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Prepare a statement of activities for mercy hospital

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Reference no: EM131822000

Problem

Statement of Activities-Hospital

The following events were recorded on the books of Mercy Hospitalfor the year ended December 31, 2012.

1. Revenue from patient services totaled $16,000,000. The allowancefor uncollectibles was established at $3,400,000. Of the $16,000,000 revenue, $6,000,000was recognized under cost reimbursement agreements. This revenue is subject to audit andretroactive adjustment by third-party payers (estimated adjustments areincluded in the allowance account).

2. Patient service revenue is accounted for at established rates onthe accrual basis.

3. Other operating revenue totaled $346,000, of which $160,000 wasfrom specific purpose funds.

4. Mercy received $410,000 in unrestricted gifts and bequests. Theyare recorded at fair market value when received.

5. Endowment funds earned $160,000 in unrestricted income.

6. Board designated funds earned $82,000 in income.

7. Mercy's operating expenses for the year amounted to $13,370,000.This included $500,000 in straight-line depreciation.

Required:

Prepare a statement of activities for Mercy Hospital for the yearended December 31, 2012.

Reference no: EM131822000

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