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Unit 2 Problem 11 Balance Sheet.m4a
Problem 2-11 Ray Hospital
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Please listen to my introduction and recording regarding this problem under the updates and Handouts section.
First, figure out what information you do have:
Gross plant, property, and equipment
$70,000,000
Accrued expenses
$6,000,000
Cash
$8,000,000
Net accounts receivable
$15,500,000
Accounts payable
$7,000,000
Long-term debt
$45,000,000
Supplies
$3,000,000
Accumulated depreciation
$5,000,000
Feel free to use the template below:
Ray Hospital
Balance Sheet
September 30, Year
9/30/20X1
9/30/20X1
|
9/30/20X1 |
9/30/20X1 |
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Current Assets |
Current liabilities |
|||
|
Cash |
Accounts payable |
|||
|
Net accounts receivable |
Accrued expenses |
|||
|
Supplies |
Total current liabilities |
|||
|
Total current assets |
||||
|
Long-term debt |
||||
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Gross plant, property, and equipment |
Total liabilities |
|||
|
(less accumulated depreciation) |
Net assets: |
|||
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Net plant, property, and equipment |
Total net assets |
|||
|
Total assets |
Total liabilities and net assets |
Second, start plugging in your assets and liabilities from the given information:
Ray Hospital
Balance Sheet
September 30, Year
9/30/20X1
9/30/20X1
|
9/30/20X1 |
9/30/20X1 |
|||
|
Current Assets |
Current liabilities |
|||
|
Cash |
$8,000,000 |
Accounts payable |
||
|
Net accounts receivable |
15,500,000 |
Accrued expenses |
||
|
Supplies |
3,000,000 |
Total current liabilities |
||
|
Total current assets |
26,500,000 |
|||
|
Long-term debt |
||||
|
Gross plant, property, and equipment |
Total liabilities |
|||
|
(less accumulated depreciation) |
Net assets: |
|||
|
Net plant, property, and equipment |
Total net assets |
|||
|
Total assets |
Total liabilities and net assets |
Note: Non-profit healthcare organizations on their balance sheet should demonstrate unrestricted net assets, temporarily and permanently restricted net assets. However, in this problem, you will not have the information. Therefore, keep it basic, simply as Net Assets (one category) for this problem. For a non-profit organization: Assets – Liabilities = Net Assets.
