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 $150,000 3,750,000 30,000 10,000

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
Prepare a statement of operations for the year ended December 31, 2017.
Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are
$1,700,000.
***Please complete in an excel file***
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 Prepare a statement of operations for the year ended December 31, 2017. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are $1,700,000. ***Please complete in an excel file***
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