Perform Statement of operations for the year ended December

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Reference no: EM132429834

Question - 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

$150,000

 

Operating revenues: patient service revenue

3,750,000

 

Operating revenues: other revenue

30,000

 

Non-operating investment income: unrestricted

10,000

 

Non-operating: net realized and unrealized gains on investments

12,000

 

Unrestricted net assets

 

1,377,000

Contractual adjustments: unrestricted

 

300,000

Operating expenses: professional care of patients

 

1,730,000

Operating expenses: general services

 

345,000

Operating expenses: administration

 

200,000

Temporarily restricted net assets

150,000

 

Reclassification from temporarily restricted net assets: satisfaction of plant acquisition restrictions

 

150,000

Non-operating contribution revenue: permanently restricted

504,000

 

Permanently restricted net assets

 

504,000

Can you please show me how to perform a:

Statement of operations for the year ended December 31, 2017.

Statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are $1,700,000.

Reference no: EM132429834

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