I need help creating an income statement. The first column of numbers is current
ID: 2547024 • Letter: I
Question
I need help creating an income statement. The first column of numbers is current year and the second column is prior year.
12,420
Income statement More information from my professor
Income Statement
Premium revenue not included in formula for net operating revenues
Depreciation was included on income statement and info was provided only for cash flow statement, need to remove from income statement
Expenses – corrected data below:
Administrative Expenses
17,823,107
18,830,455
Deferred credits are non-current liabilities for current year
Change in Other current liabilities should only be listed once - Change in Other Current Liabilities 172,819 – for current year
Purchased Inpatient Expenses 3,671,254 3,266,987 Income statement Purchased Outpatient Expenses 1,275,399 740,870 Income statement Daily Hospital Expenses 13,823,701 11,774,335 Income statement Contractual Adjustments County Indigent Programs Managed Care 89,029 Income statement Contractual Adjustments Other Third Parties Traditional 9,230,282 6,917,141 Income statement Contractual Adjustments Medicare Managed Care 36,840,646 34,438,542 Income statement Contractual - Administrative Adjustments 58,347 Income statement Contractual Adjustments Medicaid Traditional 15,975,595 14,045,441 Income statement Contractual Adjustments Other Third Parties Managed Care 66,919,480 55,975,915 Income statement Contractual Adjustments Medicare Traditional 91,226,630 80,836,904 Income statement Policy Discounts 679,885 Income statement Contractual Adjustments Medicaid Managed Care 56,195,984 54,018,557 Income statement Education Expenses 163,651 376,699 Income statement Ancillary Services - Revenues 267,470,473 257,984,067 Income statement Ancillary Expenses 38,968,446 37,644,961 Income statement Charity Discounts Other 4,073,176 1,264,042 Income statement Unassigned Costs 3,498,540 3,584,145 Income statement Administrative Expenses 23,110,691 18,830,455 Income statement Capitation Premium Revenue Medicare (credit balance) 7,461,384 6,254,259 Income statement Provision for Bad Debts 4,455,202 2,431,937 Income statement Revenue - Daily Hospital Services 58,160,346 46,135,149 Income statement Capitation Premium Revenue Other Third Parties (credit balance) 9,201,863 2,022,696 Income statement Other Deductions from Revenue 1,681,308 5,576,806 Income statement General Expenses 19,047,952 14,388,704 Income statement Fiscal Expenses 3,698,688 2,101,829 Income statement Ambulatory Expenses 8,564,631 7,240,177 Income statement Ambulatory Services - Revenues 80,338,006 57,610,075 Income statement Research Expenses 94,588 71,154 Income statement Total Other Operating Revenue 1,136,055 960,564 Income statement Net Non-operating Revenue and Expense12,420
60,811Income statement More information from my professor
Income Statement
Premium revenue not included in formula for net operating revenues
Depreciation was included on income statement and info was provided only for cash flow statement, need to remove from income statement
Expenses – corrected data below:
Administrative Expenses
17,823,107
18,830,455
Deferred credits are non-current liabilities for current year
Change in Other current liabilities should only be listed once - Change in Other Current Liabilities 172,819 – for current year
Account Current Year Prior Year Cash 3,422,928 3,773,862 Balance sheet Accrued compensation and related liabilities 4,248,791 2,656,831 Balance sheet Accounts and notes receivable 52,966,361 48,883,616 Balance sheet Prepaid expenses and other current assets 13,956 33,094 Balance sheet Inventory 1,461,138 1,397,898 Balance sheet Accounts payable 2,080,892 2,657,082 Balance sheet Payable to thirdparty payors 400,083 321,196 Balance sheet Notes and loans payable 5,142,900 Balance sheet Other deferred credits 40,598 Balance sheet Intercompany payables 782 7,210 Balance sheet Bonds payable 7,040,952 8,539,836 Balance