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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.                                     Please answer required a,b,c

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.                                     Please answer required a,b,c

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 4MAD
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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.                                     Please answer required a,b,c
 
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