|
Listing of accounts |
Classification
|
Financial statement |
|
Accounts payable |
liability |
Balance sheet |
|
Accrued employee compensation |
liability |
Balance sheet |
|
Additional paid in capital |
Owners equity item |
Balance sheet |
|
Cash |
Asset |
Balance sheet |
|
Common stock |
Asset |
Balance sheet |
|
Consulting service compensation |
Expense |
Income statement |
|
Current maturities of long term debt |
Liability |
Balance sheet |
|
Depreciation expense |
Expense |
Income statement |
|
Dividends |
Owners’ equity |
Statement of retained earnings |
|
Federal grants receivable |
Revenue |
Income statement |
|
Impatient revenue |
Revenue |
Income statement |
|
Inventories |
Assets |
Balance sheet |
|
Legal and audit services |
Expenses |
Income statement |
|
Long term capital lease obligation |
Liability |
Balance sheet |
|
Long term notes payable |
Liability |
Balance sheet |
|
Net patient receivable |
Assets |
Balance sheet |
|
Other operating revenue |
Revenue |
Income statement |
|
Other receivables |
Assets |
Balance sheet |
|
Other expenses |
Expenses |
Income statement |
|
Outpatient revenue |
Revenue |
Income statement |
|
Prepaid expenses |
Asset |
Balance sheet |
|
Professional services |
Expenses |
Income statement |
|
Property plant and equipment |
Asset |
Balance sheet |
|
Purchase service expense |
Expense |
Income statement |
|
Rental expense |
Expense |
Income statement |
|
Repair and maintenance expenses |
Expense |
Income statement |
|
Retained earnings 12/31/03 |
Owners equity |
Balance sheet |
|
Retained earnings 12/31/02 |
Owners equity |
Statement of retained earnings |
|
Salaries expenses |
Expenses |
Income statement |
|
Supplies expenses |
Expenses |
Income statement |
|
Travel and conference expenses |
Expenses |
Income statement |
|
Utilities expenses |
Expenses |
Income statement s |
|
BLACK HAWK MEMORIAL HOSPITAL INCOME STATEMENT FOR THE YEAR ENDED 12/31/03
|
|
REVENUES Federal grants receivable 367,480 Impatient revenue 45,125,674 Other operating revenue 7,800,126 Outpatient revenue 34,500,687 Total revenue 87,793,967
EXPENSES
Consulting service compensation 126,800 Depreciation expense 89,000 Legal and audit services 56,780 Other expenses 40,000 Professional services 3,760,000 Purchase service expense 8,642,131 Rental expense 725,000 Repair and maintenance expense 1,654,200 Salaries expenses 65,126,279 Suppliers expense 3,678,216 Travel and conference expense 212,531 Utility expense 982,135 Total expenses 85,093,072 Net income 2,700,895
|
|
BLACK HAWK MEMORIAL HOSPITAL STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED 12/31/03
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|
Retained earnings b/d 32,456,987 Net income 2,700,895 Less dividends
|
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BLACK HAWK MEMORIAL HOSPITAL BALANCE SHEET AS AT 12/31/03
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|
Property plant and equipment 24,561,879 Inventories 398,050 Net patient receivable 8,945,123 Other receivable 456,123 Prepaid expenses 723,563 Common stock 1,265,000 Cash 1,801,222 Total assets 38,150,960 Liability Accounts payable 125,000 Accrued employee compensation 377,756 Current maturity of long term debt 150,000 Long term capital lease obligation 321,000 Long term notes payable 458,764 Total liability 1,432,520 Additional paid in capital 565,000 Retained earnings 12/31/03 36,153,440 |
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Total 38,150,960 |
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|
The financial account contains three elements; assets, liability and the owner’s equity. According to the financial standards assets must equate liability and owner’s equity. For example assets =liability +owner’s equity. From the table given above the liabilities noted are; accounts payable, accrued employee compensation, current maturity of long term debt long term lease obligation and long term notes payable. The liabilities should be grouped into two categories; long term and short term. Liabilities which can be liquidated within a period of one year are short term.
The assets are very vital in the business. Black Hawks memorial hospital, assets exceed liability hence the concept of continuity is guaranteed. Revenues also exceed expenses therefore the firm is at a position of settling down all the expenses and the excess remains as the net income which is 2,700,895.
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