Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017: Reclassification to unrestricted net assets Satisfaction of equipment acquisition restrictions Operating revenues: patient service revenue Operating revenues: other revenue Non-operating investment income: unrestricted Non-operating: net realized and unrealized gains on investments Unrestricted net assets Contractual adjustments: unrestricted Operating expenses: professional care of patients Operating expenses: general services Operating expenses: administration Temporarily restricted net assets Reclassification from temporarily restricted net assets: satisfaction of plant acquisition restrictions Non-operating contribution revenue: permanently restricted Permanently restricted net assets $150,000 3,750,000 30,000 10,000 12,000 150,000 504,000 1,377,000 300,000 1,730,000 345,000 200,000 150,000 504,000 Required 1. Prepare a statement of operations for the year ended December 31, 2017. 2. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net ass are $1,700,000.
Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017: Reclassification to unrestricted net assets Satisfaction of equipment acquisition restrictions Operating revenues: patient service revenue Operating revenues: other revenue Non-operating investment income: unrestricted Non-operating: net realized and unrealized gains on investments Unrestricted net assets Contractual adjustments: unrestricted Operating expenses: professional care of patients Operating expenses: general services Operating expenses: administration Temporarily restricted net assets Reclassification from temporarily restricted net assets: satisfaction of plant acquisition restrictions Non-operating contribution revenue: permanently restricted Permanently restricted net assets $150,000 3,750,000 30,000 10,000 12,000 150,000 504,000 1,377,000 300,000 1,730,000 345,000 200,000 150,000 504,000 Required 1. Prepare a statement of operations for the year ended December 31, 2017. 2. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net ass are $1,700,000.
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter9: Operating Activities
Section: Chapter Questions
Problem 13QE
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![Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017:
Reclassification to unrestricted net assets
Satisfaction of equipment acquisition restrictions
Operating revenues: patient service revenue
Operating revenues: other revenue
Non-operating investment income: unrestricted
Non-operating: net realized and unrealized gains on investments
Unrestricted net assets
Contractual adjustments: unrestricted
Operating expenses: professional care of patients
Operating expenses: general services
Operating expenses: administration
Temporarily restricted net assets
Reclassification from temporarily restricted net assets:
satisfaction of plant acquisition restrictions
Non-operating contribution revenue: permanently restricted
Permanently restricted net assets
$150,000
3,750,000
30,000
10,000
12,000
150,000
504,000
1,377,000
300,000
1,730,000
345,000
200,000
150,000
504,000
Required
1. Prepare a statement of operations for the year ended December 31, 2017.
2. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets
are $1,700,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45ab5402-77c4-4499-8cdc-8fe8338c08e7%2F0d634a9f-ac8e-4a81-802d-0b4322b8eda1%2Frdezsoo_processed.png&w=3840&q=75)
Transcribed Image Text:Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017:
Reclassification to unrestricted net assets
Satisfaction of equipment acquisition restrictions
Operating revenues: patient service revenue
Operating revenues: other revenue
Non-operating investment income: unrestricted
Non-operating: net realized and unrealized gains on investments
Unrestricted net assets
Contractual adjustments: unrestricted
Operating expenses: professional care of patients
Operating expenses: general services
Operating expenses: administration
Temporarily restricted net assets
Reclassification from temporarily restricted net assets:
satisfaction of plant acquisition restrictions
Non-operating contribution revenue: permanently restricted
Permanently restricted net assets
$150,000
3,750,000
30,000
10,000
12,000
150,000
504,000
1,377,000
300,000
1,730,000
345,000
200,000
150,000
504,000
Required
1. Prepare a statement of operations for the year ended December 31, 2017.
2. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets
are $1,700,000.
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