Assignment 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
|
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
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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.
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