Healthcare Financial Management and Economics Week 7 Assignment – NorthWest Medical Center
Assignment: Developing Financial Statements
All organizations, including those in the healthcare industry, need to make money to be profitable and survive. Financial statements, such as balance sheets, profit and loss statements, and cash flow statements, summarize this profitability and an organization’s overall financial status. For this Assignment, you practice developing three key financial statements using data from the NorthWest Medical Center.
NorthWest Medical Center
North Medical Center is a large NorthWestern acute care and ambulatory facility serving an urban city population.
|
Givens (in |
|
|
Insurance expense |
$70,000 |
|
Cash |
$20,000 |
|
Patient revenues (net |
$614,000 |
|
Net accounts receivable |
$25,000 |
|
Ending balance, temporarily restricted net assets |
$8,700 |
|
Wages payable |
$9,100 |
|
Prepaid expense |
$1,100 |
|
Long-term debt |
$189,700 |
|
Supply expense |
$66,000 |
|
Gross plant, property, and equipment |
$556,000 |
|
Net assets released from temporary restriction |
$8,000 |
|
Depreciation expense |
$10,000 |
|
General expense |
$95,000 |
|
Transfer |
($8,000) |
|
Beginning |
$203,400 |
|
Accounts payable |
$18,000 |
|
Beginning balance, temporarily restricted net assets |
$16,700 |
|
Provision |
$5,400 |
|
Labor expense |
$145,000 |
|
Accumulated |
$99,000 |
|
Long-term |
$148,400 |
|
Ending balance, unrestricted net assets |
$426,000 |
To prepare for this Assignment:
Examine the data from NorthWest Medical Center. Reflect on how you will use this data to develop a Balance Sheet, Profit and Loss Statement, and Cash Flow Statement. Refer to the course text for additional guidance.
The Assignment:
Complete a Balance Sheet, Profit and Loss Statement (Statement of Operations), and Cash Flow Statement (Statement of Changes in Net Assets) using the Week 7 Financial Statement Excel Template located in the Learning Resources.
Your Assignment is due by Day 7 of Week 7.