wards Lake Community Hospital balance sheet as of December 31, 2017

wards Lake Community Hospital balance sheet as of December 31, 2017, follows.

Balance Sheet
As of December 31, 2017
  Current assets:
     Cash and Cash Equivalents$272,600
      Accounts and notes receivable (net of uncollectible accounts of $15,900)26,600
          Total current assets371,800
  Assets limited as to use:
          Total assets limited as to use246,960
  Property, plant, and equipment:
     Buildings (net of accumulated depreciation of $1,623,100)2,893,500
        Equipment (net of accumulated depreciation of $1,024,600)1,859,000
          Total property, plant, and equipment4,963,100
  Total assets$5,581,860
  Liabilities and Net Assets
  Current liabilities:
     Accounts payable$19,300
     Accrued payroll45,200
     Current portion of mortgage payable505,000
          Total current liabilities569,500
  Long-term debt—mortgage payable2,510,000
  Total liabilities3,079,500
  Net assets:
     Designated for plant246,860
    Temporarily restricted172,2402,502,360
  Total liabilities and net assets$5,581,860
The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31, 2017.
(1)Information related to accrual of revenues and gains is as follows:
  Patient services revenue, gross$3,501,000  
  Charity care211,760  
  Contractual adjustments to patient service revenues1,521,000  
  Other operating revenues998,950  
(2)Cash received includes:
  Interest on investments in Assets Limited as to Use7,450
  Collections of receivables2,961,100  
(3)Expenses of $891,500 were recorded in accounts payable and $1,454,990 in accrued payroll. Since some of the nursing expenses met a temporary net asset restriction, $94,500 was released from temporary restrictions.
  Administration expenses446,980  
  General services expenses524,610  
  Nursing services expenses1,031,900  
  Other professional services expenses343,000  
(4)Cash paid includes:
  Interest expense (allocated half to nursing services      and half to general services)$281,000  
  Payment on mortgage principal505,000  
  Accounts payable for purchases837,000  
  Accrued payroll1,280,000  
(5)Interest of $1,230 accrued on investments in Assets Limited as to Use.
(6)Depreciation charges for the year amounted to $117,500 for the buildings and $129,000 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services.
(7)Other information:
(a)Provision for uncollectible receivables was determined to be adequate.
(b)Supplies inventory balances:
  General services9,0009,500
  Nursing services17,50017,000
  Other professional

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