wards Lake Community Hospital balance sheet as of December 31, 2017
wards Lake Community Hospital balance sheet as of December 31, 2017, follows.
EDWARDS LAKE COMMUNITY HOSPITAL
As of December 31, 2017
Cash and Cash Equivalents
Accounts and notes receivable (net of uncollectible accounts of $15,900)
Total current assets
Assets limited as to use:
Total assets limited as to use
Property, plant, and equipment:
Buildings (net of accumulated depreciation of $1,623,100)
Equipment (net of accumulated depreciation of $1,024,600)
Total property, plant, and equipment
Liabilities and Net Assets
Current portion of mortgage payable
Total current liabilities
Long-term debtâ€”mortgage payable
Designated for plant
Total liabilities and net assets
The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31, 2017.
Information related to accrual of revenues and gains is as follows:
Patient services revenue, gross
Contractual adjustments to patient service revenues
Other operating revenues
Cash received includes:
Interest on investments in Assets Limited as to Use
Collections of receivables
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.
General services expenses
Nursing services expenses
Other professional services expenses
Cash paid includes:
Interest expense (allocated half to nursing services and half to general services)
Payment on mortgage principal
Accounts payable for purchases
Interest of $1,230 accrued on investments in Assets Limited as to Use.
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.
Provision for uncollectible receivables was determined to be adequate.
Supplies inventory balances:
Other professional services
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