Assignment Exercise 10-1: Components of Balance Sheet and Statement of Net Incom

Question

Assignment Exercise 10-1: Components of Balance Sheet and Statement of Net Income Refer to the Metropolis Health System (MHS) financial statements contained in Appendix 28-A on pages 405-408 of your textbook. Use the MHS comparative Balance Sheet, Statement of Revenue and Expenses, and Statement of Fund Balance for this assignment. Identify the following MHS Balance Sheet components (listed below numbers 1 -8). List the name of each component and its amount(s) from the appropriate MHS financial statement. A worksheet has been started for you (AE10-1.doc). Please download and fill in the appropriate response and upload to your instructor for grading.a 1. Current Liabilities 2. Total Assets 3. Income from Operations 4. Accumulated Depreciation 5. Total Operating Revenue 6. Current Portion of Long-Term Debt 7. Interest Income 8. Inventories

Explanation / Answer

Items Current year (20X3) Current Year (20X2) Current Liabilities 5,825,000 6,300,000 Total Assets 32,800,000 32,000,000 Income from operations 1,700,000 840,000 Accumulated Depreciation 26,100,000 24,200,000 Total Operating revenue 35,100,000 34,600,000 Current portion of long term debt 525,000 500,000 Interest income 80,000 40,000 Inventory 900,000 850,000

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