sheet Pledges and other receivables 7,043,254 1,386,264 Balance sheet Construction in progress 1,400,434 2,032,344 Balance sheet Equipment 27,614,701 24,861,028 Balance sheet Land improvements 4,284,122 4,284,122 Balance sheet Unrestricted Fund Balance 35,632,865 28,111,550 Balance sheet Buildings and Improvements 38,658,121 35,224,180 Balance sheet Limited use investments 5,142,901 Balance sheet Less allowance for uncollectible receivables and thirdparty contractual withholds -39,086,187 -35,376,597 Balance sheet Intercompany receivables 25,257 6,478 Balance sheet Other noncurrent liabilities 316,402 290,393 Balance sheet Other accrued expenses 232,581 269,772 Balance sheets Change - Purchase of Plant, Property and Equipment and ConstructionInProgress (6,551,104) (7,511,920) Cash flow Change in Intercompany Payables (6,428) (1,057,285) Cash flow Change in Other Accrued Expenses (37,191) 52,757 Cash flow Change - Principal Payments On LongTerm Debt (1,472,875) (89,055) Cash flow Change in Assets Whose Use is Limited (5,142,901) Cash flow Change - Other current liabilities 172,819 Cash flow Change in Intercompany Receivables (18,779) (6,478) Cash flow Change in Accrued Compensation and Related Liabilities 1,591,960 192,205 Cash flow Change in Inventory (63,240) 341,011 Cash flow Change in Prepaid Expenses and Other Current Assets 19,138 (20,288) Cash flow Change in Accounts and Notes Receivable, Net of Allowance for Uncollectible Receivables and ThirdParty Contractual Withholds (373,155) (2,185,739) Cash flow Change in Deferred Credits 40,598 Cash flow Change - Proceeds from Issuance of ShortTerm Notes and Loans 5,142,900 Cash flow Change in Other Current Liabilities 172,819 Cash flow Change in Accounts Payable (576,190) 546,890 Cash flow Change in Pledges and Other Receivables (5,656,990) 2,371,944 Cash flow Change in Payable to ThirdParty Payors 78,887 54,035 Cash flow Purchased Inpatient Expenses 3,671,254 3,266,987 Income statement Purchased Outpatient Expenses 1,275,399 740,870 Income statement Daily Hospital Expenses 13,823,701 11,774,335 Income statement Contractual Adjustments County Indigent Programs Managed Care 89,029 Income statement Contractual Adjustments Other Third Parties Traditional 9,230,282 6,917,141 Income statement Contractual Adjustments Medicare Managed Care 36,840,646 34,438,542 Income statement Contractual - Administrative Adjustments 58,347 Income statement Contractual Adjustments Medicaid Traditional 15,975,595 14,045,441 Income statement Contractual Adjustments Other Third Parties Managed Care 66,919,480 55,975,915 Income statement Contractual Adjustments Medicare Traditional 91,226,630 80,836,904 Income statement Policy Discounts 679,885 Income statement Contractual Adjustments Medicaid Managed Care 56,195,984 54,018,557 Income statement Education Expenses 163,651 376,699 Income statement Ancillary Services - Revenues 267,470,473 257,984,067 Income statement Ancillary Expenses 38,968,446 37,644,961 Income statement Charity Discounts Other 4,073,176 1,264,042 Income statement Unassigned Costs 3,498,540 3,584,145 Income statement Administrative Expenses 23,110,691 18,830,455 Income statement Capitation Premium Revenue Medicare (credit balance) 7,461,384 6,254,259 Income statement Provision for Bad Debts 4,455,202 2,431,937 Income statement Revenue - Daily Hospital Services 58,160,346 46,135,149 Income statement Capitation Premium Revenue Other Third Parties (credit balance) 9,201,863 2,022,696 Income statement Other Deductions from Revenue 1,681,308 5,576,806 Income statement General Expenses 19,047,952 14,388,704 Income statement Fiscal Expenses 3,698,688 2,101,829 Income statement Ambulatory Expenses 8,564,631 7,240,177 Income statement Ambulatory Services - Revenues 80,338,006 57,610,075 Income statement Research Expenses 94,588 71,154 Income statement Total Other Operating Revenue 1,136,055 960,564 Income statement Net Non-operating Revenue and Expense 12,420 60,811 Income statementExplanation / Answer
