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The following questions relate to the statement of operations of not for-profit health care organizations.

What is the analogous for-profit statement called? What are the main sections of the statement of operations?

What are revenues, gains, and other support?

What are expenses and losses?

Funds released from restricted net assets to unrestricted net assets are presented in what section of the statement of revenue, expenses and other activities?

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Sixta Kovacek
Sixta KovacekLv2
13 Mar 2019
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  • List and record each transaction for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. Then develop a balance sheet as of December 31, 20X1, and a statement of operations for the year ended December 31, 20X1.
    • The clinic received a $10,000,000 unrestricted cash contribution from the community. (Hint: this transaction increases the unrestricted net assets account.)
    • The clinic purchased $4,500,000 of equipment. The clinic paid cash for the equipment.
    • The clinic borrowed $2,000,000 from the bank on a long-term basis.
    • The clinic purchased $550,000 of supplies on credit.
    • The clinic provided $8,400,000 of services on credit.
    • In the provision of these services, the clinic used $420,000 of supplies.
    • The clinic received $800,000 in advance to care for capitated patients.
    • The clinic incurred $4,500,000 in labor expenses and paid cash for them.
    • The clinic incurred $2,230,000 in general expenses and paid cash for them.
    • The clinic received $6,000,000 from patients and their third parties in payment of outstanding accounts.
    • The clinic met $440,000 of its obligation to capitated patients (transaction "The clinic received $800,000 in advance to care for capitated patients.").
    • The clinic made a $400,000 cash payment on the long-term loan.
    • The clinic also made a cash interest payment of $40,000.
    • A donor made a temporarily restricted donation of $370,000, which is set aside in temporary investments.
    • The clinic recognized $400,000 in depreciation for the year.
    • The clinic estimated that $850,000 of patient accounts would not be received, and established a provision for bad debt.
  • Statement of operations. The following is a list of account balances for Krakower Healthcare Services, Inc. on December 31, 20X1. Prepare a statement of operations as of December 31, 20X1. (Hint: when net assets are released from restriction, the restricted account is decreased, and the unrestricted account is increased. It is recognized under revenues, gains, and other support.)
    Givens
    Supply expense $60,000
    Transfer to parent corporation $18,000
    Provision for bad debt expense $10,000
    Depreciation expense $35,000
    Labor expense $80,000
    Interest expense $7,000
    Administrative expense $50,000
    Net patient service revenues $220,000
    Net assets released from restriction $30,000
  • Statement of cash flows. The following is a list of account balances for Hover Hospital on June 30, 20X1. Prepare a statement of cash flows as of June 30, 20X1.
    Givens
    Transfer to parent corporation $40,000
    Proceeds from sale of fixed equipment $2,290,000
    Principal payment on bonds payable $780,000
    Purchase of fixed equipment $5,300,000
    Beginning of cash balance $6,500,000
    Cash from operating activities $3,900,000
    Principal payment on notes payable $6,500

Consider the following financial statements for BestCare HMO, a not-for-profit managed care plan: BestCare HMO Statement of Operations and Change in Net Assets Year Ended June 30, 2012 (in thousands) Revenue: Premiums earned $26,682 Coinsurance $1,689 Interest and other income $242 Total revenue $28,613 Expenses: Salaries and benefits $15,154 Medical supplies and drugs $7,507 Insurance $3,963 Provision for bad debts $19 Depreciation $367 Interest $385 Total expenses $27,395 Net income $1,218 Did BestCare spend $367,000 on new fixed assets during fiscal year 2011? If not, what is the economic rationale behind its reported depreciation expense? Explain the provision for bad debts entry. What is BestCare's total profit margin? How can it be interpreted?

Ladies and Gentlemen, Please help with following questions, I also provided direct link to the CAFR that needs to be used:

27. Does the government have revenue bonds or pledged revenues associated with business-type activities? Please explain.

28. Do the financial statements include a Statement of Cash Flows? What are the categories presented and were there net inflows or outflows in each of these categories? What was the net change in cash during the year?

29. Has the government entered into Service Concession Arrangements? If so, please explain the nature of this arrangement.

30. Other than bonds, what other long-term debt, such as compensated absences, was reported on the financial statements or in the notes?

31. What are the main classes of capital assets presented in the government's Statement of Net Position and in the notes to the financial statements?Direct link: http://www.daytonohio.gov/DocumentCenter/Home/View/1901

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