and (c) a statement of changes in net assets for September 30, 20X1.
Givens (in ’000s)
Inventory $5,000
Patient revenue (net of contractuals) $402,000
Gross plant, property, and equipment $450,000
Net accounts receivable $95,000
Ending balance, net assets with donor restrictions $24,000
Wages payable $8,600
Long‐term debt $320,000
Supply expense $44,000
Net assets released from donor restriction $9,000
Depreciation expense $54,000
General expense $100,000
Bad debt expense $6,500
Cash and cash equivalents $58,000
Transfer to parent corporation ($7,900)
Beginning balance, net assets without donor restrictions $250,000
Accounts payable $16,000
Beginning balance, net assets with donor restrictions $33,000
Interest expense $4,000
Labor expense $180,000
Accumulated depreciation $70,000
Long‐term investments $95,200
Ending balance, net assets without donor restrictions $264,600
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