Prepare a statement of revenue, expense, and change in Fund net position.Hint: Not all accounts listed in this problem may be used in the correct solution. This means you need to distinguish between income statement accounts and balance sheet accounts. CashPatient receivablePatient revenueSalary and wage expenseSalaries PayableEmployee Benefit expenseEmployee Benefit payableProfessional Fee ExpenseFacility ExpenseOperating RevenueNon operating lossCash on handMortgage PayableNet position at the beginning of yearNet position at end of year$679,000.00$548,000.00$900,000.00$100,000.00$230,000.00$110,000.00$240,000.00$130,000.00$140,000.00$760,000.00$5,000.00$125,000.00$348,000.,00$855,000.00??????????

To create a statement of revenue, cost, and change in Fund net position, the provided data has to be…

Answered: Cash Patient receivable Patient revenue…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare a statement of revenue, expense, and change in Fund net position.
Hint: Not all accounts listed in this problem may be used in the correct solution. This means you need to distinguish between income statement accounts and balance sheet accounts.

Cash
Patient receivable
Patient revenue
Salary and wage expense
Salaries Payable
Employee Benefit expense
Employee Benefit payable
Professional Fee Expense
Facility Expense
Operating Revenue
Non operating loss
Cash on hand
Mortgage Payable
Net position at the beginning of year
Net position at end of year
$679,000.00
$548,000.00
$900,000.00
$100,000.00
$230,000.00
$110,000.00
$240,000.00
$130,000.00
$140,000.00
$760,000.00
$5,000.00
$125,000.00
$348,000.,00
$855,000.00
??????????

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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