Income statement
2017
2016
Particulars
Amount ($)
Amount ($)
Revenue:
Revenue from daily hospital services
58,160,346.00
46,135,149.00
Revenues from Ancillary services
267,470,473.00
257,984,067.00
Capitation premium revenue
7,461,384.00
6,254,259.00
Capitation premium revenue - others
9,201,863.00
2,022,696.00
Ambulatory revenue
80,338,006.00
57,610,075.00
Other operating revenue
1,136,055.00
960,564.00
Non-operating revenue (net)
12,420.00
60,811.00
(A): Total revenue
423,780,547.00
371,027,621.00
Expenditures:
Purchased inpatient expenses
3,671,254.00
3,266,987.00
Purchased outpatient expenses
1,275,399.00
740,870.00
Daily hospital expenses
13,823,701.00
11,774,335.00
County indigent programs
89,029.00
Third parties contractual arrangements
9,230,282.00
6,917,141.00
Medicare managed care
36,840,646.00
34,438,542.00
Administrative adjustments
58,347.00
Medicaid traditional
15,975,595.00
14,045,441.00
Other third parties managed care
66,919,480.00
55,975,915.00
Medicare traditional
91,226,630.00
80,836,904.00
Policy discounts
679,885.00
Medicaid managed care
56,195,984.00
54,018,557.00
Education expenses
163,651.00
376,699.00
Ancillary expenses
38,968,446.00
37,664,961.00
Charity discounts
4,073,176.00
1,264,042.00
Unassigned cost
3,498,540.00
3,584,145.00
Administrative expenses
23,110,691.00
18,830,455.00
Provision for bad debt
4,455,202.00
2,431,937.00
Other deductions from revenue
1,681,308.00
5,576,806.00
General expenses
19,047,952.00
14,388,704.00
Fiscal expenses
3,698,688.00
2,101,829.00
Ambulatory expenses
8,564,631.00
7,240,177.00
Research expenses
94,588.00
71,154.00
Depreciation (Note 1)
8,008,017.25
7,251,572.20
(B): Total expenditures
411,351,122.25
362,797,173.20
Net profit before tax (A-B)
12,429,424.75
8,230,447.80
Less: Tax @30%
3,728,827.43
2,469,134.34
Net profit after tax
8,700,597.33
5,761,313.46
2017
2016
Formula
Amount ($)
Formula
Amount ($)
Depreciation on equipment @15% per annum
(27614701 X 15%)
4142205
(24861028 X 15%)
3729154
Buildings and improvements
(38658121 X10%)
3865812
(35224180 X 10%)
3522418
Total depreciation
8008017
7251572
Income statement
2017
2016
Particulars
Amount ($)
Amount ($)
Revenue:
Revenue from daily hospital services
58,160,346.00
46,135,149.00
Revenues from Ancillary services
267,470,473.00
257,984,067.00
Capitation premium revenue
7,461,384.00
6,254,259.00
Capitation premium revenue - others
9,201,863.00
2,022,696.00
Ambulatory revenue
80,338,006.00
57,610,075.00
Other operating revenue
1,136,055.00
960,564.00
Non-operating revenue (net)
12,420.00
60,811.00
(A): Total revenue
423,780,547.00
371,027,621.00
Expenditures:
Purchased inpatient expenses
3,671,254.00
3,266,987.00
Purchased outpatient expenses
1,275,399.00
740,870.00
Daily hospital expenses
13,823,701.00
11,774,335.00
County indigent programs
89,029.00
Third parties contractual arrangements
9,230,282.00
6,917,141.00
Medicare managed care
36,840,646.00
34,438,542.00
Administrative adjustments
58,347.00
Medicaid traditional
15,975,595.00
14,045,441.00
Other third parties managed care
66,919,480.00
55,975,915.00
Medicare traditional
91,226,630.00
80,836,904.00
Policy discounts
679,885.00
Medicaid managed care
56,195,984.00
54,018,557.00
Education expenses
163,651.00
376,699.00
Ancillary expenses
38,968,446.00
37,664,961.00
Charity discounts
4,073,176.00
1,264,042.00
Unassigned cost
3,498,540.00
3,584,145.00
Administrative expenses
23,110,691.00
18,830,455.00
Provision for bad debt
4,455,202.00
2,431,937.00
Other deductions from revenue
1,681,308.00
5,576,806.00
General expenses
19,047,952.00
14,388,704.00
Fiscal expenses
3,698,688.00
2,101,829.00
Ambulatory expenses
8,564,631.00
7,240,177.00
Research expenses
94,588.00
71,154.00
Depreciation (Note 1)
8,008,017.25
7,251,572.20
(B): Total expenditures
411,351,122.25
362,797,173.20
Net profit before tax (A-B)
12,429,424.75
8,230,447.80
Less: Tax @30%
3,728,827.43
2,469,134.34
Net profit after tax
8,700,597.33
5,761,313.46
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