count balances as September of 4. Statement of operations. The following are ann

Question

count balances as September of 4. Statement of operations. The following are annual ac s for the 12-month period 30, 20X1, for Moore Hospital. Prepare a statement of operation ending September 30, 20X1. Givens Patient service revenue (net of contractuals) Supply expense Net assets released from restriction for operations Depreciation expense Transfer to parent corporation Labor expense- Provision for bad debts Unrealized gains from available for sale securities $950,000 $255,000 $45,000 -$35,000 $9,500 $300,000 $12,000 $150,000

Explanation / Answer

SOLUTION

Moore Hospital

Statement of operations

For the year ended September 30, 20X1

Particulars Amount ($) Unrestricted revenue Patient service revenue (net of contractual) 950,000 Provision for bad debts (12,000) Net patient service revenue 938,000 Net assets released from restriction for operations 45,000 Total revenue (A) 983,000 Operating expenses- Labor expense 300,000 Supply expense 255,000 Depreciation expense 35,000 Total operating expenses (B) 590,000 Operating income (A-B) 393,000 Unrealized gains from available for sale securities 150,000 Excess of revenues over expenses 543,000 Transfer to parent corporation (9,500) Increase in unrestricted net assets 533,500

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