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 ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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