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WEEK 7 ASSIGNMENT — PUTMAN MEDICAL CENTER DEVELOPING FINANCIAL STATEMENTS

WEEK 7 ASSIGNMENT — PUTMAN MEDICAL CENTER DEVELOPING FINANCIAL STATEMENTS

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HEALTHCARE FINANCIAL MANAGEMENT AND ECONOMICS

WEEK 7 ASSIGNMENT — PUTMAN MEDICAL CENTER

 
Developing Financial Statements
 
All organizations, including those in the healthcare industry, need to make money to be profitable and survive. Financial statements, such as balance sheets, profit and loss statements, and cash flow statements, summarize an organization’s profitability and overall financial status. For this Assignment, you practice developing three key financial statements using data from the Putman Medical Center.
 
Putman Medical Center
 
Putman Medical Center is a large Midwestern acute care and ambulatory facility serving an urban city population.
 
Givens (in '000s):

 
Insurance expense

$70,000

Cash

$23,000

Patient revenues (net of contractuals)

$614,000

Net accounts receivable

$25,000

Ending balance, temporarily restricted net assets

$8,700

Wages payable

$9,100

Prepaid expense

$1,100

Long-term debt

$191,700

Supply expense

$66,000

Gross plant, property, and equipment

$556,000

Net assets released from temporary restriction

$8,000

Depreciation expense

$10,000

General expense

$95,000

Transfer to parent corporation

($8,000)

Beginning balance, unrestricted net assets

$203,400

Accounts payable

$21,000

Beginning balance, temporarily restricted net assets

$16,700

Provision for bad debt expense

$5,400

Labor expense

$145,000

Accumulated depreciation

$99,000

Long-term investments

$150,400

Ending balance, unrestricted net assets

$426,000

 
 
To prepare for this Assignment:
 
Examine the data from Putman Medical Center. Reflect on how you will use this data to develop a Balance Sheet, Profit and Loss Statement, and Cash Flow Statement. Refer to the course text for additional guidance.